Do you suffer from financial instability?
For you go-getting entrepreneurs out there, having your own business is never an easy task, not to mention the many responsibilities that come with it. Financial management is almost an unspoken factor when it comes to building a successful entrepreneurship. Stefanie O'Connell Rodriguez, a millennial personal finance author and founder of Statement Cards, is here with advice for some of the financial instability concerns that you may be encountering.
1. “I quit my job and started my own business; I’ve been very stressed about my financial situation and started to question if I made the right choice…”Stefanie: There’s absolutely nothing wrong with having a traditional job or returning to one after starting a business. We have to make the decisions that are best for us based on our circumstances and goals in any given moment. At some point, entrepreneurship might make the most sense for you. At other times, it might make more sense to have a traditional job. No choice is final or permanent, and it’s important to evaluate often to make sure you’re working in alignment with your values at any given time. If you most value stability and security, you might decide to return to traditional employment. If later decide you want more independence, you might decide to pursue business ownership again. Or perhaps you explore some hybrid of the two. Ultimately, the goal is to have a lifestyle you love. And if you ignore the rest of the factors that make up your lifestyle – your health, your family, your relationships, etc. - and only focus on the work, you might find yourself making trade offs that aren’t actually worthwhile.
Stefanie: Ultimately no one can make these decisions for you. Your decisions about work and entrepreneurship should be driven by your values and priorities, not anyone else’s.2. “Some of my friends and partners told me starting my own business is too much of a risk, I agreed but I knew this is the path for me…”