Search
Recommended Products
Related Links


 

 

Informative Articles

5 Ways to Make Your Resume Shine On-Line
The internet makes it possible to point and click your way into your dream position or a gig just to pay the bills. On-line job boards such as Hotjobs.com receives over 7.5 million visitors each month making it easy to get lost in the mayhem of the...

6 Factors Of Career Success
What do employers look for in potential employees? That was the question that was posted recently on a career discussion forum online. Naturally, for each different position, the particular answers to that question would be different. However,...

Make Your Resume Keyword Rich and Scanner Friendly
If you havenít looked for a job recently, there are new tactics that hiring professionals are using that you should be aware of before updating your resume. Employers and recruiters increasingly rely on electronic resumes, resume posting boards and...

Ten Reasons to Invest in Your Career
Not investing in yourself is like floating down a fast river without a paddle, map or knowledge of what's around the next bend. Things may go fine for a while, but at some point, you're going to realize you made a giant mistake. To avoid...

The Best Defense - Difficult Interview Questions
In an interview, worrying about your perceived inadequacies, or what can be viewed as negative items on your history of employment, will get you nowhere. In fact, having a negative focus on things often comes through in the way you answer....

 
How to Quit Your Job

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 is a happy corporate escapee who helps individuals create real wealth and happiness without 9 to 5 jobs. Visit for free tips on career change, wealth building, and living without fear.