In this episode, Jess sucks the romance out of relationships and offers a practical, business-based approach to happier relationships. It may seem unromantic to treat your relationship like a business, but it’s far more romantic to plan for success than to close your eyes and hope for the best. Most couples invest their time and money into their wedding — but not into the relationship itself and the results are abysmal. Don’t be most couples! Treat your relationship like a business.
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You can view this episode's transcript below:
Marriage is a Business.
And from a financial perspective, it’s thriving. The wedding industry in China is estimated at $80 billion per year. In the US, it’s $161 billion — and that doesn’t even count the Kardashian year. Globally, our annual investment in tying the knot is over $300 billion and growing.
The numbers alone paint a pretty picture. The business of marriage is booming.
And why shouldn’t it? A marriage is a very good investment, especially for men.
Married men earn 11% more than singles in the same roles.
And both men and women reap health benefits from marriage including a 17% reduced risk of certain cancers, 12% lower rates of cardiovascular disease and longer lifespans in general.
But let’s take a look at some other martial data.
The rate of marriage is declining and more people are getting divorced across the globe.
In the last 50 years, the crude marriage rate in the EU-28 has declined by nearly 50%.
In 2011, there were 2.1 million marriages in the EU and nearly a million divorces — 986,000 to be exact.
In the US, some estimates suggest that the divorce industry is worth $50 billion per year.
It seems that while we’re willing to invest a great deal into weddings and to some degree divorces, we still aren’t profiting or successfully investing in marriage. We throw money at the start-up phase and then close our eyes and hope for the best knowing that we’ve got a 50/50 shot of losing everything.
Now I don’t think we’d do this in business, but you tell me.
Would you invest into a start-up knowing that no further financial or advisement investment would be made?
Would you purchase an investment property and let it take care of itself?
Would you sign on as a partner in a company without seeing their financial and strategic plans? Even if the company’s founder was an old friend and a great person, you’d insist on discussing the finer details.
You have a certain degree of business sense that helps you to mitigate risk and promote higher returns. In business, you plan and invest. You surround yourself with the right people. And you adapt to changing environments and demands.
What I’m suggesting to you, is that it’s time to treat your marriage like you do a business.
Yes. They're different. But many core business competencies are transferable. You’re obviously successful in the business realm, so perhaps it’s time to look at how you can apply your business savvy to your marriage.
It’s time to invest and plan. It’s time to really look at the people involved. And it’s time to be adaptable and innovative.
Now I know that comparing marriage to a business isn’t romantic. But neither is divorce nor infidelity, nor misery in pairs, so hear me out.
Most businesses begin with a plan. Whether it’s a lengthy document to showcase to potential investors or a Lean Canvas designed to identify needs, every business has a plan. And every successful business revisits that plan from time to time.
Unfortunately, we don’t do this with our relationships. Your marriage may be the most important partnership to your health, well-being, happiness and life fulfillment, but if you aren’t specifically planning for success, then the odds may be stacked against you.
This doesn’t mean that you need to sit down and write a lengthy mission statement or map out your value proposition in great det...