THANK YOU!

my guess (just a guess) is that most of the nay-sayers here have never even attempted a career in magic.

I hope I wasn’t sounding like doom and gloom. I haven’t punched a time clock in 15 years, and my wife’s been self-employed for almost 30 years.

There is a different set of considerations that public works people never even think about. If you take a day off, that’s a day you don’t get paid. Insurance, IRAs and “benefits” come straight out of your pocket with no “matching funds”. Taxes are incredible; nobody “withholds” them for you. You are responsible for paying taxes, four times a year, and they never go away, even if your business goes south (Fed taxes cannot be bankrupted on!)

The good side is that you get to pick when you work and who you work with. You want a vacation? It’ll take some planning, but you can have that whenever you want. Deductions? Yes, they’re there, but be careful and document EVERYTHING (and you’d be amazed what sorts of things can be deducted!)

And truthfully, I think working for yourself is real job security; you’re not going to let YOU fail. You can never be “secure” when you’re depending on someone else for a paycheck.

It’s completely doable, but there’s a learning curve, and there’s work involved. I encourage anyone who can to go for it.

Maybe the best first step is to find an accountant (I prefer an independent CPA) who’s willing to sit down and talk with you about taxes, income, and keeping records.

EDIT-----

Thinking about it, an even better first step would be to contact the SCORE office in your area (NOT the SBA, they have a different perspective!) They can help you set up a business plan; that’s the roadmap you need to begin.

Thanks DWR.

Its certainly possible to be very successful independently employed, but its always a lot more work then working for someone else.

if its your passion, and you have the negative impacts of failure covered, then go for it.

OTOh if your the kind of person who likes to come home from 8 hours of work, pop a beer, and watch the tube, then forget it. Similarly if your the kind of person who spends every dime they make right away, or even worse gets head of themselves on credit, it would also be a bad idea.

But with hard work and discipline, yes you can make it work.

Posted: Mar 23, 2011 3:04pm
Gaddy,

I made a conscious decision not to pursue that path. But it was a decision made from experience. My parents were self employed (authors) all my growing up years. I know well what it takes to be successful as an independent.

My parents did well and are comfortably retired now. I was never deprived as a child BUT...

My mom is so careful with money she has every receipt for their entire 40 years filed. While I had reasonably nice clothes to wear in high school.. they all came from TJ Max. We went many months between occasions when we went out for food, and when we did it was something inexpensive like Chinese more often then not. we were Jewish so Xmas wasn't an issue but in general we didn't do extravagant gifts at any time during the year. My biggest (by far) birthday present through all of Highschool was for my 16th birthday and was a $100 bow for my violin. I didn't go to my parents and ask for money for anything. I had a fixed allowance that I had to make last and save what I wanted from it. (It was a generous allowance by many measures, but it was *all* my money baring anything I made myself or received as a present.) For that allowance I was expected to cover a number of serious chores around the house.

I grew up watching my parents work when they weren't eating or sleeping. They didn't have the time to sit and watch the TV, and only rarely went out to a concert or play. All the kids were expected to move out and make it on their own at 18 (the day you graduate from High School). I paid my own way through college

I actually think it was a *good* childhood in many ways. I learned a strong work ethic and to appreciate what I have. But I decided it wasn't the life I wanted to lead.

Is it for you? that's up to you.

I certainly wasn't attempting to single anyone out, but thanks for sharing.

I pop something else & find better things to do than watching the tube but you just described my wonderful life. So the forget it part is your view not my reality. Truth is many days I don't even put in 8 hours I reach my goal.

Yes, but you live in a cave...

Yeah...but it's my cave!