Should I Give Up Being Self-Employed?
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- Опубліковано 11 лип 2024
- Should I Give Up Being Self-Employed?
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He’s doubting himself. When your self employed, it’s scary because you always wonder “what if I run out of work” he needs to believe in himself.
well he mentioned physical strain. 50 hours of manual labor is like 80 hours in an office. i know because ive done both too, and it sounds like he has in his past
For sure. It also so much pain. A job iss o easy. Someone else decides all the work and all you gotta do is show up and get it done. He's probably just thinking how much easier life will be and looking for any escape from his current life.
I have learned that easier isn't always better. One thing that I didn't consider when I left being self-employed was how much I was going to stop using my brain. Sometimes I'm bored to tears on my job actually I'm usually bored to tears
It isn't about the money long term. If you prefer being self employed, then that is the deciding factor. Many of these companies look attractive and appealing during the interviews. It's once you start working when reality hits.
Obviously he doesn't prefer being self employed if he is seriously considering taking this job. The other truth is: Self- employment isn't for everyone.
You got that right!!
100 percent. ive been totally cowed during interviews and orientations
Hit^me^up👆👆👆
Being self employed is a pipe dream because you’re totally on your own. No guaranteed salary/compensation, no bonus, no stock compensation, no pension, no 401k match, no paid vacation, have to pay for all of your health insurance, don’t get to split payroll taxes with your employer.
He's taking a huge pay cut to work for a less than thankful company. Not worth it. You're worth every dime your hands can earn you. You deserve that.
They definitely won’t raise his pay in 3mo
Less than thankful?
Let’s remember the new tax bracket of 100k
Self employment isn't for everyone despite what society says.
Which is why few people live a life of entrepreneurship. It’s extremely difficult and there is no safety net
True, it's for the logical and disciplined.
Im a self employed digital artist. 16 months ago I was making nothing and didn’t know if I would ever make it happen. By the end of 2021 I’m on track to gross nearly 200k and I’ve paid 70k of debt off this year. Be patient and persistent imo.
Good work!
Interesting, what services do you offer as a digital artist? Are you on instagram?
Wow! Congratulations, I hope I can say the same someday, hopefully not too long from now. ♥️
how are things going for you now?
@@TLOPassportBro works been good. Making good money. Bought a new construction house. Dream house. Then it fell apart a year ago. Wife had a mental break. Ended up in the pysch ward. Was never the same person after.
Just finalized divorce. I have majority custody and did ok financially. Was insanely difficult emotionally. Hardest time of my life. Never saw it coming. Lost 60 pounds in 3 months because I could barely eat. Was depressed for the first time. Badly. Started therapy. Started reading the Bible. I’m doing good now. Works great. Love my daughter to pieces. Starting an exciting business venture with my twin in the design space. Will let ya know if we are rich next year lol. My house is for sale. I get all profit back out. Not dating yet. Been 9 months since. Gonna buy a better house next year. I’m motivated and not letting the suffering go to waste. Suns gonna rise tomorrow.
There are pros and cons with being self-employed. Though he is making more, he does have to pay all of his self-employment taxes and likely has to carry liability insurance. Working for someone, he pays less for social security and the like. The company likely carries the liability insurance. However, he will likely lose write-offs (vehicle repairs, gas, etc).
He will likely get to sit at a desk rather than go through the physical abuse of his body. He needs to worry about a non-compete clause in case the job doesn't work out though.
He likely will work less hours, which is a big deal to many. It's not like we have unlimited time on earth to enjoy life.
Another big one, though, is taking vacations, kid-related things, etc. Being self-employed, you have more power to take vacations as many times and for as long as you want. Working for someone else, you get the 10-25 (if lucky) days off, and that's it. So taking a 4-6 week vacation is a non-starter for nearly all who work for others. You also can take time to see your kid's school play or watch your kid play sports during the work week.
Though I made more in my "previous life" working for others, by working for myself, I got to watch my daughter grow up. I got to see her soccer and lacrosse games from middle school through college. I got to go to school events. I visited her lots of times when she was in college, and I can go anytime to see her now. There is no "rewind" on things like that. If you miss them, you never get a chance to make it up.
@George Klimes. Wow. What an excellent comment for people who may have doubts. Very well said. You are a wise man. Thank you for your comment and Blessings.
I think being self employed can be an amazing thing but it’s hard work that’s for sure
The price of being self-employed is freedom. I learned how to value frugality and time.
what do you do?
You are goddamn right. People don’t realize that true freedom is scary. You have to take control of your own life’s nobody is there to save you if you screw up. You have to have conviction in your values.
