Starting Out
Market News & Data
General Info
Real Estate Strategies
![](http://bpimg.biggerpockets.com/assets/forums/sponsors/hospitable-deef083b895516ce26951b0ca48cf8f170861d742d4a4cb6cf5d19396b5eaac6.png)
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
![](http://bpimg.biggerpockets.com/assets/forums/sponsors/equity_trust-2bcce80d03411a9e99a3cbcf4201c034562e18a3fc6eecd3fd22ecd5350c3aa5.avif)
![](http://bpimg.biggerpockets.com/assets/forums/sponsors/equity_1031_exchange-96bbcda3f8ad2d724c0ac759709c7e295979badd52e428240d6eaad5c8eff385.avif)
Real Estate Classifieds
Reviews & Feedback
Updated about 2 years ago on . Most recent reply
![Easton Hill's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/754556/1670003406-avatar-eastonh.jpg?twic=v1/output=image/crop=400x400@0x0/cover=128x128&v=2)
What I did to prepare before taking the leap!
I think an underrated aspect of success in Entrepreneurship is your personal financial position!
Hear me out:
Before I decided to chase my dream of full-time entrepreneurship I did a few things that made my journey as an Entrepreneur much easier
1. I bought a house with my stable W-2 job income
--> buying a house with a large mortgage would be totally out of the question for me currently and most likely won't be a possibility for another 2-3 years assuming all goes well! Banks hate instability!
2. I reduced my lifestyle expenses to where I could live decently on $1200-1750 a month (rented rooms in my house, paid off my car, stopped eating out, paid off my phone, etc.) This led to me . . .
3. Saving 6k for an emergency fund (2-4 months lifestyle expense)
4. Saving an additional 20k for a business fund
5. Pre-bought restaurant gift cards; paid phone, insurance, and HOA bills for the year; changed my cars oil, belts, tires, etc;
6. Used my healthcare (provided by my employer) and did a round of medical visits, knowing it would be a while before having medical insurance again!
7. Then I quit my W-2 job
Since I only needed $1200-1750 a month ($300-500 a week) I knew that there were tons of ways to make that kind of money until I got a business going enough to be able to pay me that much (took about 6 months)
All of this put me in a position where I could go at my own pace as I figured out what type of business I wanted to be in, how to start that business, and how best to grow!
It's only been once that I really freaked out about money and that was my own fault for taking a spontaneous vacation and not working for a week (although it was great fun!)
I know some people can start a business with personal debts, 3 kids, and a full-time job, but not me! I knew that I needed to have my personal money life sorted out first before taking the leap!
So if you're considering entrepreneurship (full-time) get your personal financial life in order, then start building!