Start Them Young – Entrepreneurial Skills All Kids Should Learn
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@dafyre said:
@johnhooks said:
I really think that people should have to work at least as a 1099....(snip)
What do you mean by 1099 work? Contractor or what?
Anything. It's the 1099 that he's saying is important. Not the work.
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@dafyre said:
@johnhooks said:
I really think that people should have to work at least as a 1099....(snip)
What do you mean by 1099 work? Contractor or what?
Any non employee status. You get paid in full with no taxes taken out. So you need to file quarterly payments to the IRS.
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@johnhooks said:
Any non employee status. You get paid in full with no taxes taken out. So you need to file quarterly payments to the IRS.
And have to cover all of the insurance, fees, both sides of the taxes, etc. It gives you a real feeling for how much overhead a business is required to pay that you never see, just to be allowed to pay you.
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@scottalanmiller said:
@johnhooks said:
Any non employee status. You get paid in full with no taxes taken out. So you need to file quarterly payments to the IRS.
And have to cover all of the insurance, fees, both sides of the taxes, etc. It gives you a real feeling for how much overhead a business is required to pay that you never see, just to be allowed to pay you.
Ya it's nuts. Self employment and Medicare taxes alone are 15.3% up to $118,500.
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People have no idea how much money companies spend on them. When I worked for a huge Wall St. bank, I learned that my cubicle space and all of the things that go with it (HVAC, workstation, desk, power, light, security, my share of the restrooms, etc.) came out to cost more than my salary, and my salary was good. What I took home in my paycheck was only like 35% of what the company would spend for me to work there.
We figured it was $500K a year per person that worked in IT as a rough number. The salary of the person was not a significant factor until you got into executive management and even there their offices got larger and their "other costs" would go up with their salary keeping it from ever becoming a dominant percentage of total costs.
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Ah, ok. I gotcha. I ran a computer store for while, but there were no real employees to speak of, and this was before health insurance, etc. was required for small shops. My Pops did a lot of the accounting and the IRS paperwork, so I never had to deal much with it.
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@dafyre said:
Ah, ok. I gotcha. I ran a computer store for while, but there were no real employees to speak of, and this was before health insurance, etc. was required for small shops. My Pops did a lot of the accounting and the IRS paperwork, so I never had to deal much with it.
Yeah, it's not running a shop that does it so much, it's getting paid on a 1099 and/or having employees to pay that really exposes it. If you run your own business with only you as an employee you can do so many things to funnel yourself tax-free money that it covers up the pain that the business-side taxes inflicts.
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You have to have workman's comp, unemployment insurance (or risk paying that out of pocket - employees often quit and try to claim this), legal fees (to deal with things like fake workman's comp claims), CPA fees, health insurance, HR requirements, both sides of the payroll takes, corporate bank fees, payroll fees, etc. It adds up fast.
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"Here are 8 entrepreneurial skills that will help your kids become the next Steve Jobs - leading successful, fulfilling lives"
Euugh, why would anyone want their kids to be like Steve Jobs? He was a complete bastard who treated his family like dirt. I'd hate my kids to grow up like him. His life doesn't even sound very fulfilling either.
And since when has empathy been an "entrepreneurial skill"? A significant number of successful entrepreneurs are psychopaths with no empathy whatsoever.
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@Carnival-Boy said:
A significant number of successful entrepreneurs are psychopaths with no empathy whatsoever.
Significant number or a significant percentage?
And who said that being successful was the goal? This is about skills that kids should, nothing said that kids should be entrepreneurs.
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I just don't see what is entrepreneurial about any of it. They're good life skills all kids should learn (and I'm sure any kindergarten teacher would agree). What does it have to do with entrepreneurship?
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@Carnival-Boy said:
I just don't see what is entrepreneurial about any of it. They're good life skills all kids should learn (and I'm sure any kindergarten teacher would agree). What does it have to do with entrepreneurship?
That these are skills that entrepreneurs tends to have and that are good life skills that all kids should learn but generally do not.
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Nearly every one of these is a skill that are specifically crushed by the US education system systematically.
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@scottalanmiller said:
@dafyre said:
Ah, ok. I gotcha. I ran a computer store for while, but there were no real employees to speak of, and this was before health insurance, etc. was required for small shops. My Pops did a lot of the accounting and the IRS paperwork, so I never had to deal much with it.
Yeah, it's not running a shop that does it so much, it's getting paid on a 1099 and/or having employees to pay that really exposes it. If you run your own business with only you as an employee you can do so many things to funnel yourself tax-free money that it covers up the pain that the business-side taxes inflicts.
And having a side business as a sole proprietor is nice because as long as you are employed somewhere else, your taxes are usually taken care of. You can pretty much write off enough to cover most of your side business income (depending how busy you are).
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Which hides much of the overhead and complexity.
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@scottalanmiller said:
Nearly every one of these is a skill that are specifically crushed by the US education system systematically.
And yet the US produces more highly successful entrepreneurs than pretty much anywhere else in the world...which just backs up my theory that these aren't skills that entrepreneurs need or generally have.
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@Carnival-Boy said:
And yet the US produces more highly successful entrepreneurs than pretty much anywhere else in the world...which just backs up my theory that these aren't skills that entrepreneurs need or generally have.
But that's not why. The skills are universal. The US produces entrepreneurs in droves only because we produce investors in droves. Nearly all countries have entrepreneurs at similar levels, I'd argue that Central America produces them in much higher quantity by percentage of population. But the US produces rich ones because there is startup capital available. Almost no one else has that.