Stay self employed! My your own boss!
Everyone seemed to miss the point the caller said his current self-employment job is getting physically taxing. That's his big worry. He should restructure his current work situation and stay self-employed.
Ken said the same by suggesting that he could lead other carpenters
@@JustinCase780 exactly, he would take a pay cut but he’s already doing that. Plus it’d be less physically taxing and he continues to be self employed.
I agree they marginalized that part of the conversation. I owned a produce delivery business but after year 10 my body said No more , and although it was good money it wasn't enough to scale up and hire staff/crew.
@@JustinCase780 He wants to be with family more time.
It is hard to work for someone else after owning your own business and it may take a long time to build the business back up if the job doesn't work out. Keep the business and try not to work too many eighty hour weeks.
You never get rich working for someone else. It's not possible. Dave knows this. He doesn't tell you though. He started his own business. That's how he did it.
Ask fortune 500 executives if they are rich or not? You must make more than them.
He needs to stay the course, and remember why he chose self employment years ago, it's not worth working for anyone else especially today
Depends on the industry yea?
Here’s the deal with entrepreneurship. You are always working for someone else … but with having your own thing … you dictate when you work. That’s pretty much it
yeah .. unless you are independently wealthy you are always working for other people. im self employed but now don't have the option of saying when i work with my biggest client, and it all hinges on his mood. doesn't feel worth it now.
@@michelledawnharpist the key to that problem is … get more clients. Lead generation is so important! Take care
Go with your heart and keep being your own boss.
Great call to listen too it was such a tug for the right decision. The caller is definitely doubting himself either choice.
He s doing well for himself. He's just tired.
I know the feeling…
There is a value to being your own boss.
Lower income and a move... I'd stay self employed.
I've been self-employed since 1996, and it's been a tough haul, but I can't imagine at this point going back to working for someone else. It sounds like this guy might be feeling some trepidation about that.
What is your self employed job?
@@epicjonny155 Freelance book editor for a couple academic presses.
$110 take home vs 80k before taxes in BOZEMAN. More money the better dude. Bozeman real estate is insane right now.
I was thinking that…Bozeman is crazy expensive!
Bozeman is nightmare now. 100k is not even enough to live in Bozeman.
They are not going to give him $110K to start. If they do they will expect 80 hours a week and miracles from this guy.
office work and manual labor arent comparable. 50 hours standing on dairy tile 12 hours per day lugging 100 pound equipment is like 85 hours in the office space. i know because ive done both
Since the new job is not in the same field as the SE (no non-compete issue) he could pick and choose SE projects and treat it like a weekend side gig.
That’s a good idea , I like your thinking.
Exhausting.
What great insights by Dave. He read that situation so well.
Sounds like he needs to hire some carpenters to do more of the physical stuff. That way he can take a step back from that and spend more time really pushing for thos bigger contracts.
Remember you will work 80 hours a week for yourself before working 40 hour's for someone else.
It can be the best, or the timing is off and you are underprepared, it can be the worst decision. Always make sure the decision is well seasoned in wisdom, not just passion.
I learn so much from these videos. Dave should write a business book!
Good advice Dave!
I love how you both disagreed at the end because I feel they both are right answers. I personally would choose kens decision. He left that role before he may do it again because he never had a passion for the work he just claimed it was the atmosphere
Wisdom is irreplaceable
Dave tells it like it is.
Great content.
Imagine if Dave was hiring someone and offered a salary of $79k, they countered with $90k, then after agreeing on $84k the person came back and demanded $110k (31% higher). He would kick them to the curb and get that’s what he’s telling this guy to do.
You dont think hed pay them what their worth from the jump?
@@erievhs definitely not. Dave and a lot of “Christian companies “ underpay. They think less pay is OK if the culture is better
@@drtij_dzienz what they're paid is what they're worth, it's that simple
I think the guy should try to work around his business situation and maybe look for another job that can pay closer to what he’s making right now. He might he able to hire some good apprentices who can take on the physical work that makes him tired and stay self employed.
Why is it hard for them to understand that he struggles from his business standpoint to compete with the big big places and that would add too much stress to his life. I think he wants the other job... he just needs to try to argue in favor of less of a pay cut or a performance review within 12 months.
Man I love Dave's advice on this.
If he is self employed and has a solid flow of money he should keep his job unless the new job gives more money.
If the new company tells about potential it can also be bs as promises are easy to make but effective increases are not common
Carpentry is a lot harder physically than most understand. At first I thought why would you take less money to work for someone. I can completely understand why he's thinking about his body getting tired.
He didn’t mention benefits. Health insurance must come into play.
