Self Employment is Just About As Bad As Working For Someone Else!

Self employment is the other class of linear income that will keep you working harder for your money, though an advantage of being self employed over just being employed is that you can make a lot more money at it.

Another way to look at this income subcategory is the act of owning your job. It is very similar to employment except that you are now working hard for yourself instead of for someone else. You are still limited in your income potential based on time and ability to serve others. You also tend to put in more hours of work, whether it's something you like to do or not.

By owning your own job, you still fall into the same category as an employee because if you stop working, your income stops because you can no longer serve others. Most people with specialized skills fall into this category because they can better serve people with their specialty, but they still have to work in order to get paid.

Self employment is better than just being employed if you enjoy what you are doing, but if you want to become very wealthy, you won't be able to unless you take it one step further than owning your job.

People like lawyers and doctors who are self-employed by starting up their own practice do make a lot of money, but they are very dependent on their skills, time, and the number of people they can serve in a day. They still have an income cap just like employees have. Once they reach that capacity, they can't make any more money unless they raise their prices too much and risk losing customers.

So, how can you take owning a job to the next level? To make the transfer from self-employed to business owner, you can leverage your business by hiring people to do all of the specialized and non-specialized work in your office.

Let's say you are a doctor. The more doctors you hire into your practice, the more people you can serve and the more money your business will make. Open up several practices and serve even more people. For each business you own, you will earn passive income from it. Best of all, you don't necessarily have to do any work yourself with that business anymore and still get paid - not unless you want to, which is a better choice than having to do the work. In other words, you have more freedom because you give yourself the choice of working.

By simply hiring other people to do the work for you and stepping away from the self employment side of the business, you will own your business and jump up to the business or passive side of the income spectrum. Yes, it can be that simple! But, you have to earn enough money through self employment first before you can afford the amount of leverage needed to hire people to do the work for you.

Take what you learned from self employment and apply it to the other two ways to make money and you will be on the best route toward building wealth.

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