{"id":6403,"date":"2024-02-27T10:15:46","date_gmt":"2024-02-26T21:15:46","guid":{"rendered":"http:\/\/blog.local\/?p=6403"},"modified":"2024-03-05T09:08:51","modified_gmt":"2024-03-04T20:08:51","slug":"how-to-self-insure","status":"publish","type":"post","link":"https:\/\/blog.local\/how-to-self-insure\/","title":{"rendered":"How founders can self insure"},"content":{"rendered":"\n<p>The life of a founder &amp; entrepreneur has its ups and downs. Its times of surplus and as a friend said being skint. It just comes with the job. <\/p>\n\n\n\n<p>Ideally you have more of the former than the latter! But the longer you&#8217;re in the game, the more likely you&#8217;ll have time periods of both. <\/p>\n\n\n\n<p>The good (or bad news) is that after good times, comes bad times. And after bad times comes good times. The challenge is you don&#8217;t know how long either will last! <\/p>\n\n\n\n<p>And life happens, just because you are a founder, it doesn&#8217;t mean you&#8217;re immune from the regular swings and roundabouts of life \ud83d\ude09<\/p>\n\n\n\n<p>Here&#8217;s some thoughts on how you can self insure as you go. You can build things to insulate yourself from these shocks, a few I&#8217;ve found:<\/p>\n\n\n\n<ul>\n<li>When times are good, save &amp; save &amp; save as much as you can. Have at times saved as much as 80% of income. <\/li>\n\n\n\n<li>At all times, keep your living costs in line. Keep fixed costs low. Keep a focus on value, am I getting a good deal from this. <\/li>\n\n\n\n<li>Get smart &amp; savvy at investing. Not the kind of investing you do at work, but the safe, patient kind. Remember this is to counter balance. This is a common mistake, to take the same risk profile as you do at work. Know where you earn the money, and where you invest it. <a href=\"https:\/\/www.amazon.com\/dp\/B09FM17SGF?ref_=cm_sw_r_cp_ud_dp_WKHRS5Z6FZ71QGQMSA3A\" title=\"Intelligent Investor\">Intelligent Investor<\/a>, <a href=\"https:\/\/www.amazon.com\/Little-Book-Common-Sense-Investing\/dp\/1119404509\/ref=tmm_hrd_swatch_0?_encoding=UTF8&amp;qid=&amp;sr=\" target=\"_blank\" rel=\"noopener\" title=\"\">Bogle<\/a>. Become an index fund maven. <\/li>\n\n\n\n<li>Do all the tax deductions you can, be smart with retirement accounts, health savings accounts, college funds. The more boring the better. <\/li>\n\n\n\n<li>Get life insurance, or other insurances to look after you and your loved ones. <\/li>\n\n\n\n<li>Take cash off the table at regular events or as opportunities arise. Taking some cash to give future you a buffer is a good thing. <\/li>\n\n\n\n<li>Get better at talking with friends (founders and non-founders alike) at how they&#8217;re investing, what they&#8217;re investing in, be a sponge to learn. <\/li>\n<\/ul>\n\n\n\n<p>The more resiliency you have built up, the more enduring and durable you can be as a founder. <\/p>\n\n\n\n<p>Which is a great super power to add. And the lessons\/muscle memory &amp; habits learnt from building up your insurance, you can apply to continuing to build your company. <\/p>\n\n\n\n<p>Best case you don&#8217;t ever need to tap into your self insurance. In which case you can always donate it down the track! <\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The life of a founder &amp; entrepreneur has its ups and downs. Its times of surplus and as a friend said being skint. It just comes with the job. Ideally you have more of the former than the latter! But the longer you&#8217;re in the game, the more likely you&#8217;ll have time periods of both. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6404,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/blog.local\/wp-json\/wp\/v2\/posts\/6403"}],"collection":[{"href":"https:\/\/blog.local\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.local\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.local\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.local\/wp-json\/wp\/v2\/comments?post=6403"}],"version-history":[{"count":6,"href":"https:\/\/blog.local\/wp-json\/wp\/v2\/posts\/6403\/revisions"}],"predecessor-version":[{"id":6425,"href":"https:\/\/blog.local\/wp-json\/wp\/v2\/posts\/6403\/revisions\/6425"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.local\/wp-json\/wp\/v2\/media\/6404"}],"wp:attachment":[{"href":"https:\/\/blog.local\/wp-json\/wp\/v2\/media?parent=6403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.local\/wp-json\/wp\/v2\/categories?post=6403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.local\/wp-json\/wp\/v2\/tags?post=6403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}