A short YouTube monologue by T. Harv Eker advising prospective entrepreneurs not to immediately drop their existing income to zero when starting a business. The speaker warns this creates stress and a scarcity mindset, recommends maintaining basic living expenses, and urges replacing current income as quickly as possible before fully transitioning.
The major mistake people who want to start a business make is they drop their current income to zero in order to start something new. I don't think this is a smart move. Why add more stress to your life? I get that you want to commit to something and want to go all in, but you still have to live. If you're starting out in business and cut yourself off financially, you won't be happy. You'll start coming from a place of scarcity as opposed to abundance, and there won't be any joy in your new business. It will feel like a burden before it's even started. When you're starting out in business, it's crucial to take care of your basic livings before you start. Your goal should be to replace your income as quickly as possible before you fully move over.
