Pros and Cons of Self-employment ?

I kind of fell into the self employed deal. I was a rig operator in the oilfield for a few years. I sometimes miss being around a bunch of people. But I do like being my own boss.
 
Lots of good posts but they never got to the point.

The only reason for working: for yourself, for a company, whatever. Is to save enough money to invest.
Only your investments matter in the long run.

Jack
 
Slightly different spin, Jack. Although I do agree with your sentiment, wholeheartedly. I work to live, not to work 'til I die. So I want my money to go to work for me as soon and as often as possible!

But when people ask how I'm doin', I like to say, "I'm making enough money to spend time at home!" (Or in the field!) It's a matter of priorities.
 
I always tell them " The bank hasent taken any of the equiptment away so it must be going ok" Jack is right My plan is to be 40 and have bought/biult enuff rental property to be a handy man and semi-pro hunter /ubbthreads/images/graemlins/smile.gif
My line of work is Landscape Curbing
emilyandcurbing005.jpg
 
WyoSongDog,
I once was doing remodel work and then into kitchen cabinets. From there to currently furniture (high quality, so not alot of that), home inspections and raising beef cattle. I keep very busy, sometimes don't make awhole lot but I really enjoy what I'm doing. There is NEVER a dull moment around our place. The home inspections are gradually taking more of my time so we will see where that goes.

In reality, you are always working for somebody but its being much more independent thats a big plus for us. You guys might think I'm nuts but I just turned down an opportunity to try for a $71,000 a year job. Doing something I really wouldn't like, having to wear a shirt and tie, lots of very liberal people around and living in a small city. No thanks. Since I'm doing what I like, I plan on working till I drop dead. Besides why "re-tire"? Thats just getting tired all over again.
 
After working in law enforcement for 28 years, I decided to 'retire' to be my own boss as I 'had' to be better than what I had.

Since that time my wife and I have owned a Bed & Breakfast until the IRS audit determined we weren't making enough money for their standards (they tied us up for 18 months and wound up owing us over $11,000).

I've been a private investigator for attornies, a bail bondsman, transportation driver for disabled vets, and a part time grounds keeper at a sporting clays facility.

The freedom is nice, but has a price; No Paid Vacation, No Paid Holidays, No Paid Sick Leave, No help on Medical Insurance, Emergency expenses can drain a savings rapidly.

On the plus side, I can work as many hours as I need to make sure the job is done right without having to answer for overtime, I don't have to get approval for an extra weeks vacation, I can combine business with pleasure, my Ethics Standards are my own with out worrying about being investigated by the FBI, the News Media, or my superiors. If I choose to rely on a man's word and a handshake, I only have to answer to myself. I don't have to have any agreement going through a legal review board.

The fact that I have a nominal pension and social security helps, but doesn't cover the above by any stretch, so it takes financial discipline to enjoy being self employed.
 
I went self employed around 2 years ago. I spend half the week making copper victorian style lanterns, and the other half, gunsmithing for a local rifle shop. Its the best thing i ever did, ive almost trebled my wages, and can work the hours i want, though this is usually six days a week, lets be fair, mending, and building guns, isnt work is it?lol.I cant get enough, love it.
 
I remember seeing one of your posts now Greg223 of some cabinet work you did if memory serves. I do remember thinking that you do very nice, professional work. A talent like that can carry you a long ways. When you say Home Inspections, I assume you mean the kind that a potential buyer hires you for, prior to closing on a house. Is that correct? If so, what kind of credentials does that require beyond a general working knowledge of construction, concrete, electrical, ducting, etc., etc.? This sounds like something that could make for a good retirement line of work to supplement a pension. Also, I dont blame you for turning down a job that would not have been rewarding or fulfilling for you. Its very important to be able to take some pride in your work and to get some enjoyment, and satisfaction from it.
 
Forgot to add one great benefit of being self-employed in a job you like, writing off new toys. I like tools, and get to write off lots of them every year!

Maybe I should do some small amounts of commercial reloading so I can write off some "test" guns. Have to run that one by the accountant......
 
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Maybe I should do some small amounts of commercial reloading so I can write off some "test" guns. Have to run that one by the accountant......

Those go in the pest control/ proprty maintenece catagory! /ubbthreads/images/graemlins/grin.gif
 
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Yeah, the medical aspect is a HUGE issue.



Yeah. Without medical coverage,your only one trip to the Hospital's Intensive care unit away from bankruptcy. /ubbthreads/images/graemlins/blush.gif
 
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