Anyone previously self employed?

[Bette]

Originally Posted by davebarnes

Is a closed ended question.

I did post this question in the past and did not realize many responses. This time, I got some really helpful ones.

I'm sorry my question wasn't more narrow but there are a lot of self employed people out there and I'm hearing people talk about their medical doctors selling out and how they are disappointed in the new regime.

This could be him. He could sell and clients would not be happy. He cares about his clients; he has worked hard to earn their trust and their business.

I'm not pushing him out; just looking for some ways people diversified their lives.

My husband is a good man and was/is a good father to our adult children. After they left the home, it was too quiet. He turned to more and more work and so did I at the time. That was 10 years ago.

Trying to find the right niche, the right place is hard. We love where we live but 10 years down the road, the neighborhood may change and we may feel out of place. Not sure.

Lots of things to consider. He grew up an only child so he is quite content to have quiet time all the time. I on the other hand, come from a large family with lots of activity so I like people around most of the time. I love being around people.

Thank for your response anyway. I'll try to do better.

Always disappointing someone but hey, it's 5:00 somewhere! (RIP Jimmy Buffett!)

[NORTY FLATZ]

I was self employed.

Kid wasn't interested in succeeding me.

Sold the biz, and customer list.

Goofed off for 4 years. (To age 50.)

Got bored. (and fat.)

Took a menial (PT) job at the City.

Did that for 5 years, then decided to work FT and get benefits. Still doing this. Not doing it for the money, as it isn't very

much. Doing it because I'm helping people.

"Work" is a lot more enjoyable, when you don't have to work.

[StealthRabbit]

What my husband would love is for our son to finish college and get his CPA. He has a hard time with the fact he did not finish college. Our son has a 2 year degree and tried his junior year but a few courses were tough plus he had to work.

No requirement to have a degree to own a tax preparation company.

Son could take Enrolled Agent route, do taxes (as competently as a CPA) and hire out the CPA chores. (Often business client related)

[KaraG]

Does your husband have employees now that can handle things if he takes more time off?

[Bette]

Originally Posted by StealthRabbit

No requirement to have a degree to own a tax preparation company.

Son could take Enrolled Agent route, do taxes (as competently as a CPA) and hire out the CPA chores. (Often business client related)

My husband is having our son take that course. He will be an EA.

In all fairness to my husband, the knowledge he has in his head is just self taught. He can figure out the hardest returns - I really admire that.

This is a guy - who at age 14 - struggled with math. But then, he (my husband) went to Community College and had a great professor who taught them so well my husband "got" it, switched his major to Accounting and the rest is history.

I wish our daughter had some interest. She is a whiz at the hard stuff. Organic Chemistry, physics, any math - a breeze. But our son struggled with those same subjects - I struggled with anything science but loved all math.

Hopefully, our son will like it. So far, he seems OK with it.

Thanks for the suggestion. The lack of finishing college is just such a sore subject with my husband.
I tell him it's not for everyone but I know he felt so fortunate to attend college that he just can't believe people don't jump at it.

My husband's mom saved $5.00 each week for his college and that's how he was able to attend.
I always told him to make sure he took care of his mom (he did).

[Listener2307]

We were self employed sales reps. Textile industry.
Industry died, so the business did, too. I drove a truck for 5 years until I was 65.



Money management had always been a topic around our house. We made a lot more than we needed and when the possibility of retirement came up we practiced for it by living off what we would make when retired. We paid everything off - houses, cars, etc.

We call that a "seamless" retirement, and still draw about the same amount today, 13 years later.


Here's how it works - and has for many years:
*ALL money made goes into a Money Market account. ALL! We have 5 streams of income.
*On the first day of every month money is transferred into checking accounts, but only enough for the month.
*When there is more than 6 months money in Money Market we transfer it to something more of an investment quality.


We have no 401K to worry about and after being retired since 2010, still have positive cash flow.

[jbgusa]

Originally Posted by Bette

Or have friends who were self-employed?

How did you morph into retirement?

Both my husband and I are both self employed. Our son will take over my business and he already works for me. Even if I get a deal here and there, I'm sure he'll pay me something.

My husband's business is a different story. He could literally do it till he's 90 or longer. But once, he sells he would be out. It would be hard to start up again if he got bored. He is a CPA full service, all year long.
He has a lot of certifications - always taking a course in something.

I was going to take a week here and there just to get him out of the office and see different parts of Florida.

Then, our employee passed away unexpectedly so this might not work.

Just something I'm struggling with. He will mention "in 5 years, we'll think about it" - stuff like that.

I don't know if this is "on topic" but I was involuntarily self-employed for all of 2015, 2016 and the first third of 2017. My senior law colleague and I transferred to an NYC firm at the beginning of 2014. They axed me effective the end of 2014. When he resumed independent practice as of May 2017, I rejoined him. In between, he and another law colleague, who has since rejoined us, fed me work and I picked up other work.

I was happy to cease "self-employment" even though for spells it was lucrative.