Stiff vs. Suit for your Day Job

Suit

by Brian Lee on December 18, 2008

Blue vs. White

Here’s one you may not have considered: Is it better to be a working stiff or a suit if you’re an entrepreneur who’d rather be working for himself than the man anyway?

Entrepreneurial types tend to gravitate towards management (suit), but does that really serve their greater goal? Managers tend to spend long hours on the job and usually get paid on salary (which means no overtime). Where’s the time to make yourself rich?

My Prism

I see the business world divided into two groups: working stiffs and suits. “Suit” doesn’t necessarily mean they wear a suit to work every day; it’s a metaphorical term for someone who makes the decisions and delegates work to the stiffs.

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The Passive Income Trap

10 December 2008
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Reader Beware

Be careful when you read Kiyosaki, Robert Allen, or any of the army of gurus preaching that passive income will end all your troubles. The overall concept of “Rich Dad, Poor Dad” is profound, but it doesn’t tell the whole story. Don’t quit your day job yet.

When I first read Kiyosaki, I was immediately hooked on the concept. I read all the books and they blew my mind. I bought the game Cashflow 101 and hunted down every last friend and family member who was still brave enough to donate a few hours to reliving their financial failures in a board game.

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10 Don’ts When Starting a Business for Passive Income

7 April 2008
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1. DON’T Choose the Service Model
2. DON’T Borrow on Depreciating Assets (and for the love… don’t borrow on expenses!)
3. DON’T Skimp on Bookkeeping
4. DON’T Quit Your Day Job Until You can Reliably Replace Your Income
5. DON’T Drown in Inventory
6. DON’T Accept a Negative Cashflow Statement
7. DON’T Accept a Negative Balance Sheet
8. DON’T Chase Good Money after Bad
9. DON’T Spend More Money than You’ve Already Made
10. DON’T Become a Slave to the Business
BONUS. DON’T Mix your Personal and Business Money

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Top 5 Books of All Time

20 March 2008
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My top 5 books of all time:

1. The Seven Habits of Highly Effective People -Steven R. Covey
2. Rich Dad Poor Dad -Robert Kiyosaki
3. Think and Grow Rich -Napoleon Hill
4. Drawing on the Right Side of The Brain -Betty Edwards
5. The 4-Hour Workweek -Timothy Ferris

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Is Blogging Income Passive Income?

21 January 2008
Blogging

Blogging for income is quite the hot topic these days, with many bloggers (including this one) touting the rewards of harvesting the massive internet traffic one can create by writing digestible articles and posting them regularly on a blog. For many budding entrepreneurs, blogging seemed to be the next easy way to strike it rich.

Steve’s Soldiers

It all started a little over three years ago when Steve Pavlina began writing personal development articles for his self-named website. His lengthy, yet insightful articles became such a smash hit that his blog quickly skyrocketed into the Technorati Top 100 , and he started to disclose that he was making over 50, 100, 200, 500, and even 1000 dollars a day from his blog! Blogging was no longer for lonely college freshman without anyone to talk to.

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