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Suze Orman Money Matters

Suze Orman, Money Matters

Protecting Yourself When You're Self-Employed

by Suze Orman

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Posted on Friday, February 9, 2007, 12:00AM

A new study conducted by the nonprofit Institute for the Future reports that more of us will turn to self-employment in the future.

I can't say I was too surprised by this (especially considering that the project was sponsored by small-business software maker Intuit). Given that job security is so last-century, it makes sense that more people would want to -- or be forced to -- strike out on their own.

Taking Blind Risks

What I found interesting in the study is that baby boomers are currently the fastest growing demographic to go into business for themselves, and that's expected to accelerate over the next decade.

For some boomers, the entrepreneurial itch is a necessity: When you still have a mortgage to pay, college tuition to handle, and another 30 or 40 years to live, being downsized or gently pushed out from a corporate job doesn't mean your need to work has disappeared. For others, it's a desire to break out of the corporate world without switching to golf 24/7.

But my antennae started buzzing when I read this in the report: "They [boomers] have better access to capital, either from their own savings or through their work and personal networks."

This worries me. Whether it's living off of an emergency cash fund while launching a business, raiding retirement funds, or tapping home equity, far too many entrepreneurial wannabes empty their piggybanks without really thinking through the potential risks they're taking.

Planning for Entrepreneurship

If you hope to join the ranks of the successfully self-employed, you need to do a lot of advance financial planning.

Here are the proper steps to take:

• Figure out the replacement cost of lost benefits.

If you leave a corporate job, you probably leave behind plenty of benefits, too, including health insurance, life insurance, flexible spending accounts, and company matching of your contributions to a 401(k). Exactly how do you expect to pick up the slack and cover those costs yourself?

If you have a big financial cushion, then you're sitting pretty. But most people quit their jobs and give themselves six months to get their new venture up and running, and it isn't until after they quit that they sit down and tally up the cost of all the bills they're now 100 percent responsible for.

The result is that they run through their emergency cash fund at about double the speed they anticipated. Pretty soon they have no savings left, yet their new business is still far from breaking even.

In addition, it's almost a given that in the first two or three years of being self-employed, people give themselves a retirement break: they tell themselves its OK that they aren't setting aside any money while they concentrate on getting their business off the ground.

That's a costly gamble. If you were contributing $10,000 a year to your 401(k) and receiving a $1,500 company match, that's $40,000 or so over three years that won't be compounding for you. This is fine if you're incredibly successful (and diligent) and manage to catch up with big retirement contributions once your business becomes solvent, but there's no guarantee it will become solvent at all.

• Don't access retirement savings.

Your 401(k) is not a business-financing tool. Even those who are at least 55 and thus can make penalty-free withdrawals after leaving a job are reckless to touch their retirement savings.

Let's say you use $50,000 to live on in the first year of your new business, and plan to "replace" the money once the business takes off. What if it doesn't take off? You've just siphoned off a serious chunk of your retirement security. Consider that if the $50,000 had stayed invested for another 10 years and grew at an annualized 8 percent, it would be worth nearly $108,000. That could cover a lot of retirement expenses.

The no-raid policy is just as important for those in their 30s and 40s. Not only will they be hit with the 10 percent early-withdrawal penalty (as well as the regular income tax everyone pays on 401(k) distributions regardless of age), they're throwing away precious compounding time.

Leaving $50,000 untouched for another 30 years would result in it growing to more than $500,000, assuming an 8 percent average annual return. Withdrawing it at age 35, however, means you'd be lucky to have $30,000 left after paying the penalty and tax.

• Keep the home-equity tap turned off.

It's the height of financial lunacy to tap your home equity to finance a startup. Even if it's relatively safe to assume that your business is going to be successful, you're still converting what was an asset (your home equity) to a debt.

Can your new cash flow cover the extra cost of that home equity line? If not, you could lose your house. And who's truly prepared for the cost of the home equity line of credit to go up every time there's an uptick in short-term interest rates? Based on what I've observed over the past year, very few homeowners anticipate their interest rate going up two, three, or four percentage points, and many are now experiencing extreme mortgage stress.

