How Much of a Paycut Would You Take To Be Able To Work For Yourself?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's the net pay that's important, not the gross. Think about all of your business expenses - now double that figure because you have to pay your own self employment taxes too. PLUS, you might have to find your own expensive health insurance.

Obamacare is going to change this! Yea! I can't wait until I can buy affordable health insurance and go out on my own.

I have little tolerance for office politics, I don't like rules or stupid people telling me what to do and how to do it. I've managed to stay employed so far, but I'm putting together a business plan, and as soon as I save up enough of a cushion, I'm outta here! I don't care if I make less money. I am not risk averse, nor am I a worker bee, nor am I a person who likes the security and safety of a structure where everyone knows what's expected of them.

I want freedom! And I'm going to get it. I'll take a pay cut for a while, but expect I'll make more money, a lot more, in time. Thank God Obama won!! I can't wait until I'm in the top 1% and have to pay more taxes!!

I work professionally with a lot of people who work for themselves. One word of advice: don't spend TOO much time on that business plan. What I mean is, some people use working on and perfecting a business plan as a reason to delay going on their own. One client told me his business plan was his first contract with a customer (a builder). Several have told me they had everything set down in their business plan, then got a huge client and the plan went out the window - the plan they envisioned never realized, but a better plan came about in reality.

Not saying go into it wild eyed, just don't use "working on the plan" as a crutch that keeps you working for the man.

8:28 yet again. I agree with this. In fact I never even made a business plan until I was three to four years into my business and needed one for some financing. I tell you, it was much easier and quicker to write up a business plan once you're knee deep in the business! It's also more realistic because you are already doing it. Also, don't make it too long and involved. Ten to fifteen slides in a PowerPoint is all anyone wants to see these days.

Good luck. Once you're large enough to delegate and have employees to cover things like HR and accounting, and you're able to do the fun stuff - the freedom is PRICELESS!!