Comments on: Can We Still Make Money Out of Your Own Business? http://www.thefinancialblogger.com/can-we-still-make-money-out-of-your-own-business/ This is where your finance takes place Thu, 09 Feb 2012 13:45:49 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: The Financial Blogger http://www.thefinancialblogger.com/can-we-still-make-money-out-of-your-own-business/comment-page-1/#comment-6270 The Financial Blogger Tue, 07 Jul 2009 10:48:30 +0000 http://www.thefinancialblogger.com/?p=1747#comment-6270 TMW, you are bringing a good point. Several people become self employed but do not create a business. The main point of having a business is that it can generate money even when you are not there. Being self employed requires your time and work in order to make money. If you leave 3 weeks on vacation, nothing will happen! Unfortunately, several individuals start with the idea of a business but end up being self employed because of lack of money to pay employees or lack of confidence in them ;-) TMW,
you are bringing a good point. Several people become self employed but do not create a business. The main point of having a business is that it can generate money even when you are not there. Being self employed requires your time and work in order to make money. If you leave 3 weeks on vacation, nothing will happen!

Unfortunately, several individuals start with the idea of a business but end up being self employed because of lack of money to pay employees or lack of confidence in them ;-)

]]> By: Thicken My Wallet http://www.thefinancialblogger.com/can-we-still-make-money-out-of-your-own-business/comment-page-1/#comment-6266 Thicken My Wallet Mon, 06 Jul 2009 21:34:47 +0000 http://www.thefinancialblogger.com/?p=1747#comment-6266 There's a huge difference between creating your own job and creating a business. If you create the former, you may not have enough to retire. If you create the latter, you can sell your business (mostly tax free) and retire on the proceeds (although entrepreneurs are like athletes; they don't like to retire!). The point you also allude to is that most people that run businesses they love, don't feel like they are working. As you pointed out, I am not sure that most people realize that the tax system is actually structured to help the self-employed from lower tax rates, better deductions, self-funded pension plans, favorable loan programs etc. If you have the acumen to do it, it is a life-style and business choice that has as much upside as downside. There’s a huge difference between creating your own job and creating a business. If you create the former, you may not have enough to retire. If you create the latter, you can sell your business (mostly tax free) and retire on the proceeds (although entrepreneurs are like athletes; they don’t like to retire!).

The point you also allude to is that most people that run businesses they love, don’t feel like they are working.

As you pointed out, I am not sure that most people realize that the tax system is actually structured to help the self-employed from lower tax rates, better deductions, self-funded pension plans, favorable loan programs etc. If you have the acumen to do it, it is a life-style and business choice that has as much upside as downside.

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