• Don't rely on credit.

Even if you get a great low-introductory rate on a credit card, it's going to be incredibly hard to keep that rate low for very long. Many introductory rates adjust after six months to a year, and in the meantime the credit card company is scrutinizing your every financial move to see if it can come up with an excuse to boost the rate even sooner.

If you insist on financing some of your startup on your credit card, please give yourself a set-in-stone conservative limit you will not exceed. Remember, you can pull the plug on your business, but if you have $20,000 or $30,000 of credit card debt you're going to be paying for that for years to come.

Don't expect to just walk away from it: It's never been harder to qualify for bankruptcy, and besides, if you go that route your credit is going to be awful for at least 7 to 10 years.

The Responsible Route

So how can you responsibly afford to venture out on your own?

Start planning for it today. Set aside separate savings that will cover your family's finances for at least a year if you decide to become an entrepreneur. If you can't imagine where to come up with the money, it's time to get back to basics: Scour your spending and make sacrifices so you can build up your entrepreneurial financial cushion.

You might also consider taking a part-time job while you're launching your own business. I realize you want to devote all your time to your own business, but keeping some money coming in will go a long way toward giving you and your family financial breathing room.

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  • Yahoo! Finance User - Wednesday, February 21, 2007, 2:58PM ET  Report Abuse

    • Overall: 1/5

    Zuez needs to write a cook book maybe that's something she knows something about. It's painfully obvious finance IS NOT her area of expertise !!

  • Yahoo! Finance User - Monday, February 19, 2007, 9:55PM ET  Report Abuse

    • Overall: 5/5

    Sometimes the best advice is what we don't want to hear... especially when it's from somebody more successful than us! Each generation faces a different set of realities they cannot change, but the boomers have been numerous and influential for so long, they have come to expect that life will change to reflect their tastes, as it has for the last 50 years. From rebellion to ultra-conservatism to financial independence, we have called the shots. What happens next when we lose that power with age? Who will catch us when we fall this time? If Suze is a boomer too, she's not lecturing us. She's not trying to write a how-to manual on starting a business in a few paragraphs, either. Of course we already know most startups fail, and that it's easier to start a business if you already have the money or it grows on a tree in your back yard. Duh. This article is just a note-to-selfish about a few common mistakes that can bring down futures, families, and financial systems if left unchecked... mistakes I've already made a few of in my own quest for self-employment, as many others have. Is she telling us to abandon our dreams? I think not. Rub the stars out of your eyes long enough to run down the checklist, count the cost, and build your dream with as much real money as you can without pawning the life you already have or passing the risks along to banks, the government, and society (otherwise, don't complain about fees, taxes, or the economy).Yep, I'm a boomer too, and I'm listening. I almost always ignore Suze Orman, but this time she got my attention. I wish I'd listened sooner.

  • Yahoo! Finance User - Monday, February 19, 2007, 8:11PM ET  Report Abuse

    • Overall: 1/5

    My son who is a 'generation x' and I am a boomer, are in it together. She is not in the real world with this. I have tapped my 401K, so has my son. We believe and we persevere... and I never refferred to him as the lazy whiney one, just whiney..

