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10/20/2017 1:01:18 AM
9/22/2017 12:11:25 AM
Posted: 8/13/2005 7:08:53 PM EDT
Link Posted: 8/13/2005 7:10:09 PM EDT
[Last Edit: 8/13/2005 7:10:50 PM EDT by VTwin60]
I went the opposite route. Tired of the financial roller coaster and employees whom no matter how smart they are one day, kick you in the shorts and the pocket book the next.....no thanks. You're 100% right on the health care system...we used be privately funded....want to talk about expense?
Link Posted: 8/13/2005 7:12:15 PM EDT
Congrats, Tom.

It was the best move I ever made as well.

It took me a solid 5 years of struggle, but it has been pretty good for the last 7

And the last 2 have REALLY been good
Link Posted: 8/13/2005 7:12:16 PM EDT
wow, good info. and an excellent reality check, thanks
Link Posted: 8/13/2005 7:12:22 PM EDT
Enjoy, been doing that most of my life.
Link Posted: 8/13/2005 7:13:46 PM EDT
What kind of business do you run?
Link Posted: 8/13/2005 7:15:56 PM EDT
I hope you make out like a king.



So how many girls are you running? And do you give group discounts?
Link Posted: 8/13/2005 7:17:41 PM EDT
I've been in manufacturing....machining to be exact. Yeah we've been getting our ass kicked so its soured me to the whole deal. Congrats to the others who have had better luck.
Link Posted: 8/13/2005 7:19:55 PM EDT
Great story, TJ!

Here's to your health, even better times and hoping you make a fortune!

HH
Link Posted: 8/13/2005 7:28:30 PM EDT
Thinking about it myself.
Any advice?

Several ideas, first of which is providing low cost medical services for cash only AND cheaper.


Link Posted: 8/13/2005 7:36:57 PM EDT
I went out on my own almost one year ago to the day.

Everything you said above is very true. The two biggest lessons you learn are taxes and insurance. They will take up well over 50% of your income. I cry when i have to write those checks.

All in all I am still struggling but it is by FAR better than have a boss and a bosses boss. I gave up great insurance and a steady paycheck to get where I am today. If I had to do it all over again I would in a heart beat.

Nothing beats the freedom of being self employed...... Nothing.
Link Posted: 8/13/2005 7:37:51 PM EDT
[Last Edit: 8/13/2005 7:40:22 PM EDT by none_other]
Also curious what type of business you run, if nothing else atleast it is yours. As you know, it takes time for these things to mature. I wish you the best.

ETA: taxes and insurance, the state you work in can effect this greatly.
Link Posted: 8/13/2005 7:41:02 PM EDT
Link Posted: 8/13/2005 7:45:26 PM EDT
Link Posted: 8/13/2005 7:49:37 PM EDT
Sounds good. Being self employed carries a lot of responsibilities but also a lot of rewards.
Link Posted: 8/13/2005 7:50:34 PM EDT
What is the product ?
Link Posted: 8/13/2005 8:00:49 PM EDT
Link Posted: 8/13/2005 8:09:58 PM EDT

Originally Posted By krpind:
Congrats, Tom.

It was the best move I ever made as well.

It took me a solid 5 years of struggle, but it has been pretty good for the last 7

And the last 2 have REALLY been good



In the oil business?

Link Posted: 8/13/2005 8:12:43 PM EDT
Link Posted: 8/13/2005 8:17:11 PM EDT
Tom, that's great to hear.

I have a home business that has done pretty well the last 5 years but am still working a 9-5 corp job mainly for the benefits like health coverage for the family and a steady paycheck/retirement system. I've kicked around the idea of quitting but they keep giving me raises...which is kind of strange.

Anyway I would recommend you look into setting up an S-corp. I did the sole-propietorship thing for a couple of years and ended up with some ridiculous tax payments to cover. It helped a lot when we filed as an S-corp since it's not all personal income.

