Three “must-haves” before becoming a full-time entrepreneur
Something about 2018 has stirred up much momentum for new and seasoned entrepreneurs, alike. Those that have been operating and growing a part-time business while working their full-time jobs are taking the leap. They have mustered up enormous amounts of courage and decided that this New Year is ripe enough to write corporate America that infamous “Dear John” letter.
Imagine leaving a little note on your boss’s desk that reads, “YOU’RE FIRED!” Well, that seems to be the run-on theme as more and more entrepreneurs are discovering their purposes and paths to a more lucrative and fulfilling life. For many, the excitement of this transition is causing them to overlook three vital must-haves that need to be set in place before firing their bosses in 2018.
- Investment Account Security
The very first thing that entrepreneurs must have in place before giving their mundane 9-to-5 the boot is a HEALTHY INVESTMENT ACCOUNT. I wish I had been given this advice 15 years ago when I started my own venture. It is beyond necessary and imperative to have access to an account that yields a quarterly dividend. The moment that you start to feel like there’s more money going out than coming in, you’re going to go straight into panic mode. You’ll be so stressed and desperate that you won’t be able to conduct your business properly.
Don’t give yourself any unnecessary stress while you’re creating, bringing value and serving the world. It’s very easy to set up an account online with companies such as Charles Schwab and TD Ameritrade. I encourage you to start researching similar companies, and choose one or two that you feel most comfortable with. I would even suggest starting a money market account because you need to have access to money that is earning interest. If you already have an investment account, start increasing what you are contributing. The more security that you create for yourself while you’re stepping out, the better for both you and your business.
- A Mandate on Health Insurance
The second thing is HEALTH INSURANCE. This has been a huge topic and concern in our country for years, and you must have it! Most people only have access to a healthcare plan because they work for a company that offers one. Once you leave, you will often have access to what is called COBRA, shorthand for the Consolidated Omnibus Budget Reconciliation Act of 1985, which gives you an option to keep workplace health insurance for a while longer if you can’t get coverage. If you’ve ever had it, you know how expensive it is and how quickly you can let it go.
Start investigating the available healthcare plans that will work best for you. If you choose a preferred provider organization, you’ll have access to physicians of your choice. If you choose a health maintenance organization, you’ll have to visit a physician within your plan’s network. Also, there are some great plans for small businesses with 50 or less employees. Please do not overlook your healthcare needs, especially as you’re embarking upon your new and miraculous life as an entrepreneur.
- Don’t Leap Without Life Insurance
Lastly, you must have LIFE INSURANCE. You may not have the funds to start or contribute more to an entire life insurance policy, but you can have a simple term life policy from as little as $11 to $20 dollars a month. Some, such as Haven Life, no longer require a medical examination for qualification. Depending on you and your family’s needs, there are good choices available; shop around for affordable rates.
We can unintentionally cause more harm and agony for our loved ones, after death, than we ever did while we were alive. If something should happen to you in the midst of transitioning into your venture, you wouldn’t want to leave your family without peace of mind and a way to memorialize your life. So, if you don’t already have a life insurance plan, please make sure that you get one immediately.
In this New Year, remember to be smart before firing your boss. To gain an abundance of wealth, health, success and happiness, these “must-haves” are needed on your journey towards entrepreneurship.