  • Yahoo! Finance User - Monday, February 19, 2007, 5:55PM ET  Report Abuse

    • Overall: 1/5

    As a second attempt small business owner, this advice was hardly worth reading. That study on self-employment on the rise is redundant as this has been an ongoing reality for the last 20 years since people started figuring out that corporations are more interested in exploitation & globalization more than they care about their employees job security. Most people don't have 401k's, equity in a home or have enough funds to liquidate to start a business on their own. And if they do then this article might apply. But then again, not everyone's result will be the same. This is the kind of advice a mother gives. So why did Ms. Orman not mention small business loans through the federal government? There's low to no interest to start up. For the average working joe who's not a corporate yuppie puppet-monkey, it's a great way to start a business. You can get your business cards/fliers printed very affordably (do it yourself even), word of mouth alone is the best way to build a business. You can work part time until the business grows enough and be able to pay back the principal without cashing in your IRA's, 401k's, getting another mortgage on that house you worked hard for or charging up or maxing out credit cards (a mistake I made once). Honestly, this article was written by a "baby boomer" for baby boomers who can't think outside their tiny little boxes. That's truly lazy, neurotic & unimaginitive thinking. Yahoo writers need to do their homework, expand their knowledge & write articles for a broader group of people. Not everyone lives that lifestyle they often refer to. Some of us live paycheck to paycheck, but can still make our dreams happen also. And to think that 'generation x' were referred to as the lazy whiney ones by the boomers...

  • Yahoo! Finance User - Monday, February 19, 2007, 5:32PM ET  Report Abuse

    • Overall: 4/5

    First off I think Suze Orman is great! Her heart is in the right place and gives good sound advice to the masses. I will say that in regard to financing a 0% APR credit card with no annual fee is a great tool to use for the 1st year out. I used this method for a vending business. There are also great balance transfer deals out there of course for people with good credit for as low as 2.99% for the life of the transfer. This to me can be a better option than an equity line of credit. The key is making payments on time every month or the excellent offer becomes invalid. The best way to do this is to always preshedule payments using online banking to prevent you forgetting and the interest rate going up. A great credit card comparison site I recommend that has many top 0%APR and low interest balance transfer offers is www.CreditCardRadio.com It is secure, fast and easy to apply and is a good method for financing your venture. The site also has many great business card offers.

  • Yahoo! Finance User - Monday, February 19, 2007, 5:27PM ET  Report Abuse

    • Overall: 1/5

    it is easy to dispense advice like this when you have a lot of money. truth is, most people don't have that money. sometimes you just have to take some risks to be successful, including financial risks. my husband is a musician and he makes a very good living despite being on an indie label. in fact, he has supported us enough so i could quit my lucrative corporate job and finish nursing school. we took a huge risk and had very little saved when we decided i should quit working. i believe in saving for retirement, but just read an article that stated we save too much for retirement. i believe that thotoughly, even though i do save for retirement, it is not 20% of my pay like it used to be. suze should have mentioned some ways of obtaining reasonable financing for business start-up. women and minorities can get small business loans at great rates and even grants. there are options out there.

  • Yahoo! Finance User - Monday, February 19, 2007, 5:22PM ET  Report Abuse

    • Overall: 5/5

    I think the amount of posts in opposition to this article and in support of risking it all to start a business is a good illustration of why there are a large number of americans with a high debt to income ratio and why so many people make it to retirement and find they have little to live off of. Obviously, starting your own business is taking a risk, even if you have the financial backing, but the point is to be sensible about it and don't make the mistake that so many people do and lose it all because of bad planning. It may sound really negative, but you may wish you had thought a little harder about this advice if/when the business doesn't work and you are left in a pile of debt. I fail to see how suggesting that starting a business with a well thought out plan and savings to back it is bad advice.

  • Yahoo! Finance User - Monday, February 19, 2007, 5:14PM ET  Report Abuse

    • Overall: 1/5

    Knowledge is power!!!

