Is Self-Employment The Best Way to Get Wealthy?

Becoming a wealthy person is difficult. It takes a lot of time, energy and experience, and not everyone’s cut out to put in the ridiculous hours in order to get rich. With so many requirements, many people have retired trying to get rich and very few people manage to successfully make it happen.

But is it all about hard work, or is there a bit of luck involved too? Are there safer and faster ways to get rich, or is it all about how much you’re willing to gamble?

Becoming a wealthy person in life is more than just having money. Sure, it can be a metric to measure how wealthy you are, but if you’re already in a competitive mindset and want to compare your wealth to others, then you’ve already failed.

Many people feel like to get rich, you can’t be a slave to another person’s company. While it is somewhat true, there’s more to it than just owning your own company. The main advantage of owning a business or being self-employed is that there is no real limit to how much money you can make. Whether you make a product that is only bought by a handful of people locally or deliver a service that is used by millions from all over the world, self-employed individuals have no real limit to the income they make.

In this article, we’re going to talk about what it means to be wealthy and if self-employment really is the best way to get wealthy or not. We’ll be talking about the concept of being rich and we’ll be discussing what it takes to truly be a wealthy person.

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Defining what wealth is to you

First, let’s talk about what being wealthy actually means. For many people, being wealthy is all about having money. It’s having the extra income that will give you the ability to buy whatever you want whenever you want, and being able to live your life without being in debt to someone else. That’s the general idea of what it means to be a wealthy person, but there’s more to it than just that.

Having the ability to pay off your debts, bills and also have enough money left over to spend on luxuries, isn’t necessarily being wealthy. You could be on a modest salary with your employer and still have the ability to live life however you want. It’s not called being wealthy–it’s called having financial freedom and there are many differences between the two.

In other words, you may be confusing what it means to be rich and what it means to just have financial freedom. Try and define for yourself what it means to be wealthy. If you only mention having money for luxuries and being free of debt, then a combination of good budgeting and frugality can help you achieve that goal. However, if you decide that you have higher hopes for being rich, such as being able to help others in need and perform more philanthropic acts, then being wealthy is one way to achieve those goals.

As long as you have a goal for your money and don’t just want to become rich to have a large bank balance, then you’ll have a much easier time defining what it means to be wealthy in your eyes. Without goals or a clear definition of what being wealthy is, then you’re just going to end up working the majority of your life, slaving away for a larger bank balance and nothing to spend it on. Think before you act and plan out your future so you can decide if working towards being wealthy is worth your time or not.

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The realities of working as an employee

Now let’s talk about what it means to be an employee. The majority of the world works for someone else. It could be a boss, their clients or anyone that generally pays them. Your financial stability is always going to be in the hands of someone else and if that company you work for suddenly shuts down, then you’re going to be in trouble. You’ll need to find a new job, you’ll need to start saving your money and being more frugal, and you might even need to take out a loan just to keep your lifestyle going.

That’s the reality of working as an employee, but does being self-employed remove this reliance on your employer?

It doesn’t.

The reality is that, even if you do work for yourself, you still need to get paid somehow. If you work as a freelancer, you’ll need to find clients to work with. If your clients stop contacting you and you can’t find any new contracts or jobs, then you’ll lose your source of income. If you own a business and you lose your audience, then you’re also going to lose any revenue you were making and it will completely ruin your financial situation.

So in other words, no matter what route you go down in your, you’re always going to be relying on others. It is money, after all, and you have to get it from somewhere. You don’t just take a shovel and start digging for money, you need to source it from somewhere and most of the time it’s going to be from other people. While being self-employed does have advantages, it doesn’t mean you’re going to be immune from losing your source of income. You can set up multiple streams of revenue, but one by one they can close on you and make it difficult for you to truly be wealthy.

Don’t just instantly assume that being self-employed is the fastest route to being rich. There are many different ways to become wealthy and there are many employed individuals that are wealthy and have the financial freedom to do what they want in life.

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The struggles of self-employment

Being self-employed isn’t all about setting your ideas out there and turning them into money. There are many struggles that you have to deal with and they can range from minor inconveniences to outright business-shattering.

The type of business you run or freelancing role you take up will need to be aimed at a large audience. This is so you can get the most clients and a lot of orders. For instance, a logistics company is used by many different industries and is a type of company that sees regular business from the same clients. They also have a much easier time attracting new clients because they play a very general role in the operations of all businesses. However, as a logistics business, you’ll need to look up dealer information that will help you find trucks and other large vehicles that will allow you to transport the goods you have. It’s going to be expensive and there will be many considerations to keep in mind, but it will give you a solid foundation to attract as many customers and clients as possible.

If you decide to pick a more creative outlet for your self-employment, then you may find that eventually, you’ll have to choose between lower income to do something you enjoy, and higher income to do something you dislike. A lot of people will tell you that it’s possible to do something in life that you enjoy and still make a living from it. This is true to a certain extent, but eventually, you’ll find that you’ll lose sight of what you enjoy and end up appealing to the tastes and needs of your audience instead.

A good way to picture this is as a musician. You can start by making music that you love and grab the attention of a fairly large audience, but sooner or later, the criticism that you receive and the sales numbers will tell a more logical story. In order to make more money and become wealthy, you’ll have to focus on these statistics and find a way to boost your income. However, doing so will make you lose sight of why you entered the industry in the first place.

This idea goes back to the very first point we made in this article; you need to define what wealth is to you. For some people, making money doing what they love can be considered wealth. For others, a seemingly endless amount of money is considered wealthy and they will do everything in their power to increase their bank balance.

So to conclude; is self-employment the best way to achieve wealth? Yes and no.

There are many factors to consider such as your personal definition of wealth and the type of job that you’re thinking of, but if you keep these in mind then you might find that self-employment doesn’t offer as much of an advantage as you first thought.

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