Mompreneurs Need to Own Their Finances to Own Their Lives

This morning I was reading Natalie MacNeil’s fabulous blog, She Takes On The World, and was really struck by this idea of how many outwardly-successful people are privately financially troubled. She is quoting author and financial expert Manisha Thakor.

If the whole world got financially naked “ there would be shrieks galore! In our modern, hyper-consumptive society, millions of people present external images to the world that bear limited resemblance to their true, inner financial reality. During my 15 years working in the financial services industry I met countless people earning not only six digit but even SEVEN digit incomes who were living paycheck-to-paycheck. It was this concept “that if we really bared it all financially to each other many things would change” that was the genesis of the book title.

In terms of the meat of the book, it boils down to this. If you want to have a healthy, intimate romantic relationship you need to communicate with your mate about money. Alas, that’s not the message society gives us. Money is a subject that in many respects is more taboo than sex. When you meet that someone special, people will ask if you are physically compatible, spiritually compatible, emotionally compatible, or intellectually compatible. But rarely does anyone ask if you and your honey are financially compatible. That’s too bad because study after study shows financial issues are often the ones that make or break a relationship over the long run. So the goal of this book is to give readers both a language and a roadmap to traverse the often rocky path that is getting to know your mate, financially speaking.

Manisha Thakor is on a mission to teach women how to “own your finances and own your life.” Through her books, articles, television and radio appearances, speeches, and blog this female personal finance expert inspires women to take charge of their money. Her latest book, co-authored with fellow Harvard MBA Sharon Kedar, is Get Financially Naked. Manisha made time in her busy schedule for an interview with She Takes on the World., Interview with Personal Finance Expert, Manisha Thakor | She Takes on the World, Feb 2010

I highly recommend you read the whole article (and browse around Natalie’s blog–this is just one of the gems you’ll find interesting and helpful to read as a mom entrepreneur).

How honest are you and your spouse or partner being with each other about your finances? Are you achieving the financial results you want in your business? Do you know how your income and expenses impact your family’s financial goals?

Many of the mompreneurs I coach struggle with these issues. They’re scared about “coming clean” with their spouse about how little they’re earning or how much they’re spending for their business. This kind of hiding or secrecy combined with the lack of a solid income is one of the biggest eroding factors in a mompreneur business.

Want some support in re-creating your mom entrepreneur business in a way that is powerful, successful and sustainable for the long haul? Check out my new signature program, The Mom Biz Makeover Program, which launches on March 1st. My mission is to help mompreneurs create businesses that truly support them and their families.

If you enjoyed this post, make sure you subscribe to my RSS feed!

You may also like


  1. Lara – Go you for highlighting this vital point: “Many of the mompreneurs I coach struggle with these issues. They’re scared about “coming clean” with their spouse about how little they’re earning or how much they’re spending for their business. This kind of hiding or secrecy combined with the lack of a solid income is one of the biggest eroding factors in a mompreneur business.”

    We women are starting businesses at impressive rates… but we’re not yet earning the kinds of profit we deserve for all the hard work we are putting in. In my work around women & money, the emotions I see most often are fear & shame. I see bright women (and men!) fearful that they are “doing it wrong” and shame that they “don’t have a better grip on it” all.

    My call to action to all women is to talk about money openly & honestly with each other (and your mates) so we can learn from and help each other. The basics of good personal finance are not widely taught, and if you have a question about money I can pretty much guarantee that at least 5 of your friends have the same one. So here’s to “Getting Financially Naked” and learning to live our lives from a position of financial strength. Investing in increasing you understanding of sound business practices is one gift that will keep on giving.

  2. Thanks for your kind words, Manisha. I appreciate you normalizing the circumstances and emotions that develop from entrepreneurs not having a strong background in personal finance. Hiding fear and shame (or hiding much of anything, for that matter) is a scary foundation to build a business or a relationship on. I love your honesty coupled with playfulness behind the idea of “Getting Financially Naked.” Get all the cards on the table so you can begin playing the game, right? Thanks for lighting the path!

  3. Oh geesh! I had no money when I met my husband and we combined accounts. When I started my business and went back to work I created my own account and now I dont’ want him to know what I make b/c he has different plans then I do. We are working on this and the taxes will bring it all out into the open and I know his jaw will drop. Good tip!
    .-= Sommer´s last blog ..Taking Off Your Mask When Using Clorox =-.

  4. Hey again, Sommer! Thanks for being a frequent commenter!

    I know you’re not the only mompreneur hiding the reality of her business’s finances from her husband. It’s hard getting on the same financial page sometimes. I wish that we all had husbands who were our biggest fans, fully embraced who we are as mompreneurs and who knew all the details about our businesses. But the truth is, it’s not always easy. Sometimes it works best for a couple to set and allow boundaries around finances. Boundaries are good. Secrecy is tricky.

    It sounds like you’ve done a great job growing your business to the point of profitability. That’s awesome! Perhaps what’s next for you when things are out in the open is to have a discussion of how you can choose what each of you can spend without checking with the other, and what needs approval first.

    Wishing you lots of peace and success!