  • Yahoo! Finance User - Monday, February 19, 2007, 5:13PM ET  Report Abuse

    • Overall: 5/5

    The truth hurts and the truth is it is very hard and most will fail. Don't waste hard earned money on a dream. If it is more than a dream then by all means let it rip but understand there are several reasons that people fail when they start there own business and the main one is cash flow. Work 40 hours a week for someone else and 20 for you and then 30 hours for them and 30 for you in the last stage work 40 hours a week for yourself and 20 for them. Never quit your day job until the interest from your savings replaces the income. We never know what is going to happen so plan for it. The concept of hedging is paramount to your success. Don't leave yourself out to dry!!! The business around mine that have failed have been because the people spent way too much money opening them and thought they were going to make money faster than they did. Do a best case worst case scenario and make sure you can stomach 2 times worse than the worst case scenario. By the way if you are not having fun and are miserable everyone you come in contact with will know. If you don't believe no one will so get your mind right everyday and come in like you just one the lottery with the understanding that the truth is you did not. Most importantly know that this does not define you the only thing that defines you is whether or not you get up when you are knocked down or whether or not you are a good winner, the rest is just part of the ride so enjoy it and learn to love not knowing where your next cheeseburger is coming from. The truth is you probably only marginally like your children anyway so leaving them some great inheritance so they can party it up after you leave is probably worth risking. That is a joke BTW.

  • Yahoo! Finance User - Monday, February 19, 2007, 5:11PM ET  Report Abuse

    • Overall: 1/5

    Suze is no financial advisor. Her TV work for years was only for her income, no benefit to anyone except people who could not think for themselves. I strongly suggest Yahoo lose this useless resource.

  • Yahoo! Finance User - Monday, February 19, 2007, 5:07PM ET  Report Abuse

    • Overall: 3/5

    Everything she says is true. We went into a venture; lots of planning, "running the numbers", money in the bank, hanging on two our corp jobs, etc. Two years down the road and we're tapping into home equity, my 401K, and credit cards just to keep are head above water and our good credit score intact. Small business gets a big thumbs down from me. We're going back to real estate investments where we don't have to rely on others (employees) for our successes.

  • Yahoo! Finance User - Monday, February 19, 2007, 5:07PM ET  Report Abuse

    • Overall: 1/5

    This article is awful!! Hey Suze...how about practicing what you preach. Are you not in business for yourself??? Hmmmm??? Would you go back to a regular job? I think not. How about sharing some PRACTICAL information about starting a business instead of the usual "doom and gloom".

  • Yahoo! Finance User - Monday, February 19, 2007, 5:07PM ET  Report Abuse

    • Overall: 1/5

    This article mentioned loosing key benefits, but doesn't stress how risky the loss of employer based health insurance would be. Uncovered health care costs are the leading cause of bankruptcy in the USA. It's a good time to be thinking about a National Health Program (Medicare for All). Go to www.pnhp.org for more information (Physicians for a National Health Program).

  • Yahoo! Finance User - Monday, February 19, 2007, 5:04PM ET  Report Abuse

    • Overall: 4/5

    I do commercial banking for small businesses for a living and I have seen start ups succeed and fail. The ones that seem to fair better tend to have owners who have experience in the industry they are doing the start up in and have some liquid assets available for dips and unexpected expenses. They always add a large cusion to their start up needs and break even points. Working part or full time during the start up period is a great thing. Even better if you have a spouse or other income that can cover your personal expenses. Keep your personal debt low and you will have given yourself staying power and more options. The payoff for owning your own business can be great. I have seen many people making 300k a year from their basement. Most of them started slow and built the business up. Good luck!!

  • Yahoo! Finance User - Monday, February 19, 2007, 5:03PM ET  Report Abuse

    • Overall: 1/5

    TERRIBLE advice. Its either all or nothing at the beginning, but more so - requiring a drive made of steel, an unwillingness to fail, and confidence in ones self (due to PLANNING), and a COMPLETE knowledge of the marketplace. (supply, demand, pricepoints, etc etc) Most who think words like "weekend" and "poker night" can exist in their first few years should keep the job they're in now. The author reminds me of someone giving advise to 9/10 people who fail in their first year. (mostly empty nesters with Zippo business experience and big clueless dreams.) Always look to those who've done it better than you for advice. In this case, I guarantee the author does not fit this description. We could however aim this article @ older, more established "company" folks (the ones who fail the most in business) For the youngins' - ignore this article like the plague, and emulate those who've done it better than you. Don't waste time re-inventing the wheel.

  • Yahoo! Finance User - Monday, February 19, 2007, 5:00PM ET  Report Abuse

    • Overall: 1/5

    What she forgot to mention is nothing is risk free, especially staying at a J-O-B. Nothing ventured, nothing gained. Period!

