Friday, 18 November 2011

How To Quit Your Job

Do you know, without being homeless? In short, avoid the trap of self-employment, as a business, and create multiple streams of passive income.

Avoid the trap of self-employment

If you stop work and close the phone's own shingle, you might work harder for less money. We invite you to work from home or choose your customers, but you may end up living in any custom built real wealth.

Many self-employed people I know suffer from feast or famine. They spend a lot of time and money marketing their services and get a lot of customers. They get very busy with work to do to stop marketing and then their client pool dries.

If you create your company so that you do everything - marketing, sales, accounting, operations and production, then you limit your potential for success from day one. You will spend much time on income generating activities and not may feel frustrated and burned in a short time.

The real key to success in creating wealth out of a job is to avoid the mistake of trading one boss for another boss. You must stop trading your time for dollars. Stop thinking like a wage slave. Look beyond income.

Think like a business

There are many problems with earned income. The most important is that you are trading your time for money. If you stop trading your time, leave of dollars ahead. This is a big problem if you decide to have a baby, sick, wants to take a long vacation, or are about to retire.

The IRS penalizes self-employed operating as a sole proprietorship with a large self-employment taxes. How can I avoid this? Well, I'm not an accountant or CPA, so I will not give legal or accounting advice, but I learned to think like a business. Before leaving work, the advisers of the local tax interview to obtain information about the different business entities and tax strategies. Start thinking big.

Build a business with multiple streams of passive income

You must build a society that works for you. My best advice to quit your job to build a business that offers multiple streams of passive income in addition to earned income. There are so many exciting ways to design your portfolio income. It requires imagination, courage and planning.

The structure of your business so that your daily activities are fun and challenging. Identify the things you do not like or are not good and find other people to do these activities - outside partners, independent contractors or employees.

How to quit your job

My advice on how to quit your job is to keep thinking you have to do everything yourself to run your new business. Think Big! Establish systems and structures that work for you if you do not have to work so hard. Integrate and make the tax system for you. The design of your work on multiple streams of passive income to support their active work. And finally, have fun!