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Suze Orman on Self Employment

Yahoo is featuring an article by the first lady of money, Suze Orman today. She cautions against many mistakes I have already made and a few I have not tried.

Because I love my primary calling/work as a pastor, I am never tempted to take an early retirement to follow my business sub-passions. However, I know many who have traveled that path. To them, the old adage, "Don't give up your day job" is not meant as a discouraging word - They are seldom heard at this home on the range.

Back to Suze on self-employment reminded.

Not to be a disputer, but I  do prefer Robert Kyosaki's distinction between self-empoyed persons and business owners when categorizing the four quadrants of income generation. Having said that, I think Suzie Ormand presents some extremely valuable information for those whom the government considers, "self-employed" for income tax purposes:

Suze Orman Money Matters                              

          Suze Orman, Money Matters

Protecting Yourself When You're Self-Employed

by Suze Orman

Especially helpful, is Suze's advice on Planning for Entrepreneurship:

• Figure out the replacement cost of lost benefits.

• Don't access retirement savings.

• Keep the home-equity tap turned off.

• Don't rely on credit.

Good advice all around from America's premier financial advisor.           



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