Finance Globe

U.S. financial and economic topics from several finance writers.

Spend Less Money While Moving into Self Employment

Spend Less Money While Moving into Self Employment
One of the primary benefits of self employment is financial freedom. You are no longer held down by an employer, meaning that you and you alone are responsible for reaching your full earning potential. Many people shy away from self employment due to the costs associated with this decision. This isn’t something that should hold you back. This isn’t something you should be scared about. Instead, you should formulate a plan for spending less money while...
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Frank
Another very important thing to consider is the extra taxes and health insurance you will likely need to purchase. Self-employed p... Read More
Thursday, 21 April 2016 16:25
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Why Self Employment Goes Wrong for Some People

Why Self Employment Goes Wrong for Some People
There are people who make the move into self employment and never look back. Every step they take is one that moves them closer to their professional goals. Conversely, there are people who soon realize that they are now faced with a variety of challenges. And for this reason, they are truly scared. Do you ever wonder why self employment goes wrong for some people? If so, here are three reasons for this: 1. They neglect...
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Frank
Self-employment can be extremely risky and very stressful. As Chris lays out in the post, there is a lot of unknowns so you have t... Read More
Tuesday, 08 March 2016 09:30
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Technology Helps Self Employed Professionals Work More Efficiently

Technology Helps Self Employed Professionals Work More Efficiently
As a self employed professional, you realize how difficult it can be to work efficiently. There are many reasons for this, including the fact that you are no longer in a connected office with other people. While this is a big adjustment, the use of technology can work in your favor. This makes it easier to communicate with others, regardless of location. Furthermore, you can use technology to market your business, secure new clients, and manage...
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Frank
As an online platform, I use Elance and Upwork. The websites are great for freelancers to get work, communicate with their clients... Read More
Thursday, 14 January 2016 10:50
ChrisB
Totally agree, Frank. It may be an expense, but I like to think of it as more of an investment. Great ideas!
Friday, 15 January 2016 08:09
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Employer Benefits You are Missing with Self Employment

Employer Benefits You are Missing with Self Employment
Deciding to take a leap into the self employment pool may be one of the best decisions you ever make. Not only does it give you more control over your destiny, but it provides a high level of freedom. Just the same as any professional endeavor, you need to consider both the pros and cons. One of the biggest drawbacks is the lack of employer benefits. In other words, you have to account for these benefits...
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Frank
I am getting on my soap box here, but I think you get completely screwed being self-employed. The additional taxes and out of pock... Read More
Thursday, 14 January 2016 10:50
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Self Employment Burnout: What are the Signs?

Self Employment Burnout: What are the Signs?
As a self employed professional, it goes without saying that you always have a lot on your mind. After all, you are responsible for every aspect of your business. From accounting to marketing to sales, you are the person in charge. Unfortunately, many self employed people face burnout at some point in their career. It is important to understand the signs of this serious problem, as it could help you avoid trouble before it sets in....
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Frank
Chris, I can relate to these signs! I have been working as a self employed professional as well as maintaining my other current jo... Read More
Thursday, 14 January 2016 10:36
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Are you Seeking Self-Employment in 2016? Search for a Business Credit Card Today

Are you Seeking Self-Employment in 2016? Search for a Business Credit Card Today
With 2015 coming to an end, there is no better time than now to plan for the future. This holds true both personally and professionally. If you are tired of working for somebody else, if you are ready to take the bull by the horns, self-employment in 2016 may be the best decision. While this is a big change from the norm, it could benefit you in a number of ways. From a financial perspective, there...
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Frank
These rules and recommendations really apply to getting any credit card, whether it is for a business or personal reasons. One add... Read More
Thursday, 17 December 2015 19:00
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Make Note of these Tax-Deductible Expenses for the Self-Employed

Make Note of these Tax-Deductible Expenses for the Self-Employed
As a self-employed professional, you are well aware of the pros and cons of working for yourself. Regardless of your industry or how much money you earn, nothing changes the importance of understanding your tax situation. There are many ways to reduce your taxable income, including a variety of deductible expenses. With the year coming to an end, it is time to focus some attention on your tax situation. Once the calendar turns, it won’t be...
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Frank
Below is the IRS link to the home office deduction you referenced. https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employe... Read More
Friday, 20 November 2015 16:55
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3 Ways to Plan for Self Employment in 2016

3 Ways to Plan for Self Employment in 2016
There are still a few months left before the calendar year turns, but now is the time to look toward the future. More specifically, your career related goals for 2016. Are you interested in becoming a self employed professional in the new year? Are you finally ready to take the leap and turn a new page in your career? If so, you are also ready to take on the planning process. If you are interested in...
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Wanderer
Remember, as part of the Business Plan look out three years (even though it may be an estimate) and allow for an emergency fund (s... Read More
Tuesday, 06 October 2015 07:29
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Understanding Self-Employment Tax

Understanding Self-Employment Tax
If you plan on working as a self-employed professional, there are tax implications to consider. Before you take this step, it is important to understand the ins and outs of self-employment tax. This means answering three questions: •    What is self-employment tax?•    Who is required to pay self-employment tax?•    How do you pay self-employment tax? First and foremost, self-employment tax consists of Medicare and Social Security taxes. This is similar to the Medicare and Social Security...
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Frank
Great information Chris, and this ties very well with what you previously had written on self employment. If anyone is interested,... Read More
Tuesday, 29 September 2015 09:28
Wanderer
Great information. Need to add, the Internal Revenue Service will place liens for unpaid taxes so keep this one at the top of the ... Read More
Wednesday, 30 September 2015 19:24
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Is Self Employment the Right Choice? Answer these Questions

Is Self Employment the Right Choice? Answer these Questions
From time to time, the self employment bug may bite you. You dream of leaving your corporate job in the past and doing your own thing. While you are familiar with the benefits, such as increased flexibility and the opportunity to make all key decisions, you aren’t sure just yet if this is the right choice for you. With approximately 10 million self employed workers in the United States alone, it is easy to see that...
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Frank
I would really like to stress the importance of factoring in the additional costs associated with being self employed. Self employ... Read More
Friday, 04 September 2015 10:38
Wanderer
Following on the previous post ... an emergency fund is a must. You may experience slow pay and no pay situations and the bills st... Read More
Saturday, 05 September 2015 12:07
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