Announcer: "Mr./Mrs. Such-n-such, you just finished college/high school. What are you going to do now?"
Mr. or Mrs. Such-n-such: "I'm going to get me a job and accumulate some more debt! I'm gonna work the rest of my life paying off this debt and what I can't pay off, I'm going to leave to my descendents."
This is the scenario for 97% of people in this country. The day they learn about how to make money (mostly wage income) they are set on a path to mediocrity...most people.
Well here is what happens to you financially when you work for wages. This why it's difficult to become financially independent as an employee.
1. As an employee, you pay taxes first. Actually taxes are taken even before you check is deposited in your account.
2. After taxes are paid, the next items that gets paid are your BILLS!!! If you weren't aware of this, you work for your bills not for you. Most people know exactly what check is going to what bill during that time of the month.
3. YOU are paid LAST! With the money left over after taxes and bills, you get the little bit left over. And if you don't get a raise for a long period of time or are capped out on raises, then guess what... you are stuck like chuck!!
There is a reason that everyone is running to start their own business. They have realized or risen from the depths of job slavery, that working for someone else is not the ticket. They want FREEDOM. Freedom to make as much money as they want, to go where they please, stay as long as they want, buy what they want, drive what they want and have a life style they create.
So here is how it works for business owners
1. They pay THEMSELVES FIRST! They did the work so why not pay themselves first. It just makes sense right!
2. Their BILLS turn into BUSINESS EXPENSES!! That cell phone bill or electric bill or that dinner last night at T.G.I Fridays is all a tax write off!!! As long as your are talking about your business, most of your bills now become tax deductible. Make sure you get with a professional tax person to make sure you are doing your taxes correctly (Melody Austin is great)
3. They pay taxes LAST! Yeeeeessss! Business owners by taxes on the money left over after business expenses are paid. So if you make $50,000 in a year and spend $30,000 on business expenses. You only pay taxes on the $20,000! (Again consult a tax professional).
Isn't that amazing. This is happening for people all over the world. Now I'm sure you are asking what type of business should I open. I have a an option but first go see what a part time business could do for you.
If you really want to get a good idea of the difference between employees and business owners. Listen to one of my online mentors, Eric Worrie.
*******If you like what you read, make sure you join and follow my blog. Make sure that you share it. Sharing is caring.********
To your success,
Marlon Hurd
Home Based Business Professional
trubizsuccess@gmail.com
404-946-3421
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