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.