{"id":4922,"date":"2018-07-26T10:47:21","date_gmt":"2018-07-26T10:47:21","guid":{"rendered":"https:\/\/www.openbusinesscouncil.org\/?p=4922"},"modified":"2020-02-27T09:01:10","modified_gmt":"2020-02-27T09:01:10","slug":"starting-business-settle-personal-debt-first","status":"publish","type":"post","link":"https:\/\/www.footballthink.com\/starting-business-settle-personal-debt-first\/","title":{"rendered":"Starting A Business? Settle Your Personal Debt First"},"content":{"rendered":"
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Starting A Business? Settle Your Personal Debt First<\/figcaption><\/figure>\n

Today,\u00a060% of millennials consider themselves as entrepreneurs<\/a>. However, despite the growing interest in the world of startups, only 35% of Millennials make up the percentage of entrepreneurs under 30 \u2013 making them the least entrepreneurial generation. So what\u2019s the cause for the gap between the expectations of young entrepreneurs and the\u00a0reality of starting a business<\/a>? Student debt is definitely part of the blame.<\/p>\n

While over\u00a070% of college seniors left with debt<\/a>\u00a0after graduation, the national student loan debt is now $1.48 trillion. That is more than a 150% increase within the past decade. Not to mention, research claims that 19% of students said to have delayed starting a business because of their loan debt, according to the 2015 Gallup-Purdue Index. So, can personal credit really make an impact on your startup ventures? Unfortunately, yes.\u00a0Check out these strategies on how to settle your personal debt before starting a business.<\/p>\n

Audit Your Position<\/strong><\/p>\n

The initial step is to run a full audit of your current position. If you have existing loans, it will have an unfavorable impact on your credit report. How much are you currently earning every month? What are your monthly expenses and savings? How much debt do you currently hold? Before you can move forward with your startup, you will need to answer these questions and become\u00a0aware of your current financial position.<\/p>\n

Eliminate All Debts<\/strong><\/p>\n

As one of the biggest obstacles when starting a business, you must get rid of all debt before starting a business. If you\u2019re tied to monthly payments, you\u2019ll have less financial flexibility. In fact, high amounts of debt can also increase your personal financial risk if the business falls.\u00a0As a business owner may already have a sizeable amount of personal debt, reducing the chances of getting your business loan approved. If your credit history is low, expect to pay a higher rate for interest. You can also take out a\u00a0consolidation agreement to reduce your total interest<\/a>\u00a0rate or pay off the monthly premiums.<\/p>\n

Remove Risk to Income-Generating Assets<\/strong><\/p>\n

As most are concerned with revolving debt, the risks from secured loans can be even greater when you\u2019re in business. Should you fall behind in monthly loan payments; the company will hound you mercilessly \u2013 even when you\u2019re experiencing low cash flow. Eventually, they\u2019ll place your account in a\u00a0collection or secure a court judgment against you. This will not only damage your credit but also remove the income-producing assets from your name.<\/p>\n

No matter why old or new your business may be, the success relies on long-term thinking and planning. Thus, it is important to stay on top of finances and consider delaying the opening of your business until you are able to pay down debt, clear your previous loans, and have comfortable savings for your startup.<\/p>\n

This is an article provided by our partners’ network. It might not necessarily reflect the views or opinions of our editorial team and management.<\/strong><\/p>\n

Contributed content<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Today,\u00a060% of millennials consider themselves as entrepreneurs. However, despite the growing interest in the world of startups, only 35% of Millennials make up the percentage of entrepreneurs under 30 \u2013 making them the least entrepreneurial generation. So what\u2019s the cause for the gap between the expectations of young entrepreneurs and the\u00a0reality of starting a business? […]<\/p>\n","protected":false},"author":7,"featured_media":4923,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":""},"categories":[25],"tags":[3468,7179,9786],"acf":[],"yoast_head":"\nStarting A Business? 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