I don't know what your income status is but you should talk to an accountant and look into S-corp status if for nothing else than saving a little money on taxes. I think the break point is somewhere around 75-100k/year where the S-corp starts saving most people money over a sole proprietorship.

you're also 100% correct about stroking those quarterly estimated payments. Total bullshit and if everyone had to do this (instead of witholding and company SS match) there'd be friggin riots in the streets.

Good luck man.
Link Posted: 8/13/2005 8:25:34 PM EDT

Originally Posted By Daytona955i:

Originally Posted By krpind:
Congrats, Tom.

It was the best move I ever made as well.

It took me a solid 5 years of struggle, but it has been pretty good for the last 7

And the last 2 have REALLY been good



In the oil business?




We sell cleaning equipment and cleaning chemicals to the oil field. So I quess I am in the minority on not being upset with the price of gas and oil.
Link Posted: 8/13/2005 10:24:38 PM EDT
Good on'ya, TJ!
Link Posted: 8/13/2005 10:32:15 PM EDT
My grandfather and both my Uncles have made major money owning Machine shops. Sturm Inc, and RPM Inc to be exact. They make pump parts for water pumps I think. Something like that.

I thought about getting in that business after I get out of the Army and school.
Link Posted: 8/13/2005 10:36:29 PM EDT
Good to hear.

Thanks for the update.

Link Posted: 8/13/2005 10:42:16 PM EDT
BECOME A FFL!

BE YOUR OWN BOSS. MAKE $$$$$$$$$$$$$$$$$$$$$

ASK ME HOW.



Seriously congrats and good luck.
Link Posted: 8/13/2005 10:59:26 PM EDT

Originally Posted By TomJefferson:


I know you have heard this a thousand times but I really thought I knew the burden of taxes but didn't until I had to write that damn quarterly check. Watching your bank account climb like a rocket to only see it sink like a ship brings the whole concept of taxes home like a catcher spiking his counterpart in a baseball game.



Big +1

If the avg american actually had to pay every month or quarter, there would be a revolution.



Originally Posted By TomJefferson:
Probably the biggest lesson I learned is medical insurance companies suck shit. I have a pre-existing condition so like a good trusting sheep I followed the rules and milked my Cobra until finished, filled out my Hippa forms, and still the new insurance company refused to cover my pre-existing condition. They literaly don't pay shit on almost nothing but sure like my monthly premiums. I learned many doctors talk a good line of shit but that's all it is for when you offer them cash most still charge you the limit even though if the insurance covered it they would get only 60% of that and wait three months to get the money. My wife has no insurance where she works and sees employees, unmarried with children, getting up to 8 free scripts a month, as many doctor visits as they want, and even chiriopractors three times a week. It is very frustrating.





+1 Insurance companies are not your friend.

The flip side of the doctor coin is a lot of docs are afraid of self pay patients. For example. Joe Cash comes in complaining of heartburn and the OTC stuff isn't cutting it. He wants "the purple pill "he has seen on TV. Well, doc is afraid it is his heart, not his gut so he wants to get some blood work, an EKG and stress test. Mr. Cash says no way and is pissed because he didn't get the script for the purple pill he has heard so much about. A month later he drops dead from a massive heart attack. Mrs. Cash doesn't know anything about doc's concerns about poor 'ol Joe's heart. She only knows he has been complaining of pain, saw good ol doc, and now Joe is dead. The greasy haired lawyer on the back of the yellow pages is telling her she is "entitled to compensation." Case gets filed because Dewey Cheatem is new to the game and figures he can get the malpractice insurance company to roll over for a couple hundred thousand since Mr Cash was a family man and it will play good in front of a jury of "peers" (you know, the ones that think jury pay is a raise). Even if the case gets dismissed, which they usually do without payment of "damages", the doc's malpractice insurance company shelled out $30-60,000 for the defense. And it drags out for 3-4+ years.

What seems so simple at first, such as GI upset, can be the tip of a medical and financial iceberg and a lot of docs don't want to get involved with it.


In medicine, your damned by the insurance companies if you do, and damned by the lawyers if you don't. While the doc get chewed up in the process, the patient is the ultimate loser in the end.


