Thinking of Joining the Great Resignation to Pursue Your Dream? Follow This Founder Plan.

Asia's Tech News Daily

A fresh start. It’s what many people are aspiring to after 18 months of collective uncertainty and work-related burnout. If you’re in this camp, you’re not alone; according to a survey of American workers conducted by in June, a staggering 95% of respondents considered leaving their job this summer, and “quits data” from a recent U.S. Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey suggests many workers are going through with these plans. In August, 4.3 million people, or 2.9% of the workforce, quit their job — the highest reported figures since data tracking began in 2000. 

Professor and organizational psychologist Anthony Klotz coined the term “The Great Resignation” to describe this unprecedented employment departure, and he and other economists initially pointed to stimulus checks and rent relief as prime causes.

But as a financial planner who helps clients use money to have the life they want, I’d suggest that these “quitters” were also provided by the pandemic a chance to sit back and plan the life they want… to find new ways to work and new opportunities to make money, ones that create value. Our fiduciary team at BFS Advisory Group spends its days advising entrepreneurs — many of whom are women and high-net-worth individuals — and has certainly had more conversations than usual about starting or changing a business. While each client’s individualized financial plan aligns with unique values, we recommend those considering joining the Great Resignation to begin with the following building blocks. 

1. Create a financial plan for you, and a separate one for your company

We have all heard of entrepreneurs who “bootstrapped” a business. While protagonists in such stories inevitably have impressive tales, largely untold are the myriad accounts of new owners who pour their life savings into a company, only to have it fail. So, we recommend separating individual/family from business finances. It’s good to give your enterprise “your all”, but dangerous to have business and personal finances “all in one”. Instead, create a distinct plan for the company, and another for you and your family, especially if you have others depending on you. 

In the process, honestly assess what you need to grow the business and what you need to live your daily life. And pay yourself an income, to be sure, even if it’s simply repaying the same money you loaned your business, but when cash flows back and forth between business and personal accounts based only upon which one needs it most, unnecessary risk is created, particularly as the balance sheet and cash flow grow. 

2. Conduct an existential inventory

Part of our job as financial advisors is to give tough love to clients, including anyone considering starting a business. That means asking tough questions.

A few to get you started: Are you running toward something or away from something? Do you know what success looks like in your industry? Do you have the resources to be able to achieve it? How will you objectively measure success? Answering these honestly will go a long way towards planning how you will succeed and how you will hold yourself accountable, especially if things don’t go as planned.

3. Give yourself a head start 

We all love the stories about tech giants launched in an unheated garage. Startup lore is enticing, but savvy entrepreneurs know to stash suitable resources, including cash. A healthy reserve provides flexibility, so you can make the best decisions in any moment. Bootstrapping business owners may not be able to hire the key person they need to grow, or invest in the new product line that will explode a business, or take advantage of an opportunity that comes along. With the right amount of cash, you can still say “No” if a decision isn’t right for growth, but you can also say “Yes.” A strong banking relationship can provide access to this capital reserve through a loan or line of credit if you don’t have it on hand.

4. Know your risk tolerance, and risk capacity

Sure, entrepreneurs are known for being unafraid to take a plunge, but it’s important to understand and assess the difference between your risk tolerance and risk capacity. The former refers to how much risk you can mentally handle before pulling the ripcord, while the latter is how much you can financially handle before you crash and burn. Risk capacity is different by person and by goal. If your business takes $10,000 per month to operate, but you only have $10,000 in the bank, you have limited risk capacity, even if your tolerance for it is high. Restaurant owners, for example, are known for having a high tolerance, but what if their cash reserves (i.e., risk capacity) couldn’t support being closed once COVID hit? If your risk tolerance isn’t bolstered by capacity, you may not be able to reap the rewards of taking a risk in the first place.

5. Plan for day two of an emergency

Life happens when you least expect it. As a business owner, you can’t predict when an emergency will hit, but you should plan a response for when it does. So, take time to figure out what can derail your company and what you will do about it. We develop “break the glass” plans with our business clients — an examination of “what if” scenarios, from the death of an owner to a buyout offer, then design tools that help manage them. 

If you’re ready to move from employee to owner, congrats, but before joining the Great Resignation, consider the life you want and shore up a financial plan that will help you get there. 


