The Financial Benefits of Marriage
One of the keys to success is having a financially stable life. Over the past two months, I've encountered several discussions on how marriage is linked to financial success. In a Facebook group, I pointed out that nearly 80% of all millionaires are married. After more thorough research, I discovered I was wrong. It's closer to 95% of millionaires who are married. This statistic strongly suggests that marriage can be a significant path to financial stability and abundance.
Another instance where this topic came up was when I was a guest speaker at a conference. After the event, a couple of women approached me, criticizing my assertion that marriage is the primary path to becoming a millionaire. Clearly, marriage is not the only path to financial success, as at least 5% of millionaires achieve it independently. However, the majority are married.
While growing up, I saw the allure of being single and a perpetual bachelor. Yet, the majority of couples I knew were married. I understand that pointing out the financial benefits of marriage might hurt those who aren't currently married. But it's never too late to find the right partner. I'm not suggesting you rush into marriage with the first person you meet. As Thomas J. Stanley points out in his books, "The Millionaire Mind" and "The Millionaire Next Door," selecting a spouse is crucial when deciding to get married.
For transparency, I've been married several times and have learned valuable lessons from each experience. From these lessons, I can attest to the importance of choosing the right partner. According to a CNBC article and a separate publication by The Washington Post, 85% of billionaires are married. Not only is being married important but being faithful and having mutual financial goals are paramount.
You cannot enter into holy matrimony with the wrong intentions. Some of my marriages failed because of misaligned goals and intentions. My first marriage ended because my wife was still in love with her ex and wanted to leverage my high credit score. My second marriage failed because my path to success required moving to where my career and entrepreneurial opportunities could grow. Still, my second wife did not want to leave her home state, which was not conducive to growth, education, and infrastructure.
In my journey, I've studied and conversed with many successful people, including millionaires. There seems to be a cultural divide that has caused a rift in the family structure. I strongly advocate for keeping families together and creating opportunities for ourselves. Significant steps need to be taken, and we cannot afford to be fearful. Enjoy what you do and prosper.
I remember reaching a significant milestone in my career when I received the largest bonus of my life. The company's CEO also awarded me an all-expenses-paid trip to Hawaii, and my local sales manager gave me flowers—the first time anyone had ever given me flowers. Despite this being a peak moment in my life, the victory felt hollow because I had no one to share it with. I flew first class to Hawaii and stayed in a luxury resort, but the experience felt empty.
Biblically, we are not meant to be alone. Yes, I am a proponent of marriage and advocate for marrying the right person for the right reasons. We should normalize the institution of marriage and stay married. Let's normalize two-parent families and pursue our goals together.
The financial benefits of marriage are manifold. Married couples can combine their incomes, share living expenses, and benefit from tax advantages. Additionally, having a partner can provide emotional support and shared responsibilities, leading to better financial decision-making and planning. Married couples often find it easier to save for long-term goals, invest in assets, and build wealth together.
When two people work together towards shared financial goals, their combined efforts can lead to tremendous success. This is not only because of the combined income but also due to the power of compounded efforts. Each partner can bring different skills and strengths to the table, complementing each other and enhancing their overall financial strategy.
Being married also offers emotional and psychological benefits that can indirectly contribute to financial success. A stable and supportive relationship can reduce stress, increase happiness, and improve overall well-being. These positive effects can translate into increased productivity and motivation, which are crucial for achieving financial goals.
Effective communication is key in any marriage, mainly regarding financial matters. Couples who communicate openly and honestly about their finances are more likely to be on the same page and work together towards their financial goals. This can prevent misunderstandings and conflicts that could otherwise hinder economic progress.
Marriage allows couples to build a legacy together. They can create a solid foundation for their family's future by working towards shared goals. This includes financial stability, values, traditions, and a sense of unity. Building a legacy together can be incredibly rewarding and fulfilling.
While marriage is not the only path to financial success, it is a significant and proven one. The majority of millionaires and billionaires are married, highlighting the monetary benefits of a stable and supportive partnership. Choosing the right partner, aligning financial goals, and working together can lead to a financially stable and prosperous life.
As a society, we should normalize the institution of marriage and the benefits it brings. Let's promote two-parent families, shared goals, and the pursuit of success together. Doing so can create stronger families and communities, ultimately leading to greater financial stability and prosperity for all.