When we think of partnerships, we tend to think of business partnerships. For those entering
into business partnerships, the goal is financial success. And the key to a successful
partnership is to find the right partner.
Traits suggested in a potential business partner include:
A Complementary Skill Set: The first place to start when looking for a good partner is to
assess your own strengths and weaknesses. Once you have done that, you can look for a
partner who exhibits traits that complement your own skill set.
Trustworthiness: Bidirectional confidence results in partners spending less time and energy
micromanaging or second-guessing each other.
Leadership: A partner with the right leadership style and skills helps your business grow. Look
for individuals who recognize potential, mentor staff, and excel at delegation.
Emotional Intelligence: Self-regulation, empathy, social skills, motivation, and self-awareness
keep business partners tuned into each other, their customers, and their business.
Teamwork: A give-and-take relationship is necessary for a successful partnership. But your
partner should also work well with others and not be afraid to get their hands dirty.
Communication: Smart, transparent interactions keep everyone on the same page. But
communication style differences can create invisible barriers to success.
Solution-Orientated: Optimize operations and build resilience with a partner that excels at
Patience and Perseverance: Being a go-getter is excellent, but business owners must also
cope with setbacks. Being able to endure and stay composed during challenging times is an
essential entrepreneurial trait.
Sources: U.S. Chamber of Commerce and LegalNature
Choosing the right business partner can mean the difference between success and failure.
Since two-thirds of all new businesses fail, finding the right partner is crucial to financial
Finding the right partner in business can lead to great financial success, but the #1 type of
partnership that can lead to financial success is not a business one. It’s an interpersonal one –
a marriage! That’s because being married to the right person can offer significant financial
advantages that are often overlooked when people are searching for potential partners.
Have you ever noticed that some individuals never stress about money?
They may live in the same average neighborhood and live the same average type of lifestyle as
everyone else, but in times of economic distress, while everyone else is worried about losing
their jobs, these individuals never seem worried. Do they have family money backing them up?
Perhaps, but the most likely source for this financial security is right in their home – their spouse.
It’s not a secret that money is the #1 cause of divorce in the United States. Just like business
partners, incompatible partners in a marriage can also be a recipe for financial disaster.
However, having the right marriage partners can also be a source of financial success. I believe
that marriage partners that bring complementary skill sets to a marriage can reap significant
Besides the obvious financial advantages of being married, including tax breaks, the financial
advantages of two incomes cannot be understated – especially when it comes to investing. This
might explain why the median net worth of married couples 25 to 34 years old was nearly nine
times as much as the median net worth of single households in 2019, up from four times as
much in 2010, according to research from the Federal Reserve Bank of St. Louis.
With two incomes, building wealth becomes more feasible and efficient as couples are more
willing to think outside the box and take perceived “risks” with their investments. Couples who
are on the same page, trust each other, have good communication and have the same goals
may be more open to consider alternative investments outside of mainstream traditional assets
for building wealth.
Being married may qualify you as a couple to invest in private opportunities that may not
be available to you alone as an individual.
It’s no secret that the wealthy gravitate towards private investments for building wealth. Most of
these private investment opportunities are available only to accredited investors. For
individuals, an accredited investor is an individual with gross income exceeding $200,000 in
each of the two most recent years or joint income with a spouse or partner exceeding $300,000
for those years and a reasonable expectation of the same income level in the current year. So,
a single individual making only $150,000 a year would not qualify as an accredited investor
eligible to invest in a private offering. However, an individual making $150,000 a year married to
a spouse also making $150,000 a year would qualify as an accredited investor.
Qualifying for exclusive private investments is invaluable for building wealth through investment
opportunities favored by the wealthy. That’s because these private alternatives have the ability
to generate above-market returns at less risk.
When you think of financial success, don’t overlook the #1 partner for creating that success –
your spouse! With the right partner in a marriage, financial doors and opportunities can open up
that wouldn’t be possible on your own.