If you’ve got a few rental properties under your belt, you might be considering leaving your day job. This is a deeply personal decision, but there are a few things you should think about when making this decision.
On this episode of Investing in Real Estate, I’m talking about developing multiple streams of income and becoming self-reliant for income. You’ll learn the truth about job security and retirement plans, and how your 9-5 might be affecting your health.
1) Millionaires Have at Least 7 Sources of Income
When you work for someone else, you typically only have one source of income. And unfortunately, a w2 employee is taxed at the highest level. However as an entrepreneur, you have the freedom to spend your time working on different income streams.
2) The Problem with a 40-Hour Workweek
Many employees get paid for 40 hours every week, but unfortunately never get to disconnect from the job. If you find yourself checking your email at home, you’re working more than you should, and taking time away from other commitments and side hustles.
3) You Can’t Build Wealth
When you work for someone else, it’s difficult to build wealth. The government rewards entrepreneurs for building a business. The tax code values business owners, real estate investors, and entrepreneurs. If you’re interested in tax incentives, you should consider starting a business.
4) You’ve Got Golden Handcuffs
Many employees think they’ve got a safety net with a salary and a 401k. But a job actually gives you a false sense of security. You could lose your job at any time. However, when you’re an entrepreneur, you can always make more money.
5) Your Job Is Bad for Your Health
American workers specifically struggle with their health. They sit all day, have copious amounts of stress and anxiety, and spend too much time staring at a computer. When you work from home, you are better able to manage your schedule and your stress levels.
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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