I’ve known for years that I would be an entrepreneur. But I didn’t know what business I wanted to start. In 2010, I fell in love with a business idea and started my journey to entrepreneurship. My first step was getting rid of my debt.
Why did I have being debt free as my first step to entrepreneurship? There were 3 main reasons:
- EXCUSES: I would eliminate the primary excuse as to why NOT to start a business: “I can’t afford to leave my full-time job because I have bills to pay.” The only bills I have to pay are living expenses.
- FREEDOM: I would be free of obligation to any institution for debt I had incurred. It is truly a relief to be debt free.
- MIND SHIFT: Because I am debt free and under less stress to pay off my debt, I have much more clarity to see my dreams being accomplished. What I would have previously seen as insurmountable and stupid, is now a possibility that I’m more willing and open to discuss.
- BONUS – ENERGY: While you may not believe it, I have so much more energy because a burden has been lifted off my shoulders …NO DEBT!
What are some changes I made to get here?
- I no longer own a television. So no cable here. I do have internet, Hulu and Amazon Prime. Savings $60/month.
- I don’t buy clothing nearly as often as I used to just 5 years ago. Savings $150/month.
- My dining out has significantly decreased. Do I still dine out? Yes I do but no more $30 checks more than once every 2 months. $250/month
- My beauty regiment has drastically changed. I haven’t seen a hair stylist in 6 months. Wherein before I was in the salon every 6 weeks. $80/month
- I use cash as much as possible.
What will be or was your first step to entrepreneurship?