My husband and I have four kids, and I make $50,000 a year. He runs a small business that has been floundering for a while now, so we’re basically living off my income.
Part of that income is going into the business. Plus, we don’t have much in savings, and we’re behind on our house payments.
Do you have any advice?
First of all, you and your husband have to get on the same page financially.
Sit down together, and do a household budget and a profit and loss statement on the business. A profit and loss statement will tell you the money that comes in minus the money that goes out.
Here’s the thing. If you’re putting other money into a business account, that’s a clue that you’re not making money on the business.
Put his rent, supplies and any other business expenses on the profit and loss list, and write out — step by step — what it will take for you to break even in the business each month.
If you don’t at least break even, then it’s time for him to do something else for a living.
I’m an entrepreneur and a business owner. I get the allure and excitement that goes along with running your own business.
But family and your financial responsibilities come first. You don’t need to put any money into the business account, except for the income he creates.
And while you two are sorting this out, use your income to get current on your house payments and attack any other debt!
- Tips for taking your home entertainment experience to the backyard
- Tech-related injuries your parents never experienced
- Workers comp: Signs your co-worker could be a fraud
- Who's the real founder of America's pastime?
- Epidemic rising? What you need to know about Alzheimer's in Arizona
- 5 unforgettable Wooden Award winners
- Family and hard work are keys to success of modern dairy farmers
- Genetic testing could hold answers for colon cancer survival
- Cold beers and baseball: A beer lover's guide to Spring Training
- Telecommuting: 5 tips to make it work for employers and employees
- See how top CFOs feel about economic growth in the Valley
- Migraine myths that keep patients from effective treatments
- Here’s why Gaydos went tankless with his water heater
- Bocce ball and basketball: How you can help Arizona's Special Olympics athletes
- Tips on building the best wine room in Arizona
- Avoid the nightmare: 6 tips to choose a great contractor
- Breast cancer: Improved testing and treatments means more survivors
- Failed back surgery: New hope for patients living in pain
- Ticking time bombs: Telltale signs your water heater is about to explode
- Reading glasses could be a thing of the past
- 6 cool ways teachers are using technology in the classroom
- Emerging tech jobs in Phoenix and how to get one in 2017
- 4 top treatments athletes use for pain
- Emergency! What to do when bathrooms flood
- Arizona kids in crisis: How you can help
- New treatment offers hope for migraine sufferers
- 11 stadiums to watch your favorite football team
- Shopping for a TV? Best models for 2016
- Avoid this holiday plumbing disaster in your home
- 7 tips to avoid holiday weight gain
- Trump’s budget priorities set small businesses strategizing
- Dave Ramsey says: Talk to your kids about checking accounts
- Correction: SmallBiz-Small Talk-Warmer Winter story
- Dave Ramsey says: Couple should accept best deal from collection agency
- ‘Beauty and the Beast’ debut weekend earnings revised up