Link Posted: 8/13/2005 11:01:02 PM EDT

Originally Posted By SteyrAUG:
BECOME A FFL!

BE YOUR OWN BOSS. MAKE $$$$$$$$$$$$$$$$$$$$$

ASK ME HOW.





You forgot the part about the SASE and $5.00

Link Posted: 8/14/2005 4:15:03 AM EDT

Originally Posted By TomJefferson:

Originally Posted By Gregory_A:
What is the product ?



Rather not say bud for if my competition is reading this forum they will know who I am and what I'm doing. It is a real small nitch and everyone knows everyone. Heck most of them worked for me.

Tj



Understood.

Congrats on your corporate freedom!
Link Posted: 8/14/2005 5:15:45 AM EDT
10 years on my own here and would never go back. You are right about the roler coaster, but beats rotting in a cubicle and waiting for the ax.

Taxes should be paid quarterly by everyone, no withholding, write that check, OUCH!

Health care is a challenge (and no prescription coverage - too bad I'm not an illegal, then would probably get meds for free)

Best part is leaving the office politics behind and not making some ahole rich while they tell you they "just can't afford any raises this year" (while they are building new mansions in Florida)

Link Posted: 8/14/2005 5:21:46 AM EDT
But you still get to shag the interns, right????
Link Posted: 8/14/2005 5:25:41 AM EDT
congrats TJ!
Link Posted: 8/14/2005 8:37:44 AM EDT

Originally Posted By Bubbatheredneck:

Originally Posted By TomJefferson:


I know you have heard this a thousand times but I really thought I knew the burden of taxes but didn't until I had to write that damn quarterly check. Watching your bank account climb like a rocket to only see it sink like a ship brings the whole concept of taxes home like a catcher spiking his counterpart in a baseball game.



Big +1

If the avg american actually had to pay every month or quarter, there would be a revolution.



In that case I am all for it.






Originally Posted By TomJefferson:
Probably the biggest lesson I learned is medical insurance companies suck shit. I have a pre-existing condition so like a good trusting sheep I followed the rules and milked my Cobra until finished, filled out my Hippa forms, and still the new insurance company refused to cover my pre-existing condition. They literaly don't pay shit on almost nothing but sure like my monthly premiums. I learned many doctors talk a good line of shit but that's all it is for when you offer them cash most still charge you the limit even though if the insurance covered it they would get only 60% of that and wait three months to get the money. My wife has no insurance where she works and sees employees, unmarried with children, getting up to 8 free scripts a month, as many doctor visits as they want, and even chiriopractors three times a week. It is very frustrating.





+1 Insurance companies are not your friend.

The flip side of the doctor coin is a lot of docs are afraid of self pay patients. For example. Joe Cash comes in complaining of heartburn and the OTC stuff isn't cutting it. He wants "the purple pill "he has seen on TV. Well, doc is afraid it is his heart, not his gut so he wants to get some blood work, an EKG and stress test. Mr. Cash says no way and is pissed because he didn't get the script for the purple pill he has heard so much about. A month later he drops dead from a massive heart attack. Mrs. Cash doesn't know anything about doc's concerns about poor 'ol Joe's heart. She only knows he has been complaining of pain, saw good ol doc, and now Joe is dead. The greasy haired lawyer on the back of the yellow pages is telling her she is "entitled to compensation." Case gets filed because Dewey Cheatem is new to the game and figures he can get the malpractice insurance company to roll over for a couple hundred thousand since Mr Cash was a family man and it will play good in front of a jury of "peers" (you know, the ones that think jury pay is a raise). Even if the case gets dismissed, which they usually do without payment of "damages", the doc's malpractice insurance company shelled out $30-60,000 for the defense. And it drags out for 3-4+ years.

What seems so simple at first, such as GI upset, can be the tip of a medical and financial iceberg and a lot of docs don't want to get involved with it.


