What steps do I take now? to being content financially?

Question

I have this dying urge in my soul to start 2 new businesses for myself. I am a medical student, i have little money. I am at the crossroads of deciding how to turn my life around financially. Should I just find a job working for someone else or should I go for my dreams and start my own business like I really desire! The only thing that drains my energy towards my goal of having my own business is the fact that I feel like I am so behind financially! I am just so un-happy financially! I need good advice! Help Me!

Answer 1

Follow your dreams. You will NEVER regret this.

Take a moment to think about why you are in medical school. Is this your dream or your parents dream for you?

Will you businesses benefit from your medical school education? 2 Businesses is too much to bite off at once. Start with one business idea. The other will follow.

Start a journal and flush out the idea(s) further. What will it take to bring this idea into fruition? What people - your team - will you need? Can you create this business virtually (online) or does it require brick and mortar location?

Meet with your local Small Business Assoc http://www.sba.gov and SCORE office http://www.score.org to see what it takes to make it happen. SCORE has a business plan template you can use.

Financially, you may qualify for a business loan or you can supplement your income now with programs such as http://www.GoodShephard.Free1up.com

Don't let money stop you. It's just one of those necessary elelments to get to the goal like med school and residency before being a fully licensed doctor.

There's always a price to pay for a dream but if the dream is big enough and clear enough then nothing can stop you from getting there!

Last, be sure you read THE AUTOMATIC MILLIONAIRE and THE S.O. GETTING RICH BOOK. The first teaches you how to create wealth regardless of your income. The latter teaches you how to always attract wealth and includes a weblink at the end of the book that guides you to financial freedom using methods utilized by today's millionaires and billionaires.

Answer 2

Since you are a medical student you are probably well in debt already with loans, etc. Be aware that well over 50% of new small businesses fail during the first year so starting your own business while a great dream is not something to do when you are underfunded. The stress and anxiety of that will undermine your business decisions. Unless you no longer want to finish medical school, you might want to finish and work to pay off your debt before going the business route. After that you might consider some franchises that interest you, you might have to work within the franchise to qualify to become a franchise owner, some have those rules now but it might be worth it. Also if relocation isn't a problem it's easier to get a franchise.

Answer 3

You can always start a business later, this job offer is now, get it to pay the bills and continue working towards your dream.

Talk to a financial advisor at your bank to see where you are financially, how to budget with this job so you get some savings, and talk about your goals and see how you can get closer to attaining them.

It's not a choice, one or the other, you can have both. Use the job to get you into a financial position where you can start your own business with less worry and less debt.

Answer 4

If you are a medical student, you probably have huge debt for student loans, and not a lot of spare time to be trying to start and run businesses. So unless you plan to drop out of med school, it would be wise to put those thoughts aside for now. You'll have time later to try it.

If you are talking about going into private practice after you finish all of your training, be aware of how much that can cost - I'm sure you have that kind of info available to you to help you make a decision on whether it's worth it.

Answer 5

First finish medical school. Then find the best financially paying situation and save up money to start your own medical office.