It’s no secret that I love to stay at home and make some money, also I love helping others to success online, but today I will answer some questions you sent to me and with those questions, I notice that a lot of you are not prepared to be a Self-Employment.
Working for yourself is not seashores and all butterflies, and I comprehend that. Not everyone has good luck with it, plus it does oughtn’t work for everyone. Some regret the decision to switch to self-employment…
But some LOVE they made the switch. There are negatives and positives of also working for others, and working for yourself.
For myself, I see more positives in working for myself rather than the other way around. I want to prepare myself as much as possible also.
How To Prepare for Self-Employment
This is my most significant piece on my to-do list. Before I make the switch we definitely need to improve our savings. We want to be prepared just in case there’s an entirely horrible month of income.
I would likewise prefer to get very limited debt or just no high-interest debt. I’m fine with saving the money and not paying it off if the rate of interest is 0%. Luckily our income is not low and our expenses are relatively low.
Produce a fresh budget
If I will be self-employed and W will be mainly commission at his job, then a brand new budget must be produced. Every month will most likely have a much different income level and this all needs to be thought about. We definitely want to keep up to live on less than half of our income as well.
I don’t need us to feel like we’re fighting because we’re stressed about not having any secure income.
Construct your freelancing
It’s important before you determine to leave to develop your freelancing. Obviously, this doesn’t consistently work perfectly for everyone, but this is how I’m approaching self-employment. I got a number for where I would like to be with my freelancing income per month in my head, and I ‘d most definitely prefer to reach that before I make the switch.
I’d like to build up clients/customers to a stage where I 100% believe that I can achieve success as a self- .
Health insurance will be very costly, but luckily I’ll once we get married, be able to hop onto W’s strategy. Also, health insurance can vary extensively. You can get a very cheap plan that pretty much will only be useful when you’re near death and after paying large fees, or you can get something more expensive that will require you to pay less when you visit the physician.
For me (if I have to pay for my own insurance), since I am still young and never go to the physician, I will most likely go for something on the cheaper side for monthly payments, and save a heck of plenty of money for any fees and co-payments in a separate medical fund.
For me, luckily I don’t need lots of high-priced machines to do my work. Just a computer and I’ll be good. At this time, I just work wherever.
Diversify your work
This doesn’t have to apply to everyone. Nonetheless, for me, I would prefer to be as diversified as I can. This way, if something decreases with one of my occupations, then I’ll have a few other regions to fall back on. I’m working on adding more side hustles all the time, and the other day added site direction to my list.
I understand that the majority of my work is related to sites, so I am looking for additional places also to expand in. What do YOU REALLY do for work?
Taxes – Are these forgotten about don’t!
OF COURSE, I am paying taxes. It is no pleasure to have to pay them but it needs to be done. Taxes are paid and they’re not cheap. Taxes must be placed into our budget too, and I wish to budget on the high side so that there are simply no surprises.
Loans will be harder to get approved for
As you don’t work for a company and you don’t have a stable income it’s very important to send all your money to your bank account, pay what you can with your credit card and you won’t have any problem when you decide to buy a new car or a house.
Would you make the switch to self-employment?
Do I forget about something?
Just write down messages below and let me know your experience