Breaking the chains of Wage-slavery
Witness destruction of middle class
a. Many working paycheck-to-paycheck
b. 40+ hour work weeks just to get by
c. Strict schedule where your boss “owns” you during working hours
a. “Show up on time, OR ELSE!”
d. High stress
a. Being away from home discourages having large families
b. Suicide higher than ever
e. Nobody can afford houses or land
f. Maybe retirement with Social Security at 65+ after 40 years of work.
a. Whole body hurts like hell
b. You’re estranged from your kids
g. Maybe chance to leave inheritance to children
a. Probably going to spend it all in elderly care facility
b. If purchased a house, may reverse mortgage it
h. Why? Because the attitude around labor changed
Labor as a commodity for sale
You are selling your life for petty cash.
a. Before Industrial Revolution (USA)
a. Time-based workers less than 10% of population
b. Most people involved in agriculture
Reasonable amount of free time
Spend the day working WITH YOUR FAMILY
b. Judeo-Capitalist Slavery System
a. Indoctrinate you for 18 years
b. Work you for 40 years
c. Take all your children’s inheritance through elderly care facility
d. Less than 1% of your lifetime profit will go to your children.
Labor as a tool for profit
Materials + Labor + Sale - CoB = Profit
a. When you work a wage job, you let your boss handle the Materials and Sale, and Cost of Business. You don’t get any profit.
Make $300-1500 a week in profit.
b. When you handle the Materials and the Sale, you get the profit.
Make $300-1500 a day in Revenue.
Having the necessary skills to have valuable labor
a. You will usually enjoy something you are good at, so find any skill. Somone is willing to pay for it. Most people won’t DIY things.
b. Here’s a list of almost every single job in existence, in the Standard Occupational Classification manual from the Bureau of Labor Statistics: https://www.bls.gov/soc/2018/soc_2018_manual.pdf
a. Find one that has to do with your skill, and see if it’s something that you can do on your own.
c. It’s almost free to learn new skills with the internet. It’s only really hard to find a teacher if you want it in person.
a. It’s easier to find another small business owner to help coach you than to find someone who is good at what you want to do.
Make the decision to work for yourself
a. Understand basic business terms
a. I recommend taking 1 college class, which is an introduction to Business Accounting from any college. It is worth the one semester tuition, you will save the money in taxes.
b. Learn the different filing statuses for a business, ie LLC, Single-member LLC, C-Corp etc. This is done with your Secretary of State
c. Learn how to pay Business+Occupation tax, and how to collect and remit Sales Tax. This is done with your State’s Department of Revenue.
d. Find out if you need to have any special licenses, like food handling or are required to have your work subject to government inspection.
e. Learn about how to categorize your expenses: https://simplicable.com/en/business-cost-examples
b. Materials
a. Make a list of materials that you need to do your job (assuming you make cabinets)
Supplies (batteries, filters, glue, stain, varnish)
c. Labor
a. This is you, your spouse, and your children.
b. Get used to the idea of a family business.
c. Consider bringing brothers on board with a written agreement.
d. Sales
Other Businesses (B2B services)
Other Businesses (Retail on Commission)
Direct-to-customer Sales (storefront)
Direct-to-customer Services (Storefront or mobile)
b. How will you track sales?
Website like Woocommerece
c. How will you accept payment?
e. Cost of Business
Portable (service/food truck or trailer)
Whatever you must use in order to make something.
If you make cabinets, it would be the materials to build the cabinets, wood)
Expect to pay 30% of your PROFITS – not your Revenue
Filing as Single-Member LLC when first starting business can help because your personal tax return scale is progressive and not a flat 30%
In the end, it’s for you to decide if you’re going to take the risk to break those shackles.
a. It’s not easy, but I hope you make that decision.
