I want to start a business, but my partner prefers stability – How do we find common ground?

The latest edition of  MaltaCEOs.mt’s Work and Wealth Watch series where Money Coach Luca Caruana gives his expert responses to all your questions related to money, work and wealth. Want to see your own questions answered on MaltaCEOs.mt? Send your questions on info@moneycoachinghub.com

Dear Luca,

For years, my biggest dream has been to be my own boss and start a business. Now it finally feels like the right time. I am 41 years old and have managed to save a substantial amount of money. The business I intend to start, working as a commercial lawyer with a specialised focus on compliance, seems to be in high demand. In fact, I already have several clients lined up, though I can’t take them all on because I’m still in full-time employment.

The problem is that my husband doesn’t agree with this decision – he’s worried about the risks, even though we have at least two years’ worth of savings in the bank.

I’m really frustrated about this situation, but at the same time, I respect his concerns, especially as we have two children and his salary is significantly lower than mine. Moreover, I understand that leaving my current job means losing certain benefits, like life insurance, health cover, and other perks.

I feel confident that our finances are in order, but I don’t want to make such a big decision without mutual agreement.

What are your thoughts?

Worried but Ambitious

Luca Responds

Dear Worried but Ambitious,

My first instinct is to say that, yes, you are in a great position to pursue your dream. From what you’ve described, you have everything in place: a solid financial cushion, savings to cover at least two years, and demand for the services you plan to offer.

That said, if you’ve followed my previous contributions, you’ll know I’m a strong advocate for strengthening relationships, especially when it comes to money management and decisions. Even though you seem to have set the financial groundwork, it’s important to address your husband’s concerns and meet him halfway.

It’s completely understandable that your husband might feel apprehensive about such a big change. For him, the prospect of losing the stability provided by your current job may outweigh the potential rewards of your business. Recognising and validating his fears—whether they stem from financial security, losing benefits, or the unpredictability of a new venture—can help bridge the gap between your perspectives.

I encourage you to have an open and honest conversation with your husband. Ask him to share his specific concerns and then work together to address them. Collaborative discussions often pave the way for mutual understanding and compromise.

For example, have you considered reducing your full-time hours to part-time for now? This could allow you to start building your business while maintaining some of the stability and benefits your current job provides. Perhaps this transition would also give your husband more confidence in the success of your venture.

Additionally, what is your Plan B if the business doesn’t take off as expected? While your savings might cover a couple of years, consider how much strain this could put on your relationship if things don’t go as planned. I suggest creating a detailed financial projection for your business, including estimated income, expenses, and a timeline for profitability. Sharing this plan with your husband could ease his fears by providing a clearer picture of the risks and rewards.

Another approach could be framing your business as a team effort, where both of you are working toward a common goal. For instance, he might help with certain aspects of the business, or you could agree on regular check-ins to evaluate progress and adapt your approach if needed.

You’re clearly passionate, capable, and well-prepared for this journey, but remember that no dream should come at the expense of a healthy partnership. Approach this as an opportunity to grow together—both in your career and your relationship.

I am wholeheartedly supportive of your ambition to become your own boss. I’ve written about the concept of an Opportunity Fund and have coached many people toward achieving similar dreams. However, I strongly encourage you to dig deeper into your partner’s reservations and work together to find a solution that feels right for both of you.

I wish you every success.

Luca

The Money Coach, from the Money Coaching Hub

CEO & Founder of Monipal

Measure your Money Health in 1 Minute: https://moneycoachluca.scoreapp.com/