I have lots of clients who have the “intent” to start up, a business venture….
…. selling handbags….selling burgers…. selling health products….
A lot of interesting, fun and lovely ideas…. 🙂
Some seeked my point of view, if they should sell away their house, to fund their dream business…
Some seeked my point of view, if they should quit their job, to start their dream business…
Some seeked my “money”, as a form of capital to start their dream business… 😛
I met a lot of entrepreneurial people.
My advice to all is that, if you want to set up your own business, you need to have contingency funds that can last you at least for 1 year.
You need to have enough money in your bank account that can last you 1 year, if your business doesn’t generate money.
If not, don’t even think of quitting your job, to start that very business that you aspire.
Yes…Have at least 1 year of contingency funds.
When I met my clients, I will always do the cashflow statement for them.
I will highlight to all these entrepreneurs to be, to have at least 12X their total outflow.
Yes…12X….
Of course, there is really more planning need to be done like, him or herself having enough critical illness coverage…etc2…
That’s where customized planning comes in.
Btw, if you need any help in terms of financial advice, drop me an email or call me for appointment.
I will be happy to assist you! 🙂
p.s. By the way, if you wish to discover a simple & halal way to create a positive monthly cashflow and calculate your net worth for FREE, then please click here…
This post was written by:
This is a sound advice. 😀