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How to Quit Your
Job |
by:
Debra
Thorsen |
Do you to know
without ending up on the street? In a nutshell, you need to avoid
the self-employment trap, think like a business, and create multiple
passive revenue streams.
Avoid the Self-Employment Trap
If you quit your job and hang up your own shingle, you might work
harder for less money. You may enjoy working from home or choosing
your own clients, but you might end up living from client to client
without building any real wealth.
Many self-employed people I know suffer from feast or famine.
They spend lots of time and money marketing their services and
get lots of clients. They get really busy doing the work and stop
marketing and then their prospective client pool dries up.
If you set up your business so that you do everything - marketing,
sales, bookkeeping, operations, and fulfillment, then you are
limiting your success potential from day one. You will spend lots
of time on non-income generating activities and may get frustrated
and burned-out in a short time.
The real key to successfully creating wealth outside of a job
is to avoid the mistake of trading one boss for another boss.
You need to stop trading your time for dollars. Stop thinking
like a wage slave. Look beyond earned income.
Think Like a Business
There are many problems with earned income. The biggest one is
that you are trading your time for money. If you stop trading
your time, the dollars stop coming. This is a huge problem if
you decide to have a baby, get sick, want to take an extended
vacation, or are ready to retire.
The IRS penalizes self-employed people who operate as a sole proprietorship
with a hefty self-employment tax. How can you avoid this? Well,
I am not an accountant or CPA, so I am not giving legal or accounting
advice, but I have learned to think like a business. Before you
quit your job, interview local tax advisors to educate yourself
on different business entities and tax strategies. Start thinking
big.
Build a Company with Multiple Passive Income Streams
You need to build a company that works for you. My best advice
on how to quit your job is to build a business that offers multiple
streams of passive income in addition to your earned income. There
are so many exciting ways to design your income portfolio. It
requires imagination, courage and planning.
Structure your business so that your daily activities are fun
and challenging. Identify the things that you don’t enjoy or are
not good at and find other people to do these activities – outside
partners, independent contractors, or employees.
How to Quit Your Job
My advice for how to quit your job is to avoid thinking that you
have to do everything yourself to make your new enterprise run.
Think big! Set up systems and structures that work for you so
you don’t have to work so hard. Incorporate and make the tax system
work for you. Design your work around multiple passive income
streams to support your active work. And finally, have fun!
About the author:
Find out how to break free from the corporate world. Debra Thorsen
is a happy corporate escapee who helps individuals create real
wealth and happiness without 9 to 5 jobs. Visit
for free tips on career change, wealth building, and living without
fear.
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