A Fat Lip and a Skinny Pocketbook

pocketbookOur President got a fat lip while playing basketball over the weekend. Fortunately, it was a minor injury which won’t impact the President’s ability to do his job. Although, he may talk a little funny for a while!

But it got us thinking about work and our spare time activities. For example, a hair stylist we know broke her leg while skiing. She wasn’t able to maintain her full schedule for over a month.

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So entrepreneurs need to be particularly sensitive to this issue. Of course, as we learned from President Bush, even eating a pretzel can be dangerous.

While BIGG goal-getters certainly live a full life, you have to be conscious of the risks. Just like entrepreneurs manage risk at work, think about risk when you’re at play.

Here are 4 tips to keep a fat lip from leading to a skinny pocketbook: 

1. Put safety first
Just because there is no OSHA for our activities off-the job doesn’t mean they’re any less risky! No matter what your hobby is, be smart about it.

2. Maintain your financial safety net
Build up your cash reserves so you can go for at least three months without income. Entrepreneurs who have more erratic income probably may want to bump that up to at least six months.

3. Plan for it
What if you weren’t able to work for a period of time? Who would be in charge of your company? If you’re a solo entrepreneur, who would take care of your clients?

4. Purchase disability insurance
This one’s often overlooked, but the odds of not being able to work for a period of time make it worth checking into. The link above is to an independent organization that’s a great resource to help you with this.

As the entrepreneur of your life, think about the risks you face and find ways to keep a fat lip from leading to a skinny pocketbook. It leads to BIGG success!

What do you suggest?
 

Direct link to The Bigg Success Show audio file | podcast:
http://traffic.libsyn.com/biggsuccess/00650-112910.mp3

(Image in today's post from plex)

2 replies
  1. modeling
    modeling says:

    I think only having a 3 month security net is not enough. When I decided to become a model full time I saved up 8 months. You really have start living on a shoe string budget.

    -Lisa

    Reply
    • George & Mary-Lynn
      George & Mary-Lynn says:

      We agree, Lisa – 3 months is definitely the minimum. IF you have a stable job (if these such a thing these days?), you may be able to get by with 3 months. For entrepreneurs, 6 months should probably be viewed as the minimum, depending on where you’re at in the development of your business. You had 8 months, which is phenomenal. Congratulations!

      Reply

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