My Idea Online
  • Privacy Policy
  • Contact Us
Monday 4 July 2022
  • Login
  • News and Society
  • Automotive
  • Business
    • Business
    • Communications
    • Employment
    • Finance
    • Legal
    • Home Based Business
    • Marketing
    • Online Business
    • Product Reviews
    • Real Estate
    • Self Improvement
  • Home and Family
    • Home and Family
    • Family
    • Home Improvement
    • Kids and Teens
    • Reference and Education
  • Lifes
    • Arts and Entertainment
    • Cancer
    • Entertainment
    • Food and Drink
    • Fashion
    • Health and Fitness
    • Humor
    • Lifestyle
    • Music
    • Recreation and Sports
    • Writing and Speaking
    • Women’s Interests
  • Online
    • Computers & Internet
    • Site Promotion
    • Web Development
  • World Affairs
No Result
View All Result
  • News and Society
  • Automotive
  • Business
    • Business
    • Communications
    • Employment
    • Finance
    • Legal
    • Home Based Business
    • Marketing
    • Online Business
    • Product Reviews
    • Real Estate
    • Self Improvement
  • Home and Family
    • Home and Family
    • Family
    • Home Improvement
    • Kids and Teens
    • Reference and Education
  • Lifes
    • Arts and Entertainment
    • Cancer
    • Entertainment
    • Food and Drink
    • Fashion
    • Health and Fitness
    • Humor
    • Lifestyle
    • Music
    • Recreation and Sports
    • Writing and Speaking
    • Women’s Interests
  • Online
    • Computers & Internet
    • Site Promotion
    • Web Development
  • World Affairs
No Result
View All Result
MyIdeaOnline.com
No Result
View All Result

How to Quit Your Job

idea online by idea online
in Business
2 min read
2k 104
0
5deab97373c52ef0ada6114a 1920

5deab97373c52ef0ada6114a 1920

1.2k
SHARES
2.6k
VIEWS
Share on FacebookShare on Twitter


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!

Tags: Business
idea online

idea online

The internet makes it easy to start a business but what should you start? Discover the right business for you to start with our definitive list of the best online ideas

Related Posts

stock exchange 911605 960 720 850x600 1

Using a Job Search Site Makes Job Finding Effortless

1 day ago
f860b9c87bee6877ab006d12 1920

When It Pays To Use Incentive Programs

2 days ago
ac38c931b069f179da7377b4 1920

Remember the 7 words of success

3 days ago
55283bdfb82d0bd0fad74b17 1920

Flipping Houses for Gold: How to Find the Perfect Fixer

5 days ago
35fb29ec58393b5c787ae608 1920

Publicity Performance Not Enough?

1 week ago
0d10cac7d67fedb8143cbc 1920

What is OPGI?

2 weeks ago
No Result
View All Result

Recent Posts

  • Meditation 101
  • Color Therapy and its effect on thoughts, attitude and health
  • Weight Loss the Easy Way!
  • Paid Directory Submission Checklist.
  • A Perfect ‘Pet’ Project for Every Home
  • How to Start Your Story with a Bang
  • The Importance of Choosing Your Website Keywords Carefully
  • Using a Job Search Site Makes Job Finding Effortless
  • Oral Chelation – Is it Better than Intravenous Chelation?
  • How to cook for a healthier you
  • How Concentrated Psychic Thought Links All Humanity Together
  • Financial Projections in Business Plans
  • Words That Can Leave You Powerless
  • When It Pays To Use Incentive Programs
  • Milk Ranked Among the Top Eight Offenders for Food Allergies
  • บริษัท
  • โรงเรียน
  • ก่อสร้าง
  • บริการ
  • กฏหมาย
  • ท่องเที่ยว
  • พนัสนิคม
  • ผู้ผลิตสินค้า
  • อิเลคทรอนิคส์
  • ราชการ
  • ไทย

© 2020 myideaonline.com - property for rent - property for sale.

No Result
View All Result
  • Home
  • Online Idea Content
  • Contact us
  • Privacy Policy

© 2020 myideaonline.com - property for rent - property for sale.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In