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Tag Archives: Self Employment

Don’t Forget the Financial Costs of Working from Home

Don't forget about the financial costs of working from home

  Having a job where you can be your own boss, work the hours you want, stay home, work in your pj’s (if you want to), etc., sounds like to a dream job to lots of people. Who wouldn’t love to escape the commute to and from work? No more being stuck in a bus or train beside someone who’s sick and coughing all over you. No more traffic or weather to fight each day, costing you precious hours and minutes you could be doing something else. Working from home may sound like a dream job, and in many cases, it is. But there are downsides to working from home too. One of which is the financial costs of working from home when you are self employed. Before you consider leaving your current job to go it alone, make sure you weigh the financial costs of working from home. Taxes It’s easy to forget about paying Uncle Sam his share of your earnings when everything comes off the top and is calculated for you by your employer before you get your take home pay each pay period. However, it’s not as easy to forget when you have to calculate and ...

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Considering Self Employment? Here’s What You Need to Know

self employment

Last week I introduced myself and told you a little bit about me, including why I decided to quit my job and become self employed even though I still had a lot of debt and little in savings. It was a risky move to be sure. But in the comments a reader named George told me that he made an even riskier move (in my opinion) by quitting his job without an exact plan or any revenue coming in. He also asked some follow up questions about my decision to become self employed. Here’s what he said: Similar to you, I quit my job to pursue my own business about a year ago. However I quit before I had any revenue coming in. There are times when I wonder if I left too early. I’d love to hear your thoughts on how people can evaluate what the right time is to leave the full-time job. How did you know when it was right for you? Was it when you had enough side income to cover your daily expenses? Were there other non-monetary factors? Would you quit without an idea of what you want to pursue (like people who travel the world while ...

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Why I Quit My Job to be Self Employed

Hey everyone! If you saw today’s post title and thought to yourself, “What the heck? I thought Kim just said she quit being self employed to go back to a traditional job?!” rest assured you are not going crazy. (At least no crazier than the rest of us!) 🙂 Kim did indeed decide to go back to a more traditional job, and thus she also decided to give up blogging here at Eyes On the Dollar on a regular basis. I’m still hopeful that we’ll hear from her on occasion so she can fill us in on her life happenings. In the mean time, I’ve got some pretty big shoes to fill. Who am I? Yes, I suppose it is time for an introduction of sorts. I’m Kayla and I blog over at ShoeaholicNoMore.com. When I heard of Kim’s decision to take a backseat role over her at Eyes on the Dollar, I was honored to be offered a chance to add my voice to the site to continue sharing knowledge of money and personal finance with all of Kim’s readers. To start things off this week, I just wanted to give you a bit of a backstory on me, ...

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Quitting Self Employment for a Traditional Job

going back to work full time

Except for the first two years of my career, I’ve been self employed. First as a small business owner, then as a contract optometrist. Being my own boss has been a great experience, but very soon I’ll be quitting self employment for a traditional job. Although this flies in the face of those longing to leave the 9-5 lifestyle, it’s the right decision for this stage of my life and career. Self Employment is Great Until it Isn’t I don’t regret being my own boss for all these years. Being in charge allowed me to take off when I wanted, leave work to pick up my kid, and control how much or how little I worked. However, years of managing employees, dealing with self employment taxes and paperwork, and having to work like a fiend before, after, and occasionally even during time off does wear you down. I am a huge believer in hustling. both in your day job and beyond. I don’t think I’ve ever had a traditional 40 hour work week. Even after cutting back on being an optometrist, I made up for the downtime with blogging and freelance writing. That was a game changer as we’ve paid ...

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Ideas About Self Employment

self employment ideas

Self employment is a dream for me because I can choose when and how much I want to work. It also has it’s downsides as well. Here are my ideas on self employment. Retirement Contributions Con-Even though I have been essentially self employed for years, I had someone who kept up with deposits, bills, payroll deductions and taxes,  book work and issued a paycheck to me twice a month. I could set up how much to contribute to retirement and not really have to think about it other than to rebalance from time to time. Now, I have a solo 401k, and I am solely responsible for funding it. Yes, I can set up recurring contributions, but the money still goes into my account before I can send it on. It is sometimes really hard to pull the trigger and let that money go. It’s much easier when it comes out of your paycheck and you never see it. I also don’t get any company match. Pro– The overwhelmingly positive thing about having a solo 401k is that I can not only contribute the full $17,500 employee contribution, I can also put in 25% of the net profits from my ...

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