Entrepreneurship vs. Employment: Which Path Leads to Financial Success?
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- เผยแพร่เมื่อ 1 ก.พ. 2024
- You can be financially successful and wealthy whether you are an entrepreneur or traditional employee. But which path should you take? Does one path have a higher success rate than the other? Here’s what to think about if you are considering an entrepreneurial path and how to determine what is best for you.
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3 truths of life;
- Death
- Taxes
- Bo’s excited
Love that Bo's excited.
"Love it"
@@Ryan31310lol. 😅❤
I wholeheartedly agree with the idea that some people leap too soon into entrepreneurship. I'm a psychotherapist who opened a private practice in 2021. I worked for a hospital for 14 years before going to private practice and I am so glad I did. I saw almost every kind of case at the hospital and now that I'm out on my own, there's nothing that I feel like I couldn't handle. This is a bit of a hot take in my field but I think too many clinicians are going into private practice too soon after graduating (because the money is a lot better) and then are unable to handle complex cases effectively. Also glad to see that Bo is excited. We're all going to worry the day he isn't. 😃
I did both. Ramp up side work until it’s self sufficient.
The biz has to have the ability to stand on its feet before switching. you’ll see & know this when it happens. The journey is amazing, with a personal growth beyond expectations.
Did you start a business you had a skill in?
I have a problem with the risk/reward. I'm an engineer and 99% of engineers become multi-millionaires by retirement age. That's basically a guaranteed path to financial independence. Only 10% of businesses succeed, but yes I could potentially make far more money than I'd earn as an engineer and much faster, but I could also lose money and even go into debt. If I invest $10k into a business and it fails, that $10k could have been $217k when I retire in 40 years.
Engineers currently deep in debt be like 💀
whats your age
@@NewGuy2024 just work on getting out of debt and afterwards you can start investing more into retirement and do that consistently. Give it some time and it will grow into a nice nest egg. I’m just another engineer just slightly ahead of you on the financial journey.
I agree. Being an employee (or IC, in some cases) allows you to like your work and separate from it at the end of the day
I don’t see it as a problem. I love being an employee. I’m a chemist but work with lots of ChemE’s. We’re in a similar situation. Follow the path, live a reasonably comfortable life, and become retirement wealthy. Totally agree that entrepreneurship isn’t worth the risk for us, but best of luck to those for whom it’s worth a shot.
Good video. Having lived the entrepreneur life for a while now, I have to say it has made me let go of the false sense of security I had when my husband and I were living the employee life. The pandemic proved that to us.
It’s so much easier to just be an employee for someone else. I have a lot less to manage.
Me too. I think people think that sounds depressing or wrong, but everyone is different. I prefer less work and more play, so I don’t want to be an entrepreneur or CEO. I’d much rather have a job I love working for someone or an organization I believe in than to have to always be on the clock.
Truth---My coworker been quiet quitting FOR YEARS.....
Well it's stressful if you're the boss. Got to deal with the quiet quitters hahaha.
@@thecommonsensecapricorn”less work more play” is literally entrepreneurship depending on the business you choose to run 😂
I think it’d be cool to try to start a side business in my 40s or 50s once I’ve built up enough wealth that I wouldn’t have to worry about it failing.
We started a business (while both working our careers) with $600 that created $30k of income in the first year. Sometimes it doesn't take a lot of money or time, no need to wait.
That's exactly what we did and it's been almost 100% stress-free thanks to the stability provided by our careers. Now we're close to our goal of covering our day-to-day living expenses from that business.
Best of luck!
This was a great video. Thanks for everything you do for all of us.
It’s Brian Preston the money guy 😊
Great show!
This is an inspiring episode!
I bought my first home at 21 as a self employed individual, required 2 years of tax returns. I did that till 24 then I started working for the state. I enjoy being an employee and like my job but still have the entrepreneurial spirit and trying to get into rentals or something in 10 years or so. I’ll probably retire from the state in about 28 years and find something fun to do.
Love the content, but it's an unbalanced question... Nearly 100% of education assumes employee status, making entrepreneurial success more difficult... Imagine if we instilled entrepreneurship into the curriculum.
I agree that everyone should see themselves as self-employed, even if working for someone else.
Great topic
Great show
There is a reason that entrepreneurial ability is considered an economic resource, and it's the same reason that so many businesses fail so early in their existence: entrepreneurial ability is scarce and requires a lot of hard work and few people have both the aptitude and dedication to develop it.
New subscriber here. Really great episode, guys!
Great episode!!!
This modern economy dictates that you need both. Employment for your main income/investments and side hustle to fortify everything
Time to update the follower count on the shelf! 🎉❤
FI/RE through your 9-5 then do a business and enjoy it. With that said either one is fine. Only you can decide what's best for you and your family.
The biggest risk of being an intrepreneur is being strung along by a business owner and not being given that partnership opportunity.
Almost all businesses fail and financially ruin (set back decades) the people who started it - I'd never recommend it, unless you're just spinning off your normal job into consulting.
I don't think you need all that much to be a financial coach. The basics of finance are very simple and apply to a majority of America.
I disagree, most Americans do not achieve their financial goals. Ones who choose a financial coach and follow the plan are in the top 5th of Americans.
@@mrjuvy49 You are somehow entirely misreading what I said. I'm saying that basic financial advice applies to most of America and if they did it they would be perfectly fine, which is why certificates and schooling aren't all that necessary to be a financial advisor. Because of a majority of America just followed very simple steps like saving 25% of their money and investing it in a broad range index fund and maxed out their HSA and other accounts like that they would retire multi-millionaires with great lives. I just told you all of that and I don't have any financial degree or any certificate. Now if you're in the very small percentage of America that has a very high income or weird financial situations then sure a financial advisor is great.
Live better. Work Union.
Every union I worked for sucked, I literally live and get treated better outside of the the union jobs.
@@KillerofGodsunions are trash, political and getting rich off the little guy they claim they are for. Same as HOAs. Money laundering schemes
@@KillerofGodsyou’re benefitting from unions even if you’re not in one yourself.
@@radgamerxyz No, they lobby government and impose regulations that help them and other Unions.
Unions help protect against toxic management, but sooner or later the management at the union becomes toxic and just sees the workers as a form of tax base.
@@radgamerxyz If true, the benefits were never requested anyways.
Lol, 2.6 kids
😂