Many years ago my husband and got married and drowned ourselves in debt. It’s something I am not proud of but what I am proud of is that we got out of debt, decreased our expenses and somehow were able to both quit our jobs to pursue our career and business goals. This did not happen overnight. Today I am going to walk you through some of the beginning budgeting basics we learned in order to decide whether we could quit our day jobs and actually make a living with our business. So if you are considering quitting your day job and doing your starting your own business, this episode is for you!
How to Know When To Quit Your Day Job
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What You’ll Learn:
Take care of your money and it will take care of you. Get on a budget and work to get out of debt. The more you track coming in and out the more you will receive. Don’t ignore your current financial situation.
1) Take inventory of where you are at right now. Look at what you are currently bringing home at your day job and what your current monthly expenses are.
2) What expenses you can cut right now that you don’t really need. Eventually, you want to invest your money back into your business so decrease as many expenses as you can in our personal life.
3) What do you need to make in your business in order for you to quit your day job?
4) How much money do you currently have saved? Can you save up at least 3-6 months of savings to lean on when you quit your day job?
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Let’s face it, budgeting and managing your money is tough, especially if you are a new business owner. That’s why I created the “The Insanely Simple Budgeting and Forecasting Template For Small Business Owners” that I use every month to plan out my budget and expenses in my business. You can grab it now by going to http://www.classycareergirl.com/moneytemplate
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