Tuesday, September 30, 2008

Scenario : Small Business Entrepreneur

Similar but different than Young Work Force, Small Business Entrepreneur may not have Consistent Income.  Therefore, instead of putting aside a fix percentage of your income, you just put aside a Fix Amount

However, don't forget that when you are self employ, your main goal is to Turn Your Business into AutoPilot !!  Meaning you HAVE TO come up with a SYSTEM that can run your business on its own.  Else you will always be self employ, which is Really not much different than a Job in personal finance terms.

Self Employ : You work for your self, you set your own rules but you still depends on your buyers to survive.  The day you stop finding buyers is the day your income stops.

Business : A system is in place so even if you take a 3 months holiday, the business runs as usual.

Investment : You dump your money in and you get back a larger sum after a period of time.