Financial Services business

Jose

I have been thinking of switching careers to the financial services industry and becoming a financial advisor. My first year will be mostly spent adding clients to my book of business. The firm that I`m thinking of working for will only pay a year`s salary, plus commissions and bonuses. After that I will go on a commission only basis. My first 3 months will be spent getting my licenses, the firm will also pay for my training during this time but it will be very minimal to what I`m making now in my current job. I do not have any savings at this point other than assets that I have in a Roth and an IRA. My wife works but her salary will only be able to cover our smaller bills but not enough for our mortgage. She also has assets in an IRA as well. These are the options I was considering to help us during my first year at the firm. 1. Possibly take out a HELOC, 2. Use my credit cards. 3. Use assets in my Roth and if I have to our IRAs as well. I know that I`m taking a big leap of faith here in regards to my future income as an advisor, but isn`t that what most entrepeneurs do anyway? I was hoping someone here could offer some advise or suggestions. Thank you.

txbassguy

Definitely save more money before taking this jump, try to save at least 3-6 months so you can weather this career change. I wouldn`t risk taking out a heloc, using credit cards or retirement savings.
my 2 cents