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You’ve been working full time plus building your passion business on the side—there comes a time when you have to pick one.
If you’re ready to bet on you, here are a few key factors to have set in place:
1. Make sure you have your emergency fund in place. While business is going well right now, you will want to have funds set in place for the rainy days.
2. Your net profit is greater than your fixed living expenses—this means you can pay your people who works for you and pay for your bills.
3. You have enough funds to not only pay your bills but also to put money towards a retirement account.
Now you are self-employed. It’s up to you to start and save towards your retirement plan.
Listen, this is only touching the surface of deciding when is the right time to fully transition from employee to entrepreneur. Make sure you have your key team players in place when going off on your own. I believe in you, you got this.
Rianka R. Dorsainvil, CFP®️ is the Co-Founder and Co-CEO of 2050 Wealth Partners a virtual, fee-only comprehensive financial planning firm dedicated to serving first-generation wealth-builders, entrepreneurs, and thriving professionals. Rianka also hosts 2050 TrailBlazers, a podcast aimed to address the lack of diversity in the financial planning profession by engaging industry experts and leaders in conversation.
As an award winning successful, millennial Certified Financial Planner professional, Rianka offers a unique perspective not only on the current state of the financial service industry, but on how to stay relevant in an ever-changing world.
Rianka serves as a member of CNBC’s Digital Financial Advisor Council and CFP Board’s Diversity Advisory Group, is a Forbes Personal Finance Contributor, and has been recognized for her accomplishments and leadership within the industry by leading publications and organizations such as Investment News’ inaugural 2017 Women to Watch Rising Star and Wealth Management’s Ten to Watch in 2018. She has been published in PBS NewsHour, Forbes, USA Today, Black Enterprise, CNBC, Women’s Health, and more.