Self-Employment: great money vs A Job: not great money (credit card, debt, interviews)
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I've been self employed (home improvement) for about 30 years. When I work, I make anywhere from $15-50 an hour...but work availability has slowed significantly in this economy, plus I'm not getting any younger...I am in my early 50s.
I've also been volunteering for several years, and can transition into related work - home health care/personal care. The pay for that is low, but I can get a job making $10-12 an hour with full benefits.
I'm torn - income is extremely unreliable (although excellent at times) in home improvement, plus I have to pay for my own health insurance, taxes and obviously have no other benefits - I do have savings and within two years will own my home outright, though. Also, where I live, cost of living is very low.
The benefits are a biggie for me, but I am resistant to working 40-50 hours to make what I can make in one or two days in my present line of work. On the other hand, my present line of work is a really unreliable source of income and if I were to become disabled, I'd be really up a creek. The hard part is, I sometimes make many thousands a month with my present gig....I hate to lose that potential for a steady job with a monthly take-home pay of maybe $800!
Thoughts?
Last edited by chiroptera; 03-05-2011 at 01:41 PM..
I am kind of in the same boat. I do animal massage therapy. When there is work I make $50-75/hr depending on the type of animal. Lately there has not been much work.
I am considering looking for a "real" job but the thought of 40 hour weeks and having to dress every day and deal with all of the BS that goes with an office job is not very appealing to me.
I will watch this thread with great interest to see what kind of insight others have.
Is there any way you can work full-time and do your business on the side on the weekends?
I think we are resisting the thought of working full time. Even though a steady paycheck is desirable, like the OP, I have a hard time wanting to work 40 hours to make what I could in 5 hours. If only I could guarantee those 5 hours......
My husband made his own opportunity too since after over 100 resumes-and 3 interviews in a year and half-we took what little we had left to start his own business. He does dryer vent/ac duct cleaning. When it's good-it's great. He got hired to fill oxygen tanks where I work. 1 day a week. He makes-just like me-$10hr. $80 a day. Yeah, we'll get rich off that. He makes that with one call to clean a dryer vent. But that's been very slow-he's had 3 jobs since Christmas. He was management for 21 years-ready mix concrete-dispatching/sales/quality control. He's at a cross roads and still trying to find job out there.
I think we are resisting the thought of working full time. Even though a steady paycheck is desirable, like the OP, I have a hard time wanting to work 40 hours to make what I could in 5 hours. If only I could guarantee those 5 hours......
Ther is your problem ;you lack the skils to other wise make the level of per hour in other jobs.When you cout beneifits that often come with the jobs it makes quite a differnce. But theyare not goig to pay you for not working as is happening now for you. No matter hwat your partime it seems now; have a demand problem or lack of it for your skill.
Well - I guess my dilemma is good money and autonomy, but little security or stability v crap money but a measure of security, disbility, etc.
Best case scenario is getting a part time job that offers benefits and still being able to do side work, like INTN says.
I don't mind working hard, or working long hours, if I need to. On the other hand I don't really want to be working 60-plus hours a week if I don't have to!
My expenses are low - on purpose, I have no credit card debt, my vehicles are paid for, mortgage & property taxes very affordable.
Java, I also own another house (paid for) but it's not in a great area. What I can get for rent doesn't really amount to much. I also have a couple of "passive income" streamms that don't amount to much, but cover the mortgage and a few small bills. So I am not really that badly off.
What got me thinking about this was a friend of mine who's been working in a low paid (retail clerk) job for about five years; like me she lives in an area where work is hard to find and she stuck with the job for the health and other benefits. Well, she suffered a life-threatening illness, almost died, finally went on disability. If the same thing were to happen to me, being self-employed, I'd be up a creek...my savings won't last forever.
Consider relocating. Michigan's economy isn't going to get better before you reach retirement age.
It will take about 15 years before your economy improves---and that's only if your state manages the crash of an industry as well as Pittsburgh did
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