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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2 responses to “Suze Orman on Self Employment”

  1. BigFish Avatar

    I am not a big fan of Suze Orman. If you were to follow her advice, nobody would be self-employed! She is conservative to the point of being totally risk adverse. If you listen to her show about “Can I Afford That?” She wants everyone to have half a million in the bank and 9 months of cash reserve before anyone can go on vacation. By the time I am retired, I won’t want to do anything but sit around and watch tv. What good will all that money do then?

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  2. pastortomsims Avatar

    I am not sure I will ever retire, but your point is well taken.

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