> You learn the hard way to immediately carve 30% of your income to a savings account that you don't touch that goes straight to quarterly tax payments. Yes, a

> You learn the hard way to immediately carve 30% of your income to a savings account that you don't touch that goes straight to quarterly tax payments. Yes, and if you avoid paying quarterly taxes or underpay by accident (because you made more than you thought you would have), you get hit with a huge penalty. Also it's really brutal that certain things have no effect on your "small business tax" of about 13%. For example, let's say you make 100k and you had 50k in medical bills for an emergency. For most people, this is easy. About 90% of that can be written off your income tax. So you'll get taxed at 65k income instead of 100k. If you run your own business, you'll get that same income tax write off (65k effective income), however you'll need to pay an extra 13% on 100k not 65k. You're on the hook for the full "small business tax" on your total income in this case. It's complete bs because most medical emergencies (regardless of cost) are things that render you unable to work or do anything. Insurance doesn't even help either because there's a million loop holes to allow insurance companies to deny you coverage on certain things.