D€bt fr€€? Stay debt free.
CAMBRIDGE, UK - his is my advice to anyone who wants their own business and is still debt free - stay that way. Debt traps you in menial jobs, in careers you don't **really** want. Debt bonds you to the 9-5 rat race and 25 days 'leave' a year (what is 'leave' anyway, you get 'permission to leave'... let's move beyond the industrial era! ). You're trapped because you can't afford to leave it. Those direct debits keep on coming. Avoid loans, build up a cash reserve - **be your own bank**. Stay flexible and light with your footprint. Be ready to pounce, ready to fight, ready to move on any opportunity, at any moment. Why? Because when the time comes - when you get your dupree moment, you'll need to cut your costs to zero. Zero. Fast. The lower your costs, the more possibilities, the more opportunities, the longer the runway - hence the bigger the plane. (Image Credit: Hugh MacLeod illustrates Seth Godin's Lynchpin)
Posted on February 20, 2010
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