Start My Own Business?
from Holed up and on Hold

Question: Dear Dr J,
I am 52 year old woman divorced and now live with my daughter in one rented room. I am considering resigning from my current job. I want to do my own business with a friend,.although I’m afraid that this business may not work, which would leave me with nothing. I don’t have any savings. I live only on my salary which is not really enough to help me. Please tell me what I can do to change my life. Thank you so much for your attention.

Holed up and on Hold

Answer: Dear H,

Thank you for your heartfelt note. I can so appreciate that you might feel stuck with a job on which you barely get by…all the while carrying a dream of owning your own business. You are better off, in some ways, than many: you know what you want to do! On the other hand, starting a business with no savings—after leaving a job—is very high risk, to say the least. My suggestion would be that you look to save a little –at least 6 months of living expenses—before you make the leap out on your own. You may not love your current job, but given the economic climate we are living in right now…it is probably wise to be grateful for it. Don’t lose sight of your dream, though, and watch your expenses. Try to save up enough to give yourself a cushion. When you’re more ready to make the leap—drop me a line again….and I’ll be happy to help you get “launched.” Best of luck!

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