I’ve got some important advice for young entrepreneurs, regarding when to move out and building an online business.

There is a rising tide of young entrepreneurs who are eager to make their mark in the world. According to a 2016 Global Entrepreneur report, millennials have launched nearly twice the number of businesses as baby boomers.

If you are a young entrepreneur interested in getting a head start on your business, I salute you! Having passion, drive, and motivation at such a young age is inspiring. That being said, it’s also important to acknowledge the realities that come with entrepreneurship, and make decisions accordingly.

Are you ready to hear my advice for young entrepreneurs regarding when to move out and building an online business? Mark Zuckerberg said it best – “It's important for young entrepreneurs to be adequately self-aware. To know what they do not know.”

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Recently, one of my Online Business Mastery Accelerator member’s asked me an important question regarding when to move out and building an online business:

“How do you know when it's time to move away from your parents house and start living your own life? Should I spend all my money into my business, or also use part of the money to start enjoying life? Im committed to having a successful business but I also want to be happy, start traveling the world, and go out more. I only go out to exercise and I'm not talking to a lot of people anymore. I'm feeling that something is missing in my life, in particular, a lack of connection with other people. Do you have any advice with regards to how I should spend my money? My parents just want security for my life, but I want freedom and adventure.”

First and foremost, you need to understand that you are still young and that you've got the whole world in front of you. Even the fact that you are asking these types of questions now, means that you are so much further ahead than most people are when they are first getting started. Unfortunately a lot of people move throughout their 20’s feeling lost. They live for the moment, instead of thinking about their future, which causes confusion, stress and a feeling of overwhelm.

If you want to create success as early as possible in life, than you need to be willing to make sacrifices. In my early 20’s, I sacrificed a lot of fun times in order to devote time to building my online business. My belief was that, if I started building my future as soon as possible, than I could create a lifestyle that would allow me to have fun and travel the world throughout my 30’s and 40’s. I knew the price that I had to pay in order to make that happen. It all depends on what you want in life.

I think that there is a lot of value in taking the time to enjoy your life, but if you want to ramp up your business and achieve success faster, you will have to make sacrifices. It’s up to you how you want to structure and balance your life.

I recommend that you take this time to do a lot of self-discovery work, which can be in the form of reading books, attending seminars, traveling, etc. Anything that allows you to have a better understanding of who you are. Develop your skills and figure out what your purpose is in life.

With regards to when it is a good time to move out of your parents house, I believe that living with your parents has its benefits, in that it allows you to save money and invest what you have into building your online business.

However, if you are not taking advantage of the opportunities that this benefit provides, than it will only become a deterrent to your success.

The act of moving out is one of the most important steps that you will make in life, because it forces you to become independent and take care of your own needs. Unfortunately a lot of people can get stuck in a comfort zone trap. They become so dependent on the luxuries of living with their parents, that they don't have any motivation to step up and take action in their lives.

When you move out, you automatically have the responsibility of paying your bills, rent, and groceries, which lights a fire under your ass and forces you to raise your standards.

This is my advice for young entrepreneurs regarding when to move out and building an online business. Starting an online business at a young age can be risky, but you will never know what you can achieve, unless you dive in and take a leap of faith.

I am a big believer that the sooner that you start the faster you will achieve success in life. In the words of Richard Branson, “Ultimately, there’s only one way to start your career, and that’s by starting a business. If you find yourself hesitating, remember my motto: Screw it, just do it.”

Do you want to learn how to master your online business? CLICK HERE to join my Online Business Mastery Accelerator program!

I would like to share with you some money management tips for getting out of debt. Debt is no fun, and the emotional burden that it can create in peoples’ lives can be overwhelming. Henrik Ibsen said it best, “Home life ceases to be free and beautiful as soon as it is founded on borrowing and debt.”

Have you ever wondered why so many people have outrageous debt? A large reason is due to the lack of having a well-disciplined budget and financial life.

