Household finances weren’t the only thing the Huses revamped. In order to preserve his 26-year marriage to Claudia, Scott needed to rethink his approach to money, entrepreneurship and communication with his wife.
“I figured out as a husband and a father, ‘What do I need to fix about me? What do I need to grow and change through this?'” he said.
Preparing yourself — and your household — for a small business
Get your household finances in order first: Scott started his business while he was already in debt. “We didn’t know how to budget our own personal money,” he said. “It wasn’t that I didn’t set up a budget for that business, it’s that I did what every business seems to do out there: budgeted based on debt.”
Get your spouse or partner involved in your business plans: Talk to him or her about risk appetite, and know when it’s time to cut bait on your venture.“I had to get control over my development,” Scott said. “You can think and grow, but do it in a more process-oriented way.”
Build up your emergency fund: Prior to the Huses’ financial cleanup, the family spent every dollar they came across. The first step the couple took toward becoming solvent was building a $1,000 savings account and keeping their hands off of it.
Today, they have the equivalent of six months of expenses saved. They’ve never touched it.
Video by: Sophie Bearman, Qin Chen, Kyle Walsh