Insurances.net

subject: How to Quit Your Job by:Debra Lea Thorsen [print this page]

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

building, and living without fear.

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