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With a scenario this immense, I'm not sure you're all that much more protected in a 9-5 'job' vs being a self-employed consultant. I do agree that many folks jump ahead without too much planning for the future, and... sometimes it works out, sometimes it doesn't. I've been burned a few times in the past, and while I am still self-employed, I've become a lot more cautious and reserved in my operations and personal life.

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With this kind of scenario, if you have a 9-5 job, you have a very clear transition to unemployment. If you're a consultant... There is definitely government will and intent to help you, but you're a square peg, and the unemployment offices are still figuring out how to best fit you into a round hole.

I agree. As an employee, you assume some of the same downside as the business owner, and little of the upside. If the business fails, you are out of a job. If the business does well, you might get a small raise.

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