Skip to main content

How to Quit Your Job

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!

Comments

Post a Comment

Popular posts from this blog

Stop Government ISPs from following You

Protect Yourself with VPN service while Torrenting. The projected “three strikes” anti-piracy code for Australian Internet Service Providers (ISPs) may be activated before long. below the Copyright Notice theme code (PDF), residential web users that square measure found pirating content are going to be subject to a series of “escalating” warning notices from rights holders, sent via ISPs. The notices can warn users that they’re infringing copyright which they’re going to face proceeding if they get 3 strikes recorded against their informatics address — that’s if they receive associate Education, Warning, and Final notice — inside a twelve-month amount. If a user gets 3 warning letters, or “strikes”, in a very 12-month amount, ISPs can facilitate copyright house owners establish them for potential proceeding when a hearing in a very prescribed court. Up to 200,000 notices may be processed and sent annually. You may read my previous Post VPN, Proxy or Tor? How To Download Torrents Anonym

Update your BIOS: Utilities from Top Motherboard Creators

PSA: Lovers assembling their own PCs are acquainted with staying aware of most recent drivers, particularly with regards to things like designs cards. Motherboard Profiles updates are additionally basic to take advantage of your equipment, yet it happens that when everything is pursuing easily weeks or months, you will, in general, ignore further Profiles redesigns as they, for the most part, bring similarity enhancements and those are a bit much except if you are changing to more up to date equipment on the equivalent motherboard. This occurred at the workplace as of late when one of our Ryzen frameworks would not wake up from rest appropriately. After much investigating, we couldn’t limit the issue until we understood this began happening simply after we introduced another GeForce RTX illustrations card. Long story short, a Profiles move up to the most recent firmware in our Asrock motherboard was all that we required. In addition, nowadays Profiles updates can be performed effortles

How to STOP Corona Caller Tune From Phone On BSNL, Jio, Vodafone, Airtel; A Step By Step Guide.

Amid the COVID-19 crisis, the Indian government has taken all steps to spread awareness regarding the utilization of masks and therefore the importance of social-distancing to fight with the pandemic. during this row, with a help of the telecom department, the Health Ministry has made ‘Corona Caller Tune‘ mandatory for all telecom networks across the country. Now people want to ‘STOP corona caller tune‘ from their phones. You guessed it right! we are talking about the decision caller tune with an individual Coughing sound at the start of the call. However, this tune is there to brief you about the security measures during this COVID-19 situation. But after 4 to five months, many of us have started getting annoyed with an equivalent. There’s little question about the importance of such a step. But after numerous days, most of the people across India knows these basic safety measures to guard themselves against coronavirus. Therefore, now people find this caller tune irritating. Addition