A man from St. Louis called into the “EntreLeadership” podcast with Dave Ramsey, explaining that although he’s been self-employed for two decades and brings in up to $200,000 a year, his wife is pressuring him to get a “real job.”

Scott and his wife have been married for 26 years and have three kids. He works from home four days a week running a treadmill operator web business that earns between $150,000 and $200,000 annually in nearly pure profit. Meanwhile, the couple also owns a retail store that brings in $1 million in revenue but only $50,000 in profit. They each work there minimally.

“My wife thinks something needs to change. We’re too busy, she’s stressed out,” Scott told Ramsey. “We’ve got so many different ways we can go, and we can’t figure it out.”

Don’t Miss:

Scott’s wife is also a full-time teacher. Her job provides their family with health insurance and a $20,000 per year private school tuition discount for their children. Still, she’s grown tired of juggling everything and suggested Scott go get a “real job.”

Ramsey pushed back immediately. “You getting a real job is a ridiculous, insulting statement. You have a real job. You just happen to be self-employed and you make a lot more money than she makes with her two things combined.”

Ramsey walked Scott through two options: Either his wife keeps teaching to maintain the health and tuition benefits while they sell the store, or she quits teaching, they purchase their own insurance, and she fully takes over and grows the retail store.

“If we’re going to take on the store, your job is not to do $50,000,” Ramsey said. “Because fifty thousand on a million sucks.”

Trending: ‘Scrolling To UBI’ — Deloitte’s #1 fastest-growing software company allows users to earn money on their phones. You can invest today for just $0.30/share.

Scott explained that the store is largely on autopilot thanks to a team of about 20 part-time employees and loyal customers. Still, the weight of ownership and final decision-making ultimately falls on his wife, who is listed as president of the business.

“Every time we go to dinner, that’s what we talk about,” he said. “It’s always on the back of your mind.”

Ramsey suggested the couple sit down and seriously picture their life 10 years from now. Does she want to retire as a teacher or from running a thriving retail business? Either path is valid, but they can’t keep both.

Source link