Do you think you are ready to make that leap to full self-employment? The profit from your part-time (up till now 
business is matching or exceeding your regular paycheck, so you think
it’s time to fire your boss and make do without that paycheck. Before
you take that final step to personal freedom, make sure you truly
understand what you are giving up. Your employer paid benefits may cost
you more than you realize. For many people it will take more than
$40,000 of profit per year to replace a $40,000 annual salary.
When I talk about your employer
paid benefits I’m not referring to the “free” office supplies,
subsidized soft drinks, or even the occasional free meal at the holiday
party. The items that you need to consider are the benefits that are
going to cost you the most money. Although if you really like soda I
guess you might want to include this too! According to a survey
published by the US Chamber of Commerce in January 2004, employer paid
benefits averaged 42% of an employees salary in 2002. That means you
need an additional 35 – 45% more than your current salary to make up for
these lost benefits.
business is matching or exceeding your regular paycheck, so you think
it’s time to fire your boss and make do without that paycheck. Before
you take that final step to personal freedom, make sure you truly
understand what you are giving up. Your employer paid benefits may cost
you more than you realize. For many people it will take more than
$40,000 of profit per year to replace a $40,000 annual salary.
If this number shocks you, then let’s take a look at some of the typical benefits employers provide. Again, based on the US Chamber of Commerce’s survey medical insurance cost approximately 15% of an employee’s salary. However, employers also cover the cost of many other forms of insurance. They include
Disability,
Dental,
Vision,
Life,
Unemployment,
Long Term Care Insurance, and
Workers Compensation
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