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> Being a sole proprietor / contractor right now feels hopeless. Nobody is spending money with me right now, projects on hold, no possible way of filing for une
by cheeze 7y ago
> Being a sole proprietor / contractor right now feels hopeless. Nobody is spending money with me right now, projects on hold, no possible way of filing for unemployment. It's worrisome.
Please don't take this as me being captain hindsight here, but I think that this pandemic has reallllly shown the need for an emergency fund. IMO if you're sole prop or contractor, you owe it to yourself to have a bigger emergency fund for this exact scenario.
- manquer 7y agoIt is not that people don’t know this and spend all they make. Not all contractors make enough to save for an emergency fund easily. Independent of all of this, every experienced contractor knows that sometimes there will be dull patches and you save for that . However it is not always possible to do so, and you may have saved for 2weeks or 2 months and it may not be enough the economy might limp for 6months or a year .
- GaryNumanVevo 7y agoperhaps having better social safety nets like 90% of the developed world would be better, no?
- Pfhreak 7y agoIn an country with healthy safety nets and an economy that fairly pays everyone, sure, I'd say maybe they should have saved more. We're not that economy, and we're not that country, and it's totally unreasonable to expect that everyone can put aside months of emergency funds.