“When it comes to money, most people want to play it save and feel secure. So passion does not direct them. Fear does.”
– Robert T. Kiyosaki
Contemporary personal finance gurus talk a lot about two fundamental money-related topics: understanding your own attitude towards money and learning to respect money.
If you ever took formal driving lessons, especially on learn- ing to drive a motorcycle, you are taught to always look for an escape route. If you come around a corner and there is a log across the road, where can you head the car or bike to escape a collision with the log? If you are driving down a two-lane highway and an oncoming car has poorly judged the distance needed to pass, where is your opening to avoid a head-on collision?
You will also need to plan an escape route in case your business does not work out and you have to call it quits, at least for a while. The best way to have a financial escape route is to have a backup – a savings account of some kind, an asset you could sell if absolutely necessary, a line of credit, or even a business relationship strong enough to help you in a pinch. Look for your financial escape routes so you can follow your passion and feel more secure about taking well-thought-out business risks.