  • Yahoo! Finance User - Monday, February 19, 2007, 4:59PM ET  Report Abuse

    • Overall: 1/5

    Where are the tips? What I just read was nothing but common sense, all of which I fortunately was already aware of. I was hoping to read about what to look for/be aware of in business loans, how to develop a quality business plan, how to negotiage a lease on office/retail space, etc. Even though many lay it all on the line to reach their dreams of being self-employed, anyone who is truly capable of being a business owner realizes that you don't leave your corporate job on a Monday and make a million dollars that next Tuesday. Perhaps the problem isn't the amount of risk that individuals are taking; maybe it is the fact that there are SO many predatory loan products and "get rich quick" schemes out there. Selling your home by your own choice is very different than a bank requiring you to put your home up as collateral on a business loan.

  • Yahoo! Finance User - Monday, February 19, 2007, 4:59PM ET  Report Abuse

    • Overall: 1/5

    Anyone who avoids all risks as this article has suggested should not go into business for themselves. The old "save, save, save," and the "don't risk, don't risk, don't risk" approach is not helpful towards anyone who is truly interested in starting a business. Suze O should give advice and tools on how to better manage loans and credits rather than avoiding credit all together. Things like how to calculate the cost of credit, how to extend credit to customers, and how to manage cash flow would be more useful than her regurgitated words of caution.

  • Yahoo! Finance User - Monday, February 19, 2007, 4:59PM ET  Report Abuse

    • Overall: 1/5

    Are you kidding? Your advise is common sense at best. Very disappointing considering you charge people money for your "insight". Now I know why you don't actually DO anything.

  • Yahoo! Finance User - Monday, February 19, 2007, 4:59PM ET  Report Abuse

    • Overall: 1/5

    ...and she's an expert business person??? I read this article expecting some useful advice.

  • Yahoo! Finance User - Monday, February 19, 2007, 4:59PM ET  Report Abuse

    • Overall: 1/5

    I agree with most of the comments out there. She makes it seem like becoming self employed is an industry trend and people should consider the risks. People who become self employed are people who take risks and that sometimes means tapping into savings and other sources of income. What she fails miserably at is discussing the actual business venture itself, meaning taking a calculated risk, providing a service thats needed to a market thats available and who will pay for it. She completely missed the boat. I also beleive that people who have the ability to go out there and make it on their own and are too afraid to do so, not because of lack of ideas and ability rather because of the fear of takaing risks, are taking a big risks themselves. Waking up when your 75 and asking yourself, what if I could have........ is a bigger risk then saying "I tried and it just didnt work out" thats my take on it, take it or leave it.

  • Yahoo! Finance User - Monday, February 19, 2007, 4:59PM ET  Report Abuse

    • Overall: 2/5

    I believe what Suze says makes sense but find it a bit biased for keeping a traditional job...that is, if you can! Employer/employee loyalty is at an all-time low. I'm in my 50's and have been self-employed for 10 years as a marketing consultant. I earn more than ANY employer would consider paying me in a traditional job. I pay for my own benefits because I can afford it. That includes medical benefits and two IRA accounts. My start-up capital for the business was nominal....a new computer, phone line, fax, office in the home. That's all I needed. I create my own sales materials and buy my own office supplies. Every expense I have is tax-deductible! Perhaps I am an exception but I would NEVER go back to working for a traditional employer. BANKRUPTCY!!!??? Come on Suze....if one HAS to file bankruptcy, it is no harder than it ever was. If you have no money and no assets and no income, you can file like before. Proof of that is the numbers filing bankruptcy under the new laws...yep, higher than ever before! All the new laws did was stop the deadbeats, who have money and assets, from filing. I have a bankruptcy attorney as one of my clients and he is SWAMPED with work!!

