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Wealth & Economics > Work or biz: what's yours?

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message 1: by Nik (new)

Nik Krasno | 15369 comments It's very hard to become rich from payroll work. Selling your labor though may afford a good living, most consumer achievements of civilization and a sense (sometimes false) of stability.
Biz is much riskier, can be devastating or rewarding.
Yes, a former employee can become a businessman and vice versa, but each sphere usually require different mentality.
Where do you think you belong? And have you ever thought of changing work to biz or biz to work?

message 2: by Ian (new)

Ian Miller | 11212 comments I have tried both, and in some ways while I am semiretired, I still have both ongoing. The problem with being an entrepreneur is you really need a little luck, you need finance, and you need success before the cost of the finance eats you up. The creeping coin has a devastating effect if it gets out of control.

message 3: by Scout (new)

Scout (goodreadscomscout) | 5971 comments It seems to me that people who go for biz are motivated by either money or independence or status or all of these. I had enough independence as a teacher to suit me, and I earned enough money to give me financial independence because I managed it well. If your goal is to have great wealth and status, biz is the way to go. If your goal is to be self-sufficient, and you don't care about great wealth and status, then work can get you there.

message 4: by Graeme (new)

Graeme Rodaughan I'm definitely better at being an employee as opposed to self-employed.

message 5: by Ian (new)

Ian Miller | 11212 comments As for being self-employed, I found the independence to be the main advantage. Since I am one of those who is happy enough when the overall finances are in the positive, I found it reasonably easy to get enough if worked hard and smart, with the benefit of more time for me. What I found the most discouraging was tax. No, not that I had to pay it - I recognised that with a slight tinge of grudge - no, rather the arcane rules that go around it. It can sometimes be a nightmare, e.g., when some silly piece of paper can't be found, or you have to recall what time you are supposed to do something. For me, at least, getting accounts in the authorised shape was somewhat boring and time consuming, and of course, you don't make money or have pleasure while doing them.

message 6: by Nik (new)

Nik Krasno | 15369 comments Iain wrote: "Hoping to double down in 2019 and with a bit of luck maybe this time next year I'll be downing a jug of Sangria on a beach in Chile with some a nice latin chick. ..."

Hope all works out for you in 2019

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