Starting a Business with Your Romantic Partner with The Debt Free Guys
2024 is going to be a big year for me personally and professionally, but unfortunately, it will be the end of new content for Martinis and Your Money at the end of October. It’s been quite the journey, and I still have seven more months. My plan for this final season is to be the best of the best, and each month, I highlight a new financial topic. This month, I’m talking about relationships and money. It’s estimated that money problems lead to 20-40% of divorces and from my seat as a financial planner for over the last 12 years, I can tell you that those numbers are accurate.
This month, we’re going to talk about the pitfalls money can have on relationships and the solutions to building a financially healthy and safe foundation for two people to navigate. Money is a challenging enough subject to tackle as a couple, but it gets even more complicated when you’re talking about a Queer Couple. Joining me today are David and John, founders of the site Debt Free Guys and hosts of the Queer Money podcast, to share the money lessons they’ve learned about navigating a business and money challenges as a Queer couple as well as stories from their community.
What are we drinking?
David – Coffee
John – Green Tea and Detox Tea
Shannon – Black Cherry Schweppes
Podcast Notes
John and David are in both a romantic and business relationship. After working separate jobs in corporate America, they started a business together. They wrote a book and planned to be authors, but the business led them down a different path.
They started out with The Debt Free Guys and then launched The Queer Money Podcast. Most of the revenue comes from the podcast, so they're leaning more into that aspect of the business.
Every business experiences ups and downs, and focusing on the aspects they really enjoy and what actually brings in revenue has helped them gain clarity over the last few years.
Tips for running a business as a couple
Romantic and business relationships both have challenges, which can compound when combined. A strong foundation is crucial if you want to go into business with your romantic partner.
Communication is key. You have to be able to be fully honest with your partner and also understand that when you receive feedback, it is not a personal attack. You have to remember that business decisions aren't always personal.
The business can become all-consuming. To ensure both your relationship and the business have space to thrive, it's important to create boundaries. This includes creating physical boundaries in the house, especially if you work from home.
You will have to work together as a team at times when there are challenges and frustrations. How you communicate and handle those will be key to the business's longevity.
The quality of your personal relationship can not be tied to the success of your business. It's important to create a healthy separation between the two.
Lean into each other's strengths. You will each bring something to the partnership that will help the business thrive and help you make decisions.
Tips for working with a business partner
Before going into business with anyone, seriously consider whether they're the right partner. Even if you aren't romantically involved, a business partnership is like a marriage. Depending on the structure, there are joint legal and financial obligations.
Do a test run before officially going into business with someone. Assign each other a couple of different tasks to see how it goes. Was everyone able to get things done? Were there excuses?
You can take a personality test to determine your strengths and weaknesses. A good partnership will be a balance of skill sets. Figure out what you're good at and how you can complement each other.
Going into business with a partner doesn't always make the process simpler or mean it will be less work. Working with someone presents its own challenges.
Get financially naked with your future business partner. You don't need to be in perfect financial shape to start a business, but all parties must be honest. You need to know how much each person can invest in the business.
Navigating relationships in business requires honesty, trust, and a shared vision. If you're considering going into business with someone, take your time, ask questions, and make sure you really want to take the plunge.
Takeaway: My biggest takeaway is that no matter how complex your relationship may have to be because of society, there are ways to take the complexities of money and managing out of your relationship and I couldn’t recommend David and John and all of their resources more. Many family members and loved ones of mine are in the Queer community and I love that David and John have made serving them and supporting their unique journeys a priority in their lives.
Random Three Questions
What is the next big trip you’d like to take?
If you were to write another book, what would it be about?
One bucket list item you have for yourself in life?
Resources Mentioned in the Episode:
Queer Money with The Debt Free Guys
Surviving Job Insecurity with The Debt Free Guys
Connect with The Debt Free Guys
Website: https://debtfreeguys.com/
Podcast: https://queermoneypodcast.com/podcast/
If you have any topics you would like me to cover on this podcast, or if you’d like to get in the financially naked hot seat, I encourage you to email me at shannon@fingyms.com or join the private Martinis and Your Money Facebook Page, and let me know what you want to hear.
As many of you know, other than running this podcast, I’m the founder and CEO of The Financial Gym, and we are celebrating 10 years of this journey. Now more than ever, I see the importance of the work we do every single day. Rising inflation, the return on student loan debt, high-interest rates on loans and mortgages, and volatile stock markets make it a time where, now more than ever, you need a best financial friend to help you make the best choices along the way.
At Financial Gym, you get paired with a Certified Financial Trainer, who we call your BFF. Our team has coached clients through every financial season, whether they were living paycheck to paycheck or headed into Financial Independence and Retirement. As a reminder, we work with individuals, couples, or business owners.
The exciting news of 2024 is that Financial Gym now has a sister company, FG Advisory Services, available for people looking for more traditional financial advisory services like asset management delivered by a team that looks and behaves nothing like a traditional financial advisory services company. We literally have a solution for you, no matter where you’re starting from. So what are you waiting for? Head over to or send friends to financialgym.com to get started today. Our warm-up calls are free of cost and judgment, so you have nothing to lose.