Are You Ready to Quit? Financial Checklist - Part 2

1. Create a "Low-Expense" Lifestyle Plan - Reduce non-essential expenses so you can thrive on a lower income if needed.

2. Business Fund (if starting a business) - Many forget to budget for marketing, legal setup,

branding, website, etc. After you register your business you may start your business account with

JMMB. The amount you save by creating your “low expense lifestyle plan” may be used to fund

this account starting now.  Click here for the requirements to open your JMMB business accounts.

3. Emergency Fund (6–12+ Months of Expenses) - Many underestimate how long it takes to

establish a stable income. Have a robust emergency fund. The JMMB Bonus Saver or a CD would be great for this.

4. Balance Eliminating High-Interest Debt, While Preserving Your Lump Sum - Reduce

financial stress by paying off high interest rate debt like credit cards and same day loan facilities. If you can’t eliminate the debt, then lower the monthly repayment by converting the loan to a JMMB unsecured loan or other appropriate type of loan.
 

However, you may retain the lower interest rate debt and continue to pay them monthly, so you

don’t deplete whatever lump sum you have.

5. Secure Financing Before You Quit - Loans, credit lines, and mortgages are easier to get

while employed. Secure them now, of course ensuring that your new cash flow will be able to

repay.

6. Secure Health, Life & Disability Insurance - Employer-sponsored insurance disappears

after you quit. Find affordable replacements ASAP. JMMB Insurance Brokers can help you find

appropriate insurances.