My Article Database: Free Articles for Teaching and Studying English as a Foreign Language in China - by Paul Sparks




 Homepage
 About Me
 Teachers
 Students
 Lessons
 Photographs
 Links
 World News
 ICQ Chat
 Contact Me
 Articles
 
My Article Database:

 

Accounting
Acne
Adsense
Advertising
Aerobics
Affiliate
Alternative
Articles
Attraction
Auctions
Audio Streaming
Auto Care
Auto Parts
Auto Responder
Aviation
Babies Toddler
Baby
Bankruptcy
Bathroom
Beauty
Bedroom
Blogging
Body Building
Book Marketing
Book Review
Branding
Breast Cancer
Broadband Internet
Business
Business Loan
Business Plan
Cancer
Car Buying
Career
Car Insurance
Car Loan
Car Maintenance
Cars
Casino
Cell Phone
Chat
Christmas
Claims
Coaching
Coffee
College University
Computer Tips
Cooking
Cooking Tips
Copywriting
Cosmetics
Craft
Creative Writing
Credit
Credit Cards
Credit Repair
Currency Trading
Data Recovery
Dating
Debt Relief
Diabetics
Diet
Digital Camera
Diving
Divorce
Domain
Driving Tips
Ebay
Ebook
Ecommerce
Email Marketing
E Marketing
Essay
Ezine
Fashion
Finance
Fishing
Fitness
Flu
Furniture
Gambling
Golf
Google
GPS
Hair
Hair Loss
HDTV
Health Insurance
Heart Disease
Hobbies
Holiday
Home Business
Home Improvement
Home Organization
Interior Design
Internet Tips
Investment
Jewelry
Kitchen
Ladies Accessories
Lawyer
LCD / PLASMA
Legal
Life Insurance

Return to Articles about Accounting

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.


Circulated by Article Emporium

 

New! Watch Online Articles with YouTube for Free:

 

 

 

 

Click Here to Return to Top of Page