Fewer than one in five millionaire business owners turns his business over to his children to own and operate. Why? Give credit to wealthy parents. They know the odds of succeeding in business. They understand that most businesses are highly susceptible to competition, counter consumer trends, high overhead, and other uncontrollable variables.
So what do these millionaires advise their children to do? They encourage their children to become self-employed professionals, such as physicians, attorneys, engineers, architects, accountants, and dentists. As stated earlier, millionaire couples with children are five times more likely to send their children to medical school.
The affluent know the risks and the odds of succeeding or failing in business. They also seem to understand that only a small minority of self-employed professionals fail to make a profit in any given year, and that the profitability of most professional service firms is substantially higher than the average for small businesses in general. We will elaborate on these issues with hard numbers. But first let’s discuss the other attributes associated with being a self-employed professional.
They can take your business, but they can’t take your Intellect!
What does this mean? A government and/or a creditor can confiscate a business composed of land, machinery, coal pits, buildings, sell? Not coal, not paint, not even pizza. What they sell most of all is their intellect.
This Article is taken from The Millionaire Next Door
Written by Arshad. A