As you make your way through your career you realize that in many cases what you expected of work is not happening. When you graduated from college you had dreams of making your way up the corporate ladder and being well-rewarded for your efforts. You thought work would help give meaning to your life and you'd be able to progress and get ahead. Raises and promotions were going to allow you to improve your standard of living and provide for your family too.
Then, somewhere along the path, the grim reality set in. Most of the work you were doing had absolutely no meaning and, in fact, it often was simply boring. Corporations and bosses treated you like a mechanical component that would wear out and viewed you as easily replaceable. Those raises stopped coming after a few years and soon you began to dread even going in to work. You realized it was time for a change. It was time to become a tech entrepreneur and reinvent yourself.
Refinance High Rate Student Loans
One of the best ways to save money and free up cash each month is to refinance your high rate student loans. With today's interest rates near historic lows, it's the perfect time to look into the best options for refinancing your existing student debt. When you refinance, you'll not only save each month by making lower payments but you'll also pay far less interest over the course of the loan. The short term and long-term savings can help you finance your new tech startup.
Sign Up for a Zero Interest Credit Card
If you have great credit from your years of working in the corporate world, you may be able to apply for a get a new high-limit credit card that offers zero interest for the first year or 18 months. This will allow you to pay for key business expenses as you get your new venture off the ground. It's important to use your credit card wisely. You should invest in things that have a direct impact on making money for your new firm. Paying for things like a great website, social media campaigns and other marketing expenses will help you bring in new revenues soon.
Get a Second Mortgage or Refinance Your Home
Another way to tap into a source of funds for your tech business is to look into refinancing your home. If your existing mortgage interest rate is several points above today's low rates then you might be able to save a lot of money this way. You could also look into the option of tapping the equity in your home by taking out a second mortgage. If your home has appreciated in value you can borrow against the new appraised value and take that money out as cash or via a line of credit. This money can then be invested directly in your new business.
Rent Out Part of Your House on a Vacation Rental Site
If you want to cut your living expenses dramatically, you could rent out a couple of rooms in your home on a short-term vacation rental site. It's quite possible that you could pay a significant part of your monthly rent or mortgage this way. Alternatively, you could simply bring in a couple of roommates for a year. This would give you instant cash each month to use for on-going business expenses and could allow you to hire part-time staff to help your new venture quickly become a success.
