Post # 1
My Fiance has always wanted to own his own business and I always assumed it would be in his current career (IT). Currently on the current career path he is on, he would be looking at earning anywhere from $90-120K in the next 4years. We have always talked about getting a house and starting a family and with this income we could do it and do it easily. I would have a safe, secure, steady homelife… Basically I would have all I ever wanted.
Fiance is a homebrewer and is VP of his local home brewers association. Out house is stuffed full of fermenters, carboys, sacks of malt, etc and a lot of money gets spent on his hobby, but we can afford it and he loves it so I don’t care… Problem is he has decided he doesnt want to do IT anymore, he wants to open a microbrewery and become a brewer. Great! He will get to not only be his own boss, but he will get to do something he is passionate about. Only issue is that his earning potential as an owner of a microbrewery would be about $50K, it could be less and it could be more. Either way its dramatically less than what I always thought he would earn.
In 9 weeks I will be making a promise to support him for the rest of my life and to be completely honest, it’s scarring the jeepers out of me. Where is my steady future with my nice house and healthy bank account? I will support him and I will trust him to do right by me and our future family, but it doesn’t stop me breaking into a cold sweat when I think about how far his income will drop
Has anyone else gone through this? How was it? Did it work? How did you adjust to the drop in income? Did you have kids during the career change? How did having kids with a husband who is working non stop work? Help!
EDIT forgot to mention this change will need about $50-75k for the outlay and for the first 2 years he will be earning minimum wage (or less!). It’s pretty scary.
Post # 3
But are you okay with this change? Did he give you any say in it whatsoever? Is it not something he can do in addition to his current IT job?
I know some guys are the dreamer types, they just want to do something they love…and that’s wonderful, but he has a soon-to-be wife to consider.
If he’s made up his mind, then that’s that. making on 50K a year sure isn’t hard…but it is about living within your means. I’ve been making 50-60k my entire life…i can’t say I want for much at all. I have a nice house, brand new car (honda though, no lexus or BMW’s here) plenty of money for eating out once or twice a week and for vacation once a year. It’s all about how you two manage money.
If you are both known to be a little spendy, I’d think twice about this career change.
Post # 4
I can understand why this must be hard, it’s much more difficult going backwards financially whatever the reason.
I always thought I would marry a man with a healthy bank balance but alas I met one in severe debt and not just no credit rating but a bad one. Part of us moving overseas is so that his credit rating can be reset (though obviosuly it wasn’t the main reason).
Have you shared your concerns? and as @fresitachulita said: are you ok with the financial change?
I know I can’t help, but good luck.
Post # 5
@fresitachulita: 50k in Australia doesn’t get you far, but as a single person you would be ok. With a wife and kids to support it will mean having to rely on benefits (which I don’t want) and there would be almost no chance of having a mortgage (a cheap unit is around $350k and the average is around $500k. Housing and living costs in this country are insane). I would have to work full time and put my kids into full time day care which I do not want to do. At all.
I want to support him. If our positions were reversed I would want him to support me. if he is successful, things will be easier but I need to be prepared for just getting by which I am happy to do without kids, but bringing a child into the world when you are earning minimum wage is a whole new ball game. I know we can ‘make it work’… I guess I always thought I wouldn’t be one of those people who just scraped by.