24 years old, Christian man, worship leader, songwriter, composer, an excellent Air Traffic Controller, an associate's degree in aeronautics, 8 classes from a bachelor's degree, okay with handling personal finances but could be better, never been bankrupt, in the military, know that people that get rich got there through business ownership, and a huge desire to better my financial situation and provide a comfortable life and future for my wife and kids(currently have only one kid).
2006-12-02 04:35:55 · 5 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
It can make you rich...or poor. Wanna start your own business? Get financial backing. Have enough money to live on for at least 1 year. Do your homework--have a solid business and marketing plan. Work 60-80 hours per week. Good luck.
Avoid "business opportunity" scams, and most companies with "America", or some form of that, in their name.
2006-12-02 04:41:55 · answer #1 · answered by Anonymous · 1⤊ 0⤋
There are no guarantees but you have a better chance of making money in your own business than working for someone else. If you work for someone else, they take tax credits and business profits to support themselves and pay you a salary. Won't you be better off making 100% of the profits for yourself after paying taxes and business expenses??? If you can find a need and fill it with a product or service, you will be on your way towards a generous income for your family; however, it will take a lot of work. The only way to really become rich is by spending less than you earn. Business ownership will show you more about finances. You'll have to learn to cut expenses in your personal and business finances. Learn to save for the future which will be a tax deferred retirement fund for yourself. At 24, you have a very good shot to saving money over the next 30-40 years and retire with a very decent income down the road. For now, consider a part time business while remaining employed in a job that will help you with the security and then you'll know when the time comes to go 100% on your own with that business venture. Read some of the books in your library about entrepreneurship and make sure it's what you really want to do. Owning and running a business is not for everyone. You get out of life what you put into it so whatever you decide to do, decide to be the best. Please take action today. You seem to have your goals and priorities... take that next step.
2006-12-02 08:03:57 · answer #2 · answered by Anonymous · 0⤊ 0⤋
YES and if you are a dipshit with money, it can make your life miserable as well.
The government LOVES those who work for a paycheck for that is where all the tax money comes from. If you own your own business there are loads of way (with the right accountant) to avoid paying taxes.
Remember to always have people smarter than you in your life working with you !
2006-12-02 07:37:50 · answer #3 · answered by Kitty 6 · 0⤊ 0⤋
The "okay with handling personal finances but could be better" part is my only concern. And then, it's important to know what could sell and how good you are at marketing yourself.
Good luck
2006-12-02 05:01:01 · answer #4 · answered by mickeyg1958 4 · 1⤊ 0⤋
It depends on the success of the business.
2006-12-02 04:58:53 · answer #5 · answered by Webballs 6 · 0⤊ 0⤋