Mika
VIP Contributor
Working for someone else means you are working on a job for a company or individual. When you have a job you are working for someone else. Even when you are self-employed, you are basically working for others because you are offering services to other people. However, if you own a business or have created a product, you are working for yourself.
Working for Someone Else vs. Working for Yourself
Whether you are on a payroll of a certain company or are on a short-term contract, you are working for others. If you are a business owner, you are working for yourself.
Working for yourself is more profitable than working for others.
When you work for others, you are basically generating earned income. Earned income has high tax rates.
When you work for yourself, you are basically running a business or selling your own products. When you are working for yourself, you are basically generating passive income, and passive income has lower taxes.
Working for Someone Else vs. Working for Yourself
Whether you are on a payroll of a certain company or are on a short-term contract, you are working for others. If you are a business owner, you are working for yourself.
Working for yourself is more profitable than working for others.
When you work for others, you are basically generating earned income. Earned income has high tax rates.
When you work for yourself, you are basically running a business or selling your own products. When you are working for yourself, you are basically generating passive income, and passive income has lower taxes.