#7 Debt: Debt is the scariest thing to hold. Never hold any, and always refrain from giving any. Before you venture out for new ideas, be free from all debts you hold. For a healthy startup you need to be free from your mind and firm financially, so better pay all your rents on time, clear all your bills including credit cards and loans. And get back the money you lent too. Make sure you increase the limit of your credit card for future benefit and emergency purposes. Make a point to never mortgage your house for raising funds for any purpose and especially the startup, where some extent of risk is involved. Do all this before you leave your job for the startup.

#8 Loan: If you have any loans especially house, try to get rid of it or fix it. If you are planning to move into your own house and the construction is on its way, but will take more than2-3 years, stop it. The selling option is more comfortable rather than wait for the construction to finish. As this will be more tiring and will be taking up your most of the time and finance. If you are already in a house taken up on EMIs try to clear it at the earliest. Or either way you can keep aside a fund made for the EMIs and make it a point not to touch that money. You can bring in your spouse for the help in the payment as she will be there to take care of all the EMI payments. Lastly if the property prices are stable, it’s better to sell it rather than flush money for the EMI payment.

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