In medicine, your damned by the insurance companies if you do, and damned by the lawyers if you don't. While the doc get chewed up in the process, the patient is the ultimate loser in the end.





Plenty of people get cut slack if they say they are paying out of pocket. Tell the doc when he is seeing you. If he/she is a dick, find another.

I understand the frustration with paying taxes for losers to reap benefits while the hard working get screwed. Totally FUBAR'd and it makes no sense but in our current societal arrangement everything is backasswards and the tail wags the dog.
There is only one solution and it isn't the voting booth.

Sad to watch the greatest nation ever become populated by scumsucking losers who sell their votes to socialist politicians with no intent but the maintenace of power and the destruction of their country.

They won't stop, ever, until we kick their ass.
Link Posted: 8/14/2005 8:49:41 AM EDT
tag
Link Posted: 8/14/2005 8:59:10 AM EDT
I'm going back out on my own this week. My employer was crushed and asked if there was anything they could do to retain me.

I said yeah, pay me 3x more than you are doing now, because that's what I plan on making!

They said they would hire me back in a freelance capacity, so it's all good.
Link Posted: 8/14/2005 9:02:53 AM EDT
I had my own buisness and went back to the corp world. It was hard to both market the business and do the work at the same time. I got tired of clients who you bust a nut over screwing you, not paying or cutting your contract because some fly by nighter gave them a cheaper quote.

While the politics are maddening in the corp world, I enjoy the vacation time (seldom taken when working for myself). My benefits and medical are very good. While I'll never get rich, I haved saved and invested enough money that with my pension when I retire in 9 years, I will never have to work again.
Link Posted: 8/14/2005 2:06:32 PM EDT
I am 19 and have legal been in business for 1 year, but only fully worked for myself for the last 3 months. Its hard running a business at such a young age. All my friends go out and party and i have to stay home and work on estimates or mail out bills to customers. Somedays i feel rich others i am broke. In 3 years when i would be getting out of college if i went i should be making way over 100k a year.
Nothing beats being your own boss.

Matt
Link Posted: 8/14/2005 2:52:45 PM EDT
[Last Edit: 8/14/2005 3:02:23 PM EDT by FMD]
<==Taking a small break from getting caught up for Monday. (@ 6 PM on a Sunday afternoon )

6+ years out on my own, and I used to say "I'll never go back to working for someone else again". Taxes (~47% Fed and State) suck, but the wife's got a great job and has me on her work Health policy. Insurance still eats away at my bottom line in the form of General Liability (2M + a 1M umbrella rider), and Worker's Comp (13%). Virtually no overhead or inventory, but work is seasonal, and (so it seems) are customers that actually pay on time.

I'd love to keep fighting the good fight, but "Welcome to Wal-Mart" (instead of "So...when are you going to paying us that 30G's you owe?") would be a phrase that I could get used to. Who knows when that'll happen, but when it does, it'll be because I chose the time to get out.

Aint self-employment wonderful?


ETA: If you think America would revolt when it comes to paying taxes monthly or quarterly, you ought to know that your employer pays a matching amount of your FICA taxes, along with all of the S/FUTA for you. God forbid an employee would actually have to write those checks as well, or we truly would have a revolution on our hands.

Link Posted: 8/14/2005 3:12:17 PM EDT

Originally Posted By Merrell:
10 years on my own here and would never go back. You are right about the roler coaster, but beats rotting in a cubicle and waiting for the ax.

Taxes should be paid quarterly by everyone, no withholding, write that check, OUCH!

Health care is a challenge (and no prescription coverage - too bad I'm not an illegal, then would probably get meds for free)

Best part is leaving the office politics behind and not making some ahole rich while they tell you they "just can't afford any raises this year" (while they are building new mansions in Florida)




The NRA has a prescription program. I know. When I was unemployed, I used it.
Link Posted: 8/14/2005 3:48:19 PM EDT
Congrats, TJ!

It's three years this month that I struck out on my own.

Not rich, never will be, and it ain't easy, but it has plenty of rewards.

Good luck to you.
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