BFS Advisory Group / 8201 Preston Road, Suite 400, Dallas TX 75225 / (214) 764-1964 

Securities and investment advisory services offered through FSC Securities Corporation (FSC), member FINRA/SIPC. Financial planning services offered through BFS Advisory Group, LLC, a registered investment advisor. Insurance is offered by Debra Brennan Tagg as an independent insurance agent.  FSC is separately owned and other entities and/or marketing names, products or services referenced here are independent of FSC.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related


TC Energy (TRP) Files $15B Suit Against U.S. Over Keystone XL

TC Energy Corporation TRP — sponsor of the canceled Keystone XL pipeline — has sought a compensation of $15 billion under the North American Free Trade Agreement (NAFTA) provision from ... Read more »

3 Top Renewable Energy Stocks to Buy According to Wall Street

The increasing acceptance worldwide of the need to transition to renewable energy to address climate change concerns, President Biden’s support of green infrastructure development, and the declining cost of energy ... Read more »

3 Oil & Gas Stocks Under $10 That Can Gain More Than 35% According to Analyst Estimates

The oil & gas industry has benefited significantly from skyrocketing crude oil and natural gas prices in recent months. And limited supply and increasing demand for energy with the reopening ... Read more »

Zacks Industry Outlook Highlights: BYD Company and Stellantis

For Immediate Release Chicago, IL – November 29, 2021 – Today, Zacks Equity Research discusses Foreign Auto, including BYD Company Limited BYDDY and Stellantis N.V. STLA. – Zacks Link: ... Read more »

The Zacks Analyst Blog Highlights: BOK Financial, Southern First Bancshares, Central Pacific Financial, CrossFirst Bankshares and Popular

For Immediate Release Chicago, IL – November 29, 2021 – announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the ... Read more »

Redbox Stock is Ready to Be Rented

Movie rental and streaming service Redbox (NASDAQ: RDBX) stock is making higher lows after completing its business combination. The Company merged with special purpose acquisition company (SPAC) Seaport Global Acquisition ... Read more »

5 Steps to Building a Supportive and Inclusive Workplace for Neurodiverse Employees

National data shows that neurodiverse people — people with autism, ADHD, dyslexia, anxiety disorder and other neurologic conditions — are grossly unemployed or underemployed, with estimates ranging as high as 90%, particularly ... Read more »

5 Unicorn Founders Share Key Learnings From Their Early Mistakes

In his monthly Mann Ki Baat radio broadcast, Prime Minister Narendra Modi said on Sunday that India is leading the world in the startup field with more than 70 startups ... Read more »

ABL Raises INR 15 Crore In Series A Round

ABL Workspaces has raised INR 15 crore from Canada-based Ethik Inc in its Series A round. The fund will be used to expand its seating capacities from 2,470 to 15,000 ... Read more »

Begin with Gratitude and Watch the Miracles Flow Your Way

Is thankfulness a survival skill? Maybe most of you would respond with, “No, thankfulness is not key to survival,” and I would tend to agree with you. Most of us ... Read more »

The BossBabe Community of More Than 4 Million Is Strengthened by the Bond Its Founders Share

Danielle Canty and Natalie Ellis hit it off instantly. The women met in September 2017 at a personal development seminar in San Diego, connecting not only for their shared United ... Read more »

Savart Raises INR 4 Crore

Savart, an investment advisory and technology brand, has raised about INR 4.09 crore  from BEENEXT, Yatra Angel Network and Jitendra Gupta founder of  Jupiter neobank.  Pexels BEENEXT has infused INR ... Read more »

21K School Raises Pre Series A Funding

21K School, the first online-only school in India, has recently raised pre-Series A funding of $5 million from Ronnie Screwvala, co-founder and chairman, upGrad.   Pexels The company aims to use ... Read more »

The Holiday Blues Are Normal—These 8 Tips from Experts Can Help You Better Manage Difficult Emotions

The holiday season, starting with Thanksgiving and Hanukkah, can be a time of great joy with family, friends and tradition, but not everyone feels jolly this time of year. If ... Read more »

11 Ways to Attract Abundance in Your Life

1. Begin with gratitude. Always start with thanksgiving; be thankful for what you already have and see the miracles that come from this one simple act. Next, you’ve got to ... Read more »

Aura Meditation App Review: Thousands of Guided Meditations at Your Fingertips

With more than 5 million users, Aura has become one of the best meditation apps available. The award-winning Aura app features the largest subscription library of mindfulness meditations, sleep stories, ... Read more »

Coinstore Enters India Amid Pending Crypto Ban

 At a time when the Indian government is preparing legislation to effectively bar private cryptocurrencies, Singapore-based Coinstore, a crypto future and spot trading exchange, announced its foray into the Indian ... Read more »

This Blockchain-based Platform Aims To Change the Way You Stream

We all know how everything changed when the COVID-19 pandemic hit. Different industries and sectors tried their best and showed efforts to adapt to the aftermath of the pandemic and ... Read more »

Jade Forest Raises $1 Million

Jade Forest, a non-alcoholic beverage brand, has raised $1 million in a funding round led by Mumbai Angels Network. Jade Forest The funds will be utilized for geographical expansion and ... Read more »

Speed Vs Sustainability: How Rapid Expansion Plans Might Affect Your Startup Growth

Starting up is exciting but not easy. It is the most difficult career option and the most risky. But once the die is cast–product launched, customers started to buy, key ... Read more »

3 Resilient Blue-Chip Stocks to Buy Now

Resilient Blue-Chip Stocks Are Attractive in the Current Market Environment What are some of the typical qualities that make a company resilient? It’s usually a business that can generate profits ... Read more »

5 Reddit Penny Stocks To Watch This Week

Reddit Penny Stocks To Watch as November Comes to an End  With November almost over, plenty of penny stocks continue gaining momentum. Although it can be difficult to stumble upon ... Read more »

Should You Buy G-III Apparel Group (GIII) Ahead of Earnings?

