AKA “Multiple Streams of Income”
“Gettin’ a Job” or “Selling Your Time”
Definition of Employment:
Employment is a contract between two parties, one being the employer and the other being the employee. A person in the service of another under any contract of hire, express or implied, oral or written, where the employer has the power or right to control and direct the employee in the material details of how the work is to be performed.
In a commercial setting, the employer conceives of a productive activity, generally with the intention of generating a profit, and the employee contributes labor to the enterprise, usually in return for payment of wages. Employment also exists in the public, non-profit and household sectors. To the extent that employment or the economic equivalent is not universal, unemployment exists.
Benefits of Employment:
- Salary based on your skill, education, experience and locale.
- Benefits based on the employer’s policies. These can and do include any/or all of these:
- Life Insurance
- Stock in the company
- Health Insurance
- Annual Leave (Vacation)
- Sick Leave
- Company Expense Account
- Company provided Automobile
- Profit Sharing
- Training and Education
- Travel Expenses
- Career advancement
- Security and Stability
- Income is limited to a set payment for a unit of your effort. For example, you and your employer agree on $15/hr and 35 hours per week, so, you get $525/week minus withholding such as Federal, State, FICA, and Medicare. Thus, in order for you to earn more, you will need to either negotiate with your employer for more time (overtime) or a higher salary, both are difficult negotiations due to your employer’s goal of making a profit from your efforts.
- You will be directed by your employer or by a person above you (manager or supervisor). This may create friction and conflict. You want more money and more control. They want more productivity and profit.
- The employer reserves the right to reduce or eliminate your benefits, especially if you are not a union member.
- The employer also has the right to terminate your employment due to numerous reasons such as: economic downturn, reduction in business, lack of effort on your part, or any reason that the employer can think of. This is defined as unemployment and you only have one level of income: unemployment insurance payments, which are extremely limited.
- Unemployment insurance is regulated by each state. You should be knowledgeable concerning the laws in your state regarding this.
Society, Family, Friends, and the Government place a very high value to being employed and frown deeply concerning unemployment.
However, being employed is only ONE way to make money. It is recommended that you have more than one source of income. There are many, many more ways.
The Next in the Series:
If you are looking for employment, here are some resources. Know that you will need a resume and the ability to fill out a job application and be presentable at a job interview.
- Classifieds in Newspapers, Magazines, and On-Line Services
- Friends, ex-coworkers, professional groups, family members, social and religious groups, etc.