Startup business face major loss for countless reasons. Poor planning, changing markets, and questionable goals can all contribute to a significant downfall. Before you make it to that stage, plan ahead.
Whatever you make, take 10% of your income and put it away for a rainy day. It gives you and your family the extra security of knowing that there’s a contingency in place in case your business fails.
Some forms of adversity can’t be foreseen. It’s those instances that really test your resilience. If you don’t feel that 10% savings is enough to make you rest at ease. You may have other options. Click here to subscribe to the Professor Savings YouTube channel to see what they are.