Investors are always looking for stocks that are poised to beat at earnings season and G-III Apparel Group GIII may be one such company. The firm has earnings coming up ... Read more »

Bet on the Metaverse's Build-Out with a Stake in Matterport

InvestorPlace – Stock Market News, Stock Advice & Trading Tips – InvestorPlace Ready to step directly into the metaverse? Or at least, get portfolio exposure to it? If so, ... Read more »

Gold IRA: Is This New Type of Retirement Account a Good Post-Pandemic Investment?

Today’s precarious economic environment makes a strong argument for alternative retirement investments for the post-pandemic era. This, at least, is the prevailing sentiment among many investors and market-watchers who fear ... Read more »

Polkadot Stands to Gain Now That the First Parachain Auction Closed

InvestorPlace – Stock Market News, Stock Advice & Trading Tips – InvestorPlace Polkadot (CCC:DOT-USD) is a $38 billion market cap cryptocurrency that is ranked as the eight largest, according to ... Read more »

ShibaSwap Explained: Everything You Need to Know About the Shiba Inu Crypto Ecosystem

InvestorPlace – Stock Market News, Stock Advice & Trading Tips – InvestorPlace Almost every crypto investor has heard of the Shiba Inu (CCC:SHIB-USD) token at this point. The altcoin ... Read more »

CrowdStrike (CRWD) Set to Report Q3 Earnings: What's in Store?

CrowdStrike Holdings CRWD is slated to report third-quarter fiscal 2022 results on Dec 1. – Zacks The company anticipates third-quarter fiscal 2022 revenues in the range of $358 million to ... Read more »

What to Make of the Recent Stock Market Pullback?

I had written up a commentary that I intended to send out this morning that was going to focus on some bigger-picture, strategic items related to market cycles and developing ... Read more »

Happy Ratio Raises $150,000 In Angel Round

Happy Ratio, a foodtech startup, has raised $150,000 in its angel round from ah! Ventures. Happy Ratio The funds will be used to launch a portfolio of all-in-nutrition products, strengthen ... Read more »

Do Options Traders Know Something About Endo International (ENDP) Stock We Don't?

Investors in Endo International plc ENDP need to pay close attention to the stock based on moves in the options market lately. That is because the Jan 21, 2021 $3.00 ... Read more »

8 Outside the Box Strategies for Successful Brand Management

It is an undeniable fact that every business big or small wants to develop itself into a popular brand. For the success of a business, it is highly imperative that ... Read more »

Pinnacle West's (PNW) CAPEX & Clean Energy Aims Augur Well

Pinnacle West Capital Corporation’s PNW planned investments in strengthening its infrastructure and an increasing focus on renewable sources for power generation will help it take advantage of the expected demand ... Read more »

The Future Of Salestech: Here's What You Can Expect

In the last decade, the term salesperson has evolved along with the way they sell. Sales that started with casual conversations between buyers and sellers has become a lot more ... Read more »

This Remote Productivity Hack Makes Working on the Go Easy

thrive in the cutthroat world of entrepreneurship. But as we adapt fully to the remote working world, you have to find new ways to be productive outside of the office. ... Read more »

How Success Happened for the Caden Sisters, CEOs and Co-Founders of Belly Bandit and Proof

Lori Caden, one of the co-founders of Belly Bandit, a brand dedicated to helping women look and feel their best before, during and after pregnancy, had recently given birth and ... Read more »

Maximize Marketing and Communication Strategies With the Largest Generation on the Planet

The Gen Z generation is on the cusp of becoming the most powerful and influential generation in history. While some marketers might be tempted to view them as a fickle bunch, ... Read more »

Here's One Way to Save Money When You Return to the Office

Small businesses are always looking for ways to save money. During the Covid-19 pandemic, many businesses have found massive savings by cutting out the office lease. But as things slowly ... Read more »

Easily Find the Apps You Need With Setapp, the Netflix of Mac Apps

Remember when Apple used to proudly advertise, “There’s an app for that”? Well, there’s a reason they don’t do that anymore. We’ve officially reached the point of app overload in ... Read more »

Why Every Entrepreneur Should Study the Austrian School of Economics

Over 50 years ago, economist William Baumol noted that economics was a theory of the economy that left no place for entrepreneurship. Economic models, simply put, were “entrepreneur-less.” Economics is ... Read more »
On you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic