https://www.financeglobe.com/post/is-self-employment-the-right-choice-answer-these-questions/ Personal Finance Tips & Tools Sat, 05 Sep 2015 16:07:39 +0000 hourly 1 https://wordpress.org/?v=6.9 https://www.financeglobe.com/post/is-self-employment-the-right-choice-answer-these-questions/#comment-56 Sat, 05 Sep 2015 16:07:39 +0000 https://www.financeglobe.com/tools/2015/09/03/is-self-employment-the-right-choice-answer-these-questions/#comment-56 Following on the previous post … an emergency fund is a must. You may experience slow pay and no pay situations and the bills still keep on coming in (they expect to be paid). Most new businesses fail in the first three years and often the new business owners don’t realize their great idea needs marketing and business administration/finance. Neglecting any one of these is going to lead to death of the company. It is so much fun to have a good idea and by being your own boss take control. However, as the previous poster said, it is not as easy as all that. In my previous life I took the fly to be my own boss and did not do enough home work on the costs of a new start-up and did not have a three year plan to guide me. I floundered and went belly up. It took me eleven years to get my head back above water. So think carefully!

]]> https://www.financeglobe.com/post/is-self-employment-the-right-choice-answer-these-questions/#comment-55 Fri, 04 Sep 2015 14:38:12 +0000 https://www.financeglobe.com/tools/2015/09/03/is-self-employment-the-right-choice-answer-these-questions/#comment-55 I would really like to stress the importance of factoring in the additional costs associated with being self employed. Self employment taxes can be a big burden and an unexpected cost that most people do not realize. You also need to include healthcare and retirement benefits that you may have received at your job. These are very important to factor in your decision.

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