  • Yahoo! Finance User - Monday, February 19, 2007, 4:54PM ET  Report Abuse

    • Overall: 1/5

    As a "start up" owner, I had to laugh at this. As someone above said, all I see is FEAR FEAR FEAR!. Geesh. I have a family of five and started on this on my own. NO financing. ALL out of pocket. I'm no millionaire but, am holding my own against the "Big Boys" in my industry. In fact, 2 local companies merged to attempt to push me out. It didn't work. Even with all of their millions. If you have a service or product that you KNOW will sell, in your heart, GO FOR IT! You won't know how its going to work until you try. NEVER let anyone dictate to you how you should handle your business unless they are in your industry and truly want to see you succeed. My biz is 16 months old now and growing exponentially and I'm a 2 man (well, 1 man and 1 woman) operation. Wireless broadband internet in underserved rural/mountainous areas of the South-East. Now THERE is a market. :) Good luck to everyone that ventures out.

  • Yahoo! Finance User - Monday, February 19, 2007, 4:52PM ET  Report Abuse

    • Overall: 1/5

    I tapped my home equity to purchase an insurance agy 11/06, my husband lost his job 1/07 (bankrupt automobile supplier in Detroit) If I had not purchased the business we would be another Michigan family forced to sell their home. Sometimes you have no choice but to take a risk.

  • Yahoo! Finance User - Monday, February 19, 2007, 4:51PM ET  Report Abuse

    • Overall: 1/5

    Save up enough to start your new business without using home equity, credit, etc. etc? Oh and by the way save up enough to cover all your expenses for at least a year before you take the plunge? Hell, why don't I just take all those savings and put them in a growth and income fund? It took Suzy Orman to tell me this? Sheeeeeesh!

  • Yahoo! Finance User - Monday, February 19, 2007, 4:50PM ET  Report Abuse

    • Overall: 3/5

    I liked Suze's article. I think it had some good points....I am going to be starting a personal cheffing business in June myself, however one point she left out is to go ahead and start doing your business on the side....start small while you still have your corporate job. I am currently a butcher and when I have to start out I am going to do it one day a week, and when I start having to turn away people then thats when I will slowly cut to your regular job to part time till you can eventually eliminate it. Thats my advice. Then you can go ahead and live your dream while still being safe. If you save ten percent of your income by the time you can quit your job with interest you might have 2-3 years of income saved plus a retirement.

  • Yahoo! Finance User - Monday, February 19, 2007, 4:50PM ET  Report Abuse

    • Overall: 1/5

    Not sure what type of business this lady is talking about. Any business takes risk. If they didn't everybody would be self employed.

  • Yahoo! Finance User - Monday, February 19, 2007, 4:50PM ET  Report Abuse

    • Overall: 1/5

    I'm amazed at how popular people like Orman are. 95% of what she has to say can be summed up in "spend less than you make". Her idea of starting a business is odd. Who cares if you have 100,000 in cash that you can afford to put into it? If you have no service or product it's all lost anyway. If you have a great product or service, beg borrow and steal and go for it. Of course people like Orman or companies like microsoft have found that with rotton products or service and great marketing you can also do well.

  • Yahoo! Finance User - Monday, February 19, 2007, 4:50PM ET  Report Abuse

    • Overall: 1/5

    This article really does not tell you a lot and she is trying to scare people. This article is the sole reason why many people are so afraid to start their own business. Of course you have to pay for your own insurance and of course you get taxed up the Wazoo. I started my own business in my early 20's after being screwed by companies I was on the payroll for. My advice to people, you will never become successful and Rich working for someone else. That is the bottom line. Even with a conservative effort with most small businesses, you will make more then someone working a professional job.

  • Yahoo! Finance User - Monday, February 19, 2007, 4:49PM ET  Report Abuse

    • Overall: 3/5

    I think it is good to let others know about the potential risks in starting a business. Some people are caught up with the idea of owning a business and do not factor in all the expenses. I am 24 years old and have been involved in several business ventures in the last 5 years. It is only now that I am truly understanding how hard it is. I do believe that because I am young I have an advantage to learn from the mistakes of those before me. Good article. Positive advice.

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