How to Quit Your Job by:Debra Lea Thorsen
Do you to know how to quit your job 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 helps
individuals create real wealth and happiness without 9 to 5 jobs. Visit
fearlessguides.com for free tips on career change, wealth
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