@@MicheleNichols2
I'm retired, my former employer pays $2400/mo healthcare premium + a $2K/mo pension
for 20 years of service
@@MicheleNichols2 i
Dave Is naive. Companies don't just hand out money.
If they don't, then it's probably a good indication that they will be stingy in the future as well
But remember the circumstance we’re in right now, there’s no workers… So companies are willing to do things they wouldn’t normally do.
Most millionaire boomers are.
"Just ask them for $110k and they will give it to you".. lol.. Dave..or they might tell him "thank you, Sir." And they move to next person in line
You missed the end of the call. Papa's negotiation advice is the way to go and then he will always know he made the best approach regardless of what he decides to do.
I would not accept that job and take a $65k pay cut. If you’re making $110k after tax, that’s more like $150k a year.
I like that they did not agree because this is the toughest question of all. I dream about not being self employed sometimes and I have a great business. It is very tough. If I had a family I would probably not do it anymore. I will gladly take the pay cut to decrease the stress
Proud of Ken for “disagreeing” with Dave! Takes guts and heart to stick with what you think even when it’s directly opposed to Papa Dave 😆
Working for a company being employed does not mean working less, especially when there is a shortage of staff. Also you might not get PTO ever, or not when you want it.
If you are self employed you hold ALL the risk. So you must be earning at minimum $200,000 per year if you DONT even have any debts for that business.
$110K in Montana is a lot of money!
*Being self employed, if doing what you enjoy is the best thing ever, it could give you more freedom*
Or it could do the opposite
@@TrollHunterxXx - You're also right. But if you do something you truly enjoy, you could find more free time as well ;-) I'm referring more to the online businesses where there is flexibility
He needs to really sleep on this. This is a double edged sword. He needs to get more details out of a co on what exactly his position will consist of. Hours, time off, how far he needs to travel, pay raises, etc.. letting go of a $110k a year is also not the smartest.
Ken Coleman approaches every call the same way. "Stop. stop. What is your heart saying?? right now!" Dave, if you're reading this, I can do that too!
Your self employment is working as it is and you would have gotten out of it if you hated it. Refine what you do and find a way to make it easier or better so you don't have to work as hard. Dave had a good call. Do you give up your free will to work for someone else for less?
We are living in a time where a few $100 and the right mindset can change your whole life. I don’t think there has ever been a time in history like this.
What do you mean by this?
Take the job...but do not bank on getting a big raise ask for more up front. All your future raises are based on the base salary, ask for the match but if it's a little less OK. If you already shook hands on the $84k let them know you would expect significant bumps after six months and then twelve months has long as everything takes off and is working well.
Contract work for them. If they want you they will figure it out.
It's the work that we avoid, and we're all self-employed
We love to work at nothing all day
The pay has not gone up I'll tell you that. Workers don't get paid unless they are union.
Unless they change employers.
Buddy, work for your self. It's messy out there.
My tax guy suggests I get a W2 job from now on so I won't have to pay for social security and medicare, etc.
LIKE LIKE...I LOVE YOU 🎈🎈🎈
110k for 1-2 houses per year? I’d keep doing that
He was head-hunted so sounds like he wasn't even looking for a job. Maybe if he looked he could get a better offer. He doesn't see his current company growing.
It appears that the main factor pushing caller to accept the job offer with pay cut is his physical exhaustion. Caller sounds like a man in his early 30's, so if he is this tired I think he should go get a physical exam to see if he has an underlying medical condition that causes exhaustion, maybe low thyroid, etc. His $110K after taxes as SE is closer to $140K - $160K before taxes. Ken is correct, stay SE. Caller is doing better than he realizes. A construction company that previously specialized in homes, suddenly wants to shift to commercial buildings? Caller will be the fall guy (with a pay cut) when this doesn't end well. Why take the gamble with his career? Please listen to Ken on this one.
If he quits his self-employment situation it's tough to start over again, should he decide to go back to it.... Where is getting a job he could probably always go out and do that.... When I was younger and I closed my equipment repair shop and went to work at the dealership my life got significantly easier overnight, so there's that too.
They got it all wrong. Take that desk job
Doesn’t understand the value of his business.
I admire Ram for using android devices, salute.
Why did you delete my comment?
You forgot the obvious -- you call and tell them that you "received another offer" from another company for $120. If they say no then you say hasta la vista baby. Also The Grass Is Always Greener. That 90-day break in period is their excuse to say you know it just ain't working out there bud, and then they let you go.
Dave killed him
KEEP GOING!!!! Happy to help you, email me!!!
😎👍👌✌🖖😁
Ken hates work from home so much.