In 2023, two Senators, Amy Klobuchar (D-MN) and Thom Tillis (R-NC) introduced legislation aimed at supporting military spouses with an entrepreneurial spirit called the Military Spouse Entrepreneurship Act. The purpose is to address the economic needs and visions of military spouses who often sacrifice in silence. Despite certain benefits, it is not easy being a military spouse, and the burden they carry is unrecognizable to most civilians. Many endure anxiety and worry when their spouse gets put into harm’s way by being deployed to a combat zone. They are separated from extended periods of time and often carry the load as a single parent while finding it nearly impossible to set down long-standing roots, changing duty locations every two to four years.
A Need For This Bill To Get Passed
According to the Center for American Entrepreneurship, 92% of military spouses are women. Amongst this population, military families disclose that an estimated quarter of military spouses are unemployed, and up to 60% suffer from underemployment. That number is staggering on its own and becomes highly concerning. It is revealed to be seven times the national average.
Unemployment and underemployment experienced by spouses, along with the fact that around 80% of military spouses are younger than age 40, is a serious concern for the military. Spouses experiencing career struggles could build up resentment and frustration with the military lifestyle. Despite their patriotism and unwavering pride in their spouse serving the nation, the dissatisfaction of military spouses over time could be detrimental when the military is pushing for higher retention rates to help balance out low recruiting efforts. Military spouse satisfaction and their experience, along with finances, are the main driving force in whether a service member continues with the military or pursues a civilian lifestyle.
Senator Klobuchar on Sentoar.gov explained the importance of the support, “Military spouses make huge sacrifices to support our troops, and we must work to support their unique economic needs. Our bipartisan legislation would help ensure that military spouses have the right tools and training to establish their own small businesses and become entrepreneurs.”
Long-Term Growth
A significant aspect of this bill is the desire for a long-term outlook. Two critical factors that focus on development over time include:
- Training: This new act provides military spouses with much-needed training on launching and managing a business over time. Studies have shown that at least a third of all startups fail by their second year, and half are defunct by their fifth. The risk of failing with your new business is a real factor you must consider.
- Continuous Development: Administrators are expected to conduct a survey at specific military stations to identify any challenges these entrepreneurs face and help military spouses make modifications in creating, managing, and growing a small business. The data from the survey will be sent to the Senate Small Business Committees and the House of Representatives within 180 days for further analysis.
Consult a Financial Professional
Even with governmental assistance and entrepreneurial training programs, starting a business is a huge life step requiring attention to detail, regular reviews of progress, recognizing areas for improvement, and understanding the financial aspects of the business and how your decisions could impact your company and its development and even survival. Consider consulting a financial professional before making any financial decisions, especially ones driven by emotion. A financial professional can help you analyze your options pragmatically without letting the emotional factor steer you in the wrong direction.
The financial consultants at Travis Financial Services are registered representatives with, and securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA / SIPC). Insurance products are offered through LPL or its licensed affiliates. Travis Credit Union and Travis Financial Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Travis Financial Services, and may also be employees of Travis Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Travis Credit Union or Travis Financial Services. Securities and insurance offered through LPL or its affiliates are:
|
Not Insured by NCUA or any other Government Agency
|
Not Credit Union Guaranteed
|
Not Credit Union Deposits or Obligations
|
May Lose Value
|
The LPL Financial registered representatives associated with this website may discuss and/or transact business only with the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.
The "Contact TFS" and "Login to Your Account" links are provided as a convenient connection between the websites belonging to Travis Credit Union and its business partner. The policies and procedures in use at our business partner may differ from those in use at Travis Credit Union. Travis Credit Union is not responsible for the content contained in our business partner website.