Serena Williams is shedding light on a topic few know anything about. It is a form of domestic abuse called financial abuse. Reports indicate 99% of domestic abuse cases involve some sort of financial abuse. It is manifested by preventing a partner from working, intentionally running up mounds of debt, sabotaging career and business opportunities and the list is sad and endless. (Source: CNN)
What We Don’t Want To Admit
We would all like to believe that no one we know would be a victim of such abuse. In the black community we pride ourselves on being strong women who know how to take care of ourselves. We want to believe that each generation is stronger, more confident than the one before it. Yet, CNBC reported that a third of millennials have already experienced some kind of financial abuse and 65% of millennials are in debt.
Some Major Differences
Obviously any kind of financial abuse is a serious problem with layers that need to be addressed professionally and personally. Abuse is never as simple as being in debt or mismanaging business/career.
However, financial damage to relationships doesn’t end with financial abuse. Financial struggles and failures also cause a great deal of pain and damage. Even in healthy relationships people find themselves drowning in their partners debt and losing control over their own credit score and bank account. Bottom line is financial problems and poor business practices can bring any relationship to its knees.
Huffington Post recently published “7 Steps That May Be Helpful” for those suffering from financial abuse.
In cases of healthy relationships where partners simply need to learn communication skills, financial responsibility and even how to run profitable businesses, there are programs such as The Couples In Business™ Project (CIB).
CIB is a project founded by my husband, Randy, and I. Once over $50,000 in credit card debt, we are now running several successful “work from anywhere” businesses and enjoy a debt free life. The years we were in debt and not making progress in our businesses were stressful and downright scary, we developed this project to help couples avoid common mistakes and get on the path to success faster.
One thing is for sure: The pain of financial hardships is all too real. The more we can recognize the signs, the faster we can get help and provide support for those who may need it.
Renee Hughes, co-founder of Couples In Business™ Project, can be reached at Renee@reneehughes.com or via her and her husband’s website at www.couplesinbusiness.co