4 ms·
I've just passed my five year anniversary. I would do it again, but the financial instability is still extremely stressful, particularly as I enter my mid-thirt
by PonyGumbo 18y ago
I've just passed my five year anniversary. I would do it again, but the financial instability is still extremely stressful, particularly as I enter my mid-thirties. It's always feast or famine.
My observations:
1. Pay off debt as quickly as you can. When you're broke again, you'll be grateful you did.
2. Never put all of your eggs in one basket. When you only have one or two major sources of revenue (or clients), you're as dependent as an employee, but considerably less secure.
3. No matter how unnecessary it may seem, have a real, legally binding contract for any work you commit to do. I thought I did. I was wrong.
4. Budget for marketing. You can't depend on viral marketing alone.
5. Have health insurance. It's expensive and you can't afford it, and I know you're young and healthy, but when your appendix decides it's time to come out, you'll be on the hook for about $22,000.
6. If you're working from home, set boundaries. I won't work past 8pm, and I try to take one day a week off.
Ideally, you'll have some brilliant idea, already live frugally, have no debt, and a craft a bulletproof plan. Realistically, nothing can prepare you for the experience.
- eibrahim 18y agoGreat comments. I agree 100%. I need to do better specially in the finance department.
- shaunxcode 18y agodo you (or anyone) have recommendations regarding health insurance for "private contractors"/small (2-3 employee) businesses?
- eibrahim 18y agoI used www.ehealthinsurance.com to get a CareFirst health insurance for about 170/month
- PonyGumbo 18y agoI'm currently on a small business HMO plan through Blue Cross/Blue Shield. I'm in Massachusetts, though, so I can't necessarily recommend it if you live elsewhere (insurance here is compulsory, rates are partially regulated, etc). The one advantage of being on a small business plan here is that you're covered the day your first check clears. In contrast, individual plans generally have a 6 to 8 month waiting period during which you pay premiums but receive no coverage.
- blurry 18y agoCheck out freelancers union.
- pasbesoin 18y agoTo follow on to 5), health insurance isn't just about you. It's about those who care about you. Helping to ensure they are not placed in a financial bind caring for you should something serious or catastrophic occur. Most likely, there are people in your life who would feel compelled to help you, even if it is a severe strain for them. And as someone else commented on another thread here, in the last month or two: An insurance company will likely negotiate much lower charges that you can get as a private individual (in the U.S., at least). Even if you are left with part of the bill to pay, that bill is likely to be significantly smaller than it would have been were you uninsured.