Home > Mom's Life > Family Finances > Family Budgets > Basic Rules for Financial Freedom: Make Wealth Happen

Slideshow Iconslideshows MORE

|

Basic Rules for Financial Freedom: Make Wealth Happen

7 of 15
successfulbusinessman,CEO

Understand That Working for Others Won't Necessarily Make You Rich -- But it Might


Most of us assume that we'll never make it to greater prosperity while we are working for someone else -- that only by being entrepreneurial will we become wealthy. And for a lot of us this may well be true -- there is a limit as to how much you can earn per hour in return for your labor. However, there are some who do make it good this way.

We shouldn't overlook the fact that being employed may be the best route for us and that we don't have to run our own business. There are whole categories of employees who are doing quite nicely, thank you -- for example, a friend of mine works in corporate insurance, and he's extremely wealthy thanks to large commission payments. He says he wouldn't be any better off working for himself.

Many people working in the computer business opted to become contractors because they assumed they would earn a lot more. Some did, but at the cost of stability. When the contracts dried up, some were worse off than when they were employed. But for some, this was indeed the best way to go, and they have made handsome sums by becoming self-employed.

I guess you have to keep an open mind about this one and not be driven by assumptions. You can make yourself quite unhappy by forcing yourself into self-employment if this isn't the right way for you. Perhaps the stability of employment is a greater priority, and you should stick with it and not feel compelled to start your own business.

Next: Spend Less Than You Earn

From The Rules of Money Copyright © 2007, FT Press. Used by permission of FT Press, and Pearson Education. All rights reserved.

To order this book, buy on Amazon.

highlights

7 Tips to Childproof Your Smartphone
Before you hand over your smartphone or tablet, follow these childproofing tips to help keep both your child and your device safe.

Find Today's Newest & Best Children's Books!
Looking for newly released books for your child? Try our new Book Finder tool to search for new books by age, type, and theme, and create reading lists for kids!

11 Survival Tips for Summer Boredom
When the kids are home all day, every day, summer boredom strikes hard and fast. Learn the best summer boredom busters for children of all ages.

Registered for Kindergarten — Now What?
Try our award-winning Kindergarten Readiness app! This easy-to-use checklist comes with games and activities to help your child build essential skills for kindergarten. Download the Kindergarten Readiness app today!

stay connected

Sign up for our free email newsletters and receive the latest advice and information on all things parenting.

Enter your email address to sign up or manage your account.

Facebook icon Facebook icon Follow Us on Pinterest

editor’s picks