Starting your own business is the key to financial independence... Fact or Myth?

Philippines
February 5, 2007 10:17pm CST
some say it's the only way to gain financial independence. but from what i see out there, i don't really think this is always true - or should i say mostly true. and with what they also say that it can give you more free time for yourself and your family, i just doubt this. is there really a future to leaving your job and take the risk of starting your own business?
3 responses
• Philippines
6 Feb 07
Not all business succeeds! So starting a business can't all the time aid in financial independence. Maybe for some people who succeed. And when business is just starting then you leave your job that would be a risk as you say.
@ethanmama (1746)
• Philippines
6 Feb 07
I think it really depends on the individual. While starting a business and making it earn for you is ideally the best way to earn money, the reality is that not everybody is cut out to be an entrepreneur. An entrepreneur is somebody who is willing to take risks and who is willing to forego a sure monthly income. But, if you do succeed in business, it is very rewarding. And it's something that you can leave to your children. You can't leave a job to your children. But a job ensures that you have a sure income every month, if you don't get fired, that is :D.
@willocfc (965)
• Australia
6 Feb 07
If your business succeeds then that statement is true, but for every new business that does succeed there are countless others that never quite manage to get of the ground and the owners are left financially ruined.