Managing your money doesn’t have to be difficult. It’s about knowing how you are using your money. How would your life change if you were free of debt? Make a decision to get rid of it, once and for all.

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Are you ready to learn how to master your finances so that you can succeed faster? CLICK HERE to join my Life Mastery Accelerator program!

Below are 5 money management tips for getting out of debt:

1. Be Aware of And Accept Your Debt

One of the most difficult things to do when first getting on the debt pay-off journey, is to truly accept your debt. Oftentimes, the reality of debt is too painful to acknowledge or accept, so the natural response is to avoid that it exists. I speak from personal experience.

When I was in my early 20’s, I was in a lot of debt. I had to make sacrifices in order to manage my money more efficiently and become debt-free. It was the acceptance of my reality that allowed me to make a change in my life. If you are serious about becoming debt-free, you need to acknowledge its existence. Be proactive. Don’t live in fear. Instead, take action. 

2. Decide To Change your Spending Habits

Making a decision implies that you are about to take action. When you make the decision to change your spending habits, you are halfway there to financial freedom! Saving money is about changing spending habits. What are your spending habits?

In order to become debt-free, you need to address the actual money management habits that you are struggling with, that led to the debt in the first place. Ramona Pearson, a certified public accountant and personal financial advisor said that “Money habits are formulated at a very young age for most people.” Take the time to figure out why you're spending habits are the way they are.

Sure enough, this is the reason why a lot of people that win the lottery end up losing it all. They don't take the time to develop the discipline in order to manage their money properly.

Focus on cutting your expenses or your overhead in some way. This will allow you to have some extra cash flow every month. Then, you can use that cash flow to start paying off your debt.

3. Track Your Expenses

If you want to free yourself from debt, you need to start tracking your expenses. The best way to work out what you spend your money on and how much you have left at the end of every month, is to keep a record of all your expenses.

According to Pick The Brain, for two weeks you should write everything down that you spend. Record the time, the place, and how much it costs. Doing so will help you identify your spending patterns.

If you haven’t done something like this before, there is a good chance that you will shock yourself. How often do you track your money? If the answer is never, it’s time to get out a calculator and start doing the math!

4. Don’t Spend What You Earn

Once you start making money, don’t be tempted to spend MORE money. This is where people get themselves into trouble. You have to discipline yourself to NOT engage in this behaviour.

In his book, Rich Dad, Poor Dad: What The Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!, Robert Kiyosaki said, “Invest in assets, not liabilities.” An asset is something that puts money into your pocket, while a liability is something that takes money out of your pocket. Which category does everything in your life fall into?

If you can’t manage the money that you currently have, then there is no point making more money. If you adopt the mindset that making MORE money will be the answer to your debt issues, you are wrong. This is a recipe for disaster.

5. Reward Yourself

Adjusting to a new style of living involves sacrifice. Breaking bad habits, especially when it comes to spending money, is hard work. This is why it’s important that you reward yourself when you have practiced self-discipline.

Be kind to yourself and engage in mini-celebrations, now and then. Why? Because the MORE that you acknowledge and reward yourself for your successes, the more success you will have.

Charles Duhigg, New York Times reporter and author of The Power of Habit: Why We Do What We Do in Life and Business, said “First, you have to pick a cue, like every single time that you get a pay check, you’ll move 5% of it into savings.” The key to making your habit stick is to give yourself a reward every time that you engage in a positive behaviour.

Debt is debt, but don’t feel that you have to punish yourself because of it. Honour the small achievements that you make every day, on your journey towards financial freedom. How you choose to manage and spend your money can have a profound impact on your life. I encourage you to follow these money management tips for getting out of debt.

Your ability to make good money decisions will end up shaping the direction that your life will take. Are you ready to be free of debt? Take control of your financial future now!

Are you ready to learn how to master your finances so that you can succeed faster? CLICK HERE to join my Life Mastery Accelerator program!