This article highlights 6 fatal mistakes most people make while they still have a job and why they should avoid them.

Fatal Mistake 1 – Did Not Lock-In Credit Cards & Loans

Martinez was frustrated and fuming. The bank officer had just informed him that his loan application was rejected. He was counting on this loan to pay for much-needed equipment to start his new venture. Worse still…he was told that his new credit card application was also rejected. Reason: He did not have a job. So he was considered a credit-risk based on bank’s credit policies.

Only two months ago Martinez had left company he had worked as a Warehouse Manager for six years. He used to receive mail from banks inviting him to apply for one of their credit cards. Even pre-approved card applications…all he had to do was to agree!

IF ONLY he had applied for loan and credit card before he resigned.

Don’t make same mistake. A loan, a credit card and a line of credit will always be handy when you start or run a business - especially on those low or no cash inflow days.

Fatal Mistake 2 – Did Not ‘Improve Self’

Have you tried cutting a piece of wood with a blunt saw? If you have you’ll understand what Stephen Covey author of “7 Habits of Highly Effective People” meant when he used phrase ‘Sharpen Saw’.

What a difference a sharp saw makes in results. Not only is sawing effort much easier, but also sawn pieces look smoother and cleaner. Just like a saw, a skill is just a tool. Whether it’s in basic writing or public speaking or photography… alternative nutrition…computer repair…carpentry…or another skill, sharpening a skill produces better results.

You can sharpen a skill by taking a course, reading a couple of books, learning from a mentor or from years of doing it. Soon…you’ll be an expert in that skill. With some imagination and guidance, you’ll be able to make some money with this skill.

Sharpening saw is not limited to sharpening a skill. It includes other areas of self-improvement such as: ·becoming a member of a professional body (example: if you’re a manager in your company, apply to be a member of Institute of Management). ·completing last couple of examinations and projects to get that degree (which you’ve been procrastinating for too long). ·learning a new skill from scratch (in an area that you’ve always dreamed about).

While you have a job, you have opportunities to use your skills and sharpening them. For example, to sharpen your writing skills, you could volunteer to be editor of your organization’s monthly newsletter. Or to improve your computer repair skills, you could come to office on a weekend to repair some of your company’s damaged computers.

It would also be almost certain that you’ll be admitted as a member of your professional institute if you’re currently working in a related position. For example if you’re working as a Cost Accountant, don’t you think Association of Cost Accountants will easily admit you as a member when you’ve clearly stated your position and job functions in your application? You’ll most likely be rejected or at best appeal to be a member if you do not have a job.

When you’re out in ‘real world’ (my meaning of this is world outside ‘comfort zone’ of a job) and perhaps starting or building a business, you will be so pressed for time in race to make your first buck to stop leaking money bucket of limited savings…that it is unlikely that you’ll be in state of mind to sharpen your saw. At that time…talking to customers, meeting a supplier or simply checking your inventory will most probably be a higher priority than attending a class on auto repair techniques (for example).

You’ll be saying to yourself: “If only I did it….” while had a job.

Fatal Mistake 3 – Did Not Put Money Aside for a ‘Rainy Day’

My beloved mum always reminded me that if I spend one dollar and five cents for every dollar I earn, I’ll end up broke…But if I spend ninety five cents and saved five cents for every dollar earned, then I’ll have money in reserve when a need (‘a rainy day’) arises.

How true it is because there will always be rainy days in your lifetime. And bigger rainy days will be months after you quit or lost your job. Then you’ll begin to feel financial pinch on expenses that you never used to think about while you were working for someone else and they were paying bills.

Most people make calls from their work phone, use company equipment (such as company photocopier, laser printer, mobile phone, comb binder and computer) for personal purposes and even ‘luckier’ ones get petrol and parking reimbursements.

I'll give you an example from my life. My son was born when I was twenty-six. I made decision to stay home with him first two years. But, I knew I needed brain stimulation and interaction with an adult world, so I decided to pursue my interest in writing. I wrote my first article, sent it to a magazine and waited. Every day I anxiously checked mail to discover if today would launch my writing career. When manuscript was finally returned with a regrets note, my aspirations of being a writer ended. I figured an editor knew better than I did what I could do. I'd been waiting for my career lightning to strike.

Twenty something years later, I know success has little to do with lightning strikes. So, when I left corporate world to live and work from mountains of Montana, I took with me that same dream of being a writer. For six months I studied writers and writing, read books, attended seminars and learned business of writing.