Financially Preparing to Blog as a Couple

There's no way I can possibly write this post in one post....and I'm sure as we get further into this process I will continue to write and update on what has worked for us and what hasn't in the financial planning of such a huge life and career decision. At a time when we once thought I'd be going back to work, Bob is leaving his job to work full time with me...on the blog. I've said it before and I'll say it again..it's freaking scary!



As with everything, hindsight is 20/20....so I'm sure there are things we'll learn and correct along the way, but for right now we feel we are about as prepared as we'll ever be financially to take this on.  We basically have an entire year's worth of Bob's gross salary in savings. My income has been steady and steadily increasing month to month for more than a year now and analyzing the numbers with more books and products on the way - we are set to make up his lost salary in a matter of months.  Those two things give us a good cushion in case things don't go as planned financially.

We know initially our combined incomes will take a hit. Obviously. Bob's walking away from a 6 figure salary, benefits, bonuses, and a 401k.  We'll have to take on private healthcare, make retirement savings a line item for both of us, and work closely with our financial advisor and accountant to make sure we are taking full advantage of all the tax benefits and retirement savings options that come with owning your own business and being self employed.  Did I mention it's scary?!  


While overhead is relatively low for bloggers there are still costs associated with running a blog. The biggest for me is my assistant, who we plan to keep on - perhaps with just a few less hours per week.  Bob will take over the book keeping which is a service I outsource now, but it's not a very significant expense and certainly won't anywhere near makeup for his income.  He'll also take over all the business related tasks that honestly just take time away from me creating and doing things that generate passive residual income.

What will - we hope - make up for his income is 1) the increased manpower and 2) the additional time! With Bob onboard I can focus all my energy on creating new streams of income. At this point I'm not prepared to say exactly what those will be, but let's just say they are things I would likely never get to on my own.

Until this point in my blogging career I've always had at least one child home 21 hours of the day. That left me with just three hours a day of devoted work time. When you're churning out two books, four mini guides, two cross-country speaking engagements, daily blog posts, 100+ weekly social media posts and running a small business on your own - it gets a little dicey.  Imagine what I can do with 7 uninterrupted hours a day and a partner who's not only working equally as much and as hard but is as equally invested!  Imagine what it will do for not only the business and the bottom line, but our work life balance.

Imagine...

We are and we can't wait to get started...to see where this all takes us!