In a fantasy world, two people working together should quickly free themselves from the workforce.
In reality, we all have major money issues and traumas that prevent us from seeing clearly. Thus, freeing ourselves is extremely challenging, and doing it as a couple is almost impossible.
There is hope. However, there is hope. As long as you both can get on the same page, it is much easier to escape the workforce, but it will take work.
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Much of the work we must do is on mindset. Breaking the consumerist mindset that we get from birth is exceptionally challenging.
We also must overcome the scarcity mindset which prevents us from reaching our true potential. A scarcity mindset (or a fixed mindset) can hold you and your partner back from starting a business, investing in the stock market, and buying multiple homes.
Finally, we must create multiple budgets that reach the nitty-gritty granular level. There is no “soft” budgeting; it is only a hardcore budget from here on. Let’s begin.
Breaking the consumerist mindset. Are you a spender or a saver? How about your partner? If you are a spender, why do you love swiping your card so much?
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From years 1999 to 2019, I loved buying video games and Blu-ray discs. It was marvelous to purchase the latest games and movies. I still have them all, by the way.
I must have spent over $100,000 on these trinkets over the years. Then I read “Rich Dad, Poor Dad,” where Robert Kiyosaki says, “Assets put money in your pocket, and liabilities take money from you.”
Now, I purchase video games and movies only from the dividend income I receive, and it is far and few between. I have no desire to waste money any longer.
So, why do you spend? Books like “Know Yourself, Know Your Money” and “Effortless Money” help you understand your money habits—and where they come from.
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Two other influential books to read as a couple are “Smart Couples Finish Rich” and “Think & Grow Rich.”
It may take a year or even two, but if you can learn your financial habits, you’ll be much better in the long run.
Overcoming scarcity. Scarcity equals fear. 90-95% of the population lives in fear of public speaking, finances, losing their job, creating content, owning multiple homes, starting a business, the stock market, cryptocurrencies, etc.
If you fear the unknown, you will lose. If you fear making mistakes or failing, you will lose. Don’t worry; the world gives you a scarcity mindset.
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In school, they told you that there is only one correct answer, and you must find it yourself. They frowned on teamwork, thinking outside the box, and critical thinking.
In the world, we must work together and think about the big picture. You cannot think like everyone else for you and your partner to escape.
Trying to work two jobs in San Diego, buy a house, and live an ordinary life will break the bank. You’ll never be able to retire when 50% of your income goes to housing.
You’ll need to think critically and act in an extreme manner. Perhaps you send your spouse and kids to a small city for 2-3 years while you pay off a house there.
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Then, you can move to a small city with your family and rent your home in the big city. Eventually, the big city house rent can fund your entire lifestyle in a small town. That is the power of the velocity of money.
A scarcity mindset says you cannot live a great life in a small city. It tells you that you need to be around shopping, beaches, and attractions. In actuality, it keeps you poor.
Creating multiple budgets. Okay, that was all strategic-level thinking; now, let’s get into tactical-level action. You both will need to develop and live on various budgets.
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Don’t worry; if your budget needs adjusting, you can re-access it every month until you get it right. Here are the six budgets I recommend for starting your journey.
A deeper look into budgets. Let’s say you make $10,000 monthly as a couple; where do you start?
- Saving & Investing ($4,000)
- Housing ($2,000)
- Bills ($1,000)
- Family Food & Dining Out ($1,000)
- Spouse #1 personal ($1,000)
- Spouse #2 personal ($1,000)
Does this seem impossible? You must add some passive income to your monthly bottom line if it does not.
I would start by getting a roommate or two. This can quickly add $1,000 to $2,000 per month to your totals.
The key to escaping is your savings rate—how much money gets into your savings and investments per month.
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Getting on the same page. Getting on a budget will be tough for both parties. The world just doesn’t want us to live below our means.
The best way to become an investor is through a Dividend Debit Card via Cash App (affiliate). Your life will change once you start receiving dividends.
I started my Dividend Debit Card and slowly got my wife into investing in hers. Now she loves investing for dividends and can’t wait to put even more money into the pot.
Again, it may take 6-18 months before you see a gradual shift from spending to saving. Once your Dividend Debit Card hits $100 monthly, you’ll see a significant change.
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When you can go to dinner or a movie on dividends, it is a life-altering experience. You just need to be patient.
Conclusion. Once the knack for investing occurs, you’ll move at the speed of light. It may take five years to sort through your money traumas, but the next five years will move quickly.
During a market downturn, my wife went from -$77,000 to +$300,000 in less than four years. It was a cinch as soon as we got on the same wavelength.
Communication is key. Talk about your future and your dream retirement. What will you both do in retirement? Will you start a hobby, business, or travel?
You can have different retirement dreams, but getting out of the workforce is the key. We don’t honestly know ourselves until we get out of debt and leave the workforce. Good Luck!
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