Money Guy Show Should You Chase Your Dream or Play It Safe? | Making a Millionaire
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Jul 21, 2025 Colin grapples with a pivotal choice: dive into financial coaching or stick with the stability of a steady paycheck. They discuss the journey of building a strong emergency fund while chasing dreams. The importance of strategic financial planning emerges as they weigh entrepreneurship against conventional careers. Listeners gain insights into managing the transition to full-time coaching, the impact of living at home after college, and the necessity of community engagement and personal passions in financial success.
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Colin Analyzed Himself Out of Job
- Colin analyzed the profitability of his financial analyst department and realized it was not profitable, resulting in his own layoff.
- He has about a month before being fully let go, with three months of severance as a buffer.
Build a Strong Emergency Fund
- Build a bulletproof emergency fund of three to six months of true living expenses for unknown unknowns.
- This fund allows maintaining lifestyle while transitioning between jobs or careers.
Plan for Business Realities
- Write a detailed business plan including dream, down-to-earth, and worst-case scenarios before making a full jump to entrepreneurship.
- Prepare to cover expenses for potentially at least three years to allow business traction.