E105- Entrepreneurs and Money

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[3:26] The cost benefit of being an entrepreneur
You are out there in the hustle as an entrepreneur
Your are IT, HR, plumbing, literally everything
It’s one thing saying you’re a CEO but when you’re starting out it’s very challenging but you can learn a ton of skills that can set you apart
Your problem solving abilities become really good
There is also major upside from being an entrepreneur

[6:0] Quitting your job versus doing it full time
It definitely depends on your situation, how long have you been saving up
Quitting your day job is a major risk, you don’t have any income secured
People end up doing freelance work just do have food on the table

[7:6] How much money you need saved to start a business
People need to know how much money they need
People say you should triple the amount of money you need to get started
You need to consider the cost of living and how you are going to provide for your family
There definitely are consequences and you need to be real, there is no shame having a side hustle

[8:59] How many hours do you really work
A ton of hours, people that are entrepreneurs typically work a lot harder than when they are employees.
Nobody will care as much about your business as you will.
As a business owner you’ll end up working a ton more hours
After the 40 hours is when an entrepreneur will typically start working

[9:59] How to manage work life balance
Katie has a friend who owns a brewery and he said he does now know what work life balance is
People that go full on into entrepreneurship that end up sacrificing relationships
As a new business owner you need to find a work life balance that works for you, this will obviously look different for everyone.

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Chain of Wealth

Chain of Wealth

The Chain of Wealth podcast is a biweekly podcast boasting over 500,000 downloads. We interview inspirational guests about money topics. You can learn more about us here.

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