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Whether or not "don't spend your families life savings on your startup" is good advice or not really depends on the amount of the savings, the age of the indivi
by weichi 17y ago
Whether or not "don't spend your families life savings on your startup" is good advice or not really depends on the amount of the savings, the age of the individual/family, and the family's earning potential, etc.
Losing all of your $20k savings at age 25, DINK family: hurts, but not life-changing in any way (as long as your spouse is OK with it, and you'd better be damn sure they aren't lying to you when if they say it's OK)
Losing all of you $200k savings at age 35, two small children and stay-at-home spouse: extraordinarily painful and will impact every decision you make for a long time.
- ojbyrne 17y agoIn both cases, it's possible that it will advance your career to the next level, which can make up for the loss in the long run. Work hard, save money, take calculated risks, don't be doctrinaire.
- yummyfajitas 17y agoIf your spouse says it's ok, go for it whether or not they are lying to you about it being ok. If they are telling the truth, win. If they are lying, it's best to find out now. Better your spouse gets 50% of a failed startup now and alimony based on your nonexistent income than 50% of your cash later.