5 Rules to Follow When Leaving a 9-5 to become an Entrepreneur

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Did you do it yet? Or, have you already done it? You know what I’m talking about -- quit your 9-5 and become a full-time entrepreneur.  I know the concept of going into the unknown of running your own business could be scary, , but if you start with doing these 5 tips I listed below you will be on a path for success

1.     Connect with other high performing entrepreneurs.   We usually perform better when we have accountability. You just want to make sure the people to whom you are accountable are performing on a high level. This will give you a support system while running your business.  

2.     Change your mindset. To own your own business, you must think differently than the traditional W-2 worker. You are now in charge of making sure you, and eventually others are kept on even keel when faced with challenges (because they will come). One way to change your mindset is to read informative books such as Think and Grow Rich by Napoleon Hill.  This entrepreneurship classic is guaranteed to change your mindset!

3.     Purchase disability insurance. This is a lesson I learned the hard way after not being able to work for months due to a car accident. According to USA Today Money, 1 in 4 people will become disabled. It is also a very widely known fact that medical bills are contributors to most bankruptcies.  Don’t let this be you! And, using your retirement is not an option. True disability coverage in most cases is not available to a new entrepreneur when just starting out, but there are life insurance policies that will provide a death benefit and disability, and/or critical illness (cancer, heart attack, stroke) coverage. Remember, you are now part of the “If I don’t work, I don’t get paid club”.

4.     Set limits. Once people know that you are now working for yourself it is very easy for them to interpret that as, you now have a lot of “free” time for long lunches, lengthy phone conversations, daytime shopping trips, and other leisurely activities.  Let them know your daily schedule and ask them to respect it.  If they care about you, it won’t be a problem :-).

5.     Make a daily schedule. For a long time, I was not as effective as I could have been because I did not know what to do with my time. In the beginning you should focus 90% of your time on 3 things: getting in front of customers (generating leads), getting in front of new customers (pitching your product or service), and learning how to get more customers (reading books, webinars etc.).  If you are doing anything other than these activities, your results will seem negligible!

Would you like to learn more about your insurance options as an entrepreneur?  Feel free to contact me, Melissa Hall at hello@coveredbymel.com.

Notes:

#3 probably needs a footnote. Also, this sentence needs more work:  “It is also a very widely known fact that medical bills are contributors to most bankruptcies”.

#5.   Your results will seem negligible if you are doing anything other than these activities. (suggested for sentence structure; however, I understand wanting to end the sentence with the word ‘negligible’. 😊

8 Things to Know Before Applying for Life Insurance

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  1. Determine your purpose for buying life insurance. Is it to pay off debt, eliminate mortgages, pay funeral expenses, or an inheritance to your family?
  2. Gather all current medications/ prescriptions including medications that have not been refilled.
  3. Have your primary care doctor’s name, address, and telephone number available in case they need to be contacted for additional information or medical records.
  4. Know your driving record. Believe it or not, driving history is considered when applying for a policy. Make sure you have accurate dates of any convictions, moving violations or suspensions.
  5. Choose two beneficiaries: one is a primary beneficiary, the person to whom you desire to leave the life insurance proceeds; the other is the secondary beneficiary. The secondary beneficiary is the person who would receive your life insurance proceeds in the event the primary beneficiary is no longer living.  Otherwise, you risk your benefit being left to the state.
  6. Be clear on your budget.
  7. Know your proper checking account and bank routing numbers for payment. Most insurance companies do not accept debit or credit card numbers, and most financial institutions do not give this information over the phone.
  8. Know what type of policy you are applying for term, universal, or whole life each has its own stipulations. 

I hope you have found this list helpful when preparing for your life insurance appointment. If you follow these steps you will ensure a more pleasant and streamlined experience. Do you have questions about applying for life insurance? List them below and I will do my best answer them for you. Would you like a quote for life insurance? Email me at: hello@coveredbymel.com.

4 Ways to Save on Life Insurance even with a Pre-existing Condition

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  1. Review your medications anything you don't need have your doctor take you off of it. Don't just stop taking it on your own. 
  2. Make sure you keep track of how long it has been since your last incident. Two years or more makes a great difference in your insurance rating with most carriers. 
  3. Opt to work for an independent when vs. a captive agent who works specifically for that company. 
  4. Opt for a carrier that works with you face to face vs. Through the mail. 

Remember, take care of yourself. Take meds as prescribed to avoid any further complications.