- Personal Finance
How a Spouse Can Help You to Become a Millionaire
In the book, The Millionaire Mind, the author, Thomas Stanley, PhD, surveyed many millionaires and found out that most of them were married, and their spouses did not work outside the home. Having a spouse and support system, it turns out, is an integral part of achieving the goal to become a millionaire.
Qualities of a Millionaire Spouse
Most millionaires have been in stable and loving marriages that have lasted for decades. Instead of meeting in a bar or nightclub, the millionaire generally has met her spouse in a classroom or a church, where she is more likely to find someone who is like-minded and have common goals.
According to Thomas Stanley, she looks for someone who is honest, patient, understanding, frugal, responsible, loving, emotionally supportive and capable. Instead of looking for someone rich or attractive, she looks for someone who is loyal and dependable, and is committed to stay in the marriage and grow as a couple.
Books on Marriage and Wealth
How can a spouse help you become a millionaire?
In the early years, a spouse* can help support the millionaire* in obtaining an education and getting established in her* career. They can both work for a time until there is sufficient savings to provide a comfortable cushion.
If your car breaks down in the middle of the road, a spouse can come to help and keep you from being stranded.
The mere presence of a spouse who can work if times get hard can provide peace of mind to the millionaire. The millionaire is able to take reasonable risks to advance their millionaire status. For example, she might be able to invest in slightly riskier investments which might yield increased rewards or take a chance on promising business ventures.
A spouse can help increase her network of financially productive people. By talking to them, she can learn about new ways to increase wealth, and decrease expenses. They might be able to provide assistance when needed in the form of advice or business loans or business partners.
A spouse can take care of the shopping, cleaning, cooking, making doctor and dentist appointments, and other housework details so the millionaire has more time and energy to focus on earning more money.
The spouse can support the millionaire in the effort to accumulate wealth. By hosting dinner parties, preparing PowerPoint presentations, and keeping in contact with the networks, the millionaire has someone who is willing to share some of the responsibilities of making money. By working as a team, the wealth is accumulated more quickly and with less effort.
A spouse can help keep you focused on your goal to become a millionaire. When the millionaire purchases fabric for quilting, her quilting friends are likely to celebrate her new purchase. The spouse, on the other hand, will ask why she is buying fabric when she hasn't used the last piece of fabric she purchased. While this may be hard to hear, it is useful in keeping focused on the goal of accumulating wealth.
The spouse provides support by listening to the millionaire, and providing advice and encouragement. Having someone who shares the same goal, and understands the frustrations and sacrifices will help relieve some of the stress in focusing on such a lofty goal. Being in a loving and joyful marriage allows the millionaire to have the energy and motivation to please the spouse and reach her goals.
Because he is also frugal and shares the same goals, he does not ask for a bigger house, a bigger car, or expensive clothes, and is not focused on showing off the wealth. His frugality helps the couple reduce expenses and accumulate wealth.
What If You Don't Have a Millionaire Spouse
If you don't have a spouse who will support you in your goal to become a millionaire, don't fret. It is possible to become a millionaire without a spouse, although it may be more difficult. Not having a spouse makes you more independent, and more resourceful.
You can, of course, search for a spouse with the qualities listed above.
You can also build up your support system in other ways, by focusing on your friends and other family members. By surrounding yourself with like-minded individuals, you will find a network of people who will help support you in reaching your goals, both emotionally and financially.
Having a strong support system is beneficial in reaching your goal of becoming a millionaire. A spouse can provide support, advice and encouragement, and help you increase your income, decrease your expenses, and invest the difference wisely.
* I am calling the earning member of the family the millionaire, and the supporting member a spouse. Although most millionaires are married, an unmarried partner can also provide assistance. Of course, it is the whole family unit that is actually millionaires, since they are all working towards that goal. I am also using the feminine pronouns for the millionaire in this hub, but of course the earning millionaire can be either male or female.