How do I know if my husband can quit his job and work for my business full time?

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Posted by HANNAH (MONEY FORUMS: 1, Answers: 0)
Asked on September 23, 2016 5:29 pm
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Hi Hannah, great question. It is really important to work through this before actually quitting so it is great that you are asking.
There are two budgets that need to be able to handle this change. The first is the household budget, determining how much income your husband needs to bring home in order to comfortably pay the bills and set aside for your financial goals. The other is your business’s budget. Here you need to determine your business’s ability to pay him enough to meet the household’s needs.
Use conservative numbers so that you can be quite certain things go according to plan.
It would also be a good idea to make sure your cash reserve is adequately funded before making the change. This helps you weather any unforeseen circumstances.

Good luck!

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Posted by Peter Neeves (MONEY FORUMS: 1, Answers: 59)
Answered: September 23, 2016 10:20 pm