There are so many money making blogs out there right now it is ridiculous. Everyone wants to get work from home jobs and everyone will tell you they are making good money. But they are not. Most of them are the “fake it till you make it” type blogs and most will never “make it”.
I would say that less than 1 out of 100 people who try can ever make a full time living on the Internet. It’s damn hard. What happens though, if you are able to somehow beat the odds and nuke your day job? Do you know what it means to be self employed in America? Do you have what it takes?
Being self employed is not easy. If you are truly self employed it means that:
1) You have to pay for your own health insurance. Sometimes it is even hard to find self employed health insurance as the one I am on is no longer offered. If you are lucky enough to find affordable health insurance for self employed, then you will have to send them a check (or have it automatically withdrawn from your checking account) every month to pay for it. You won’t have a paycheck for it to be magically deducted from. Find affordable self empoyed health insurance.
2) You have to pay your own taxes every quarter. This is the big one. If everyone had to get out their checkbook and write a check to the IRS like I do every quarter there would be a lot fewer fiscal liberals in the world. Writing a check to the IRS is one hell of a lot more eye opening than having it deducted from your paycheck. Everyone should have to write a check and then a lot more people would be upset at the government.
3) You have to be able to save enough to pay your taxes every quarter. You had better be able to have some self control because those commission checks you get from ClickBank or wherever are not all yours. Some of it belongs to the government and you better not need their share for the rent. The government doesn’t care about your rent, food, or that XBox you want – they want their share and you better have it for them.
4) You better be able to keep very detailed records. In order to pay your taxes you are going to have to be able to figure out how much you owe. That means you need to keep daily records of everything and be able to prove your income if you ever get audited.
5) You will need to figure out how to do your taxes or find someone trustworthy who does. The more money you make in life the more complicated your taxes become. That is a fact. I do my own taxes but then I am lucky and have spent the time to learn how. Without that, I would have to pay to have it done which is another expense if you are successful in life.
6) You will have to have saved up enough money to get started. It is hard to transition from a regular job to being self employed. That day when you make the switch and realize you are totally on your own is a scary one. There is no more safety net of that regular paycheck coming in. You will need to be darn sure you have enough money to keep you going for 6 months to a year just in case things don’t work out quite like you planned.
7) Depending on what you do, you may be alone all day. There are no water coolers and co workers if you are self employed. If you are a social person, you probably want to have a regular job where you can leave the house everyday and be out in the world amongst people. Sitting in front of a computer is not for everyone.
8- You need to be inwardly driven and a “self starter”. Wow, I hate those two words as they are on almost every job posting you will ever see. But in this case they are valid. Some people need a boss to look over them, give them work, and push them. If you are one of these people, you will never be able to be self employed.
I’m sure there are a lot more than this but these are some of the important ones and you will face most of these challenges right in the beginning. I have been successfully self employed for ten years now but it has not always been easy. Can you do it too? Do you really want to?