It’s big news day here on Money Manifesto.
Today is the first day I’m not going to my day job.
In fact, Friday was my last day of traditional employment, for now at least.
Instead of taking a traditional W-2 job, I’ve decided to venture out on my own and become self employed!
What Self Employment Means For My Family
Self employment will allow us to have the flexibility we’ve always wished we had as a family.
My wife is a Registered Nurse (RN) and works three nights a week, twelve hours a night.
Her schedule is never set and is always changing, but my job required me to work five days a week. Now we’ll be able to spend more time together.
Now, as a self employed person, my earning potential is unlimited. When I worked at a full time job, my income would only likely increase based on the annual raises set by our company. Now, if I want to make more money I just have to go out and find the work to earn more money.
Of course, it’s not that easy. Being self employed will be a lot of hard work. However, I have a feeling it will be extremely rewarding work and I am really looking forward to it.
How We Planned To Make This Happen
The decision to become self employed didn’t happen over night. Over the past few years we’ve prepared for this even though that may have not been the goal at the time.
Financially, we paid off all of our debt except our mortgages to reduce our required monthly expenditures. We saved up six months of living expenses in cash then added another six months (now more) of taxable investments to protect us should we need the money.
Finally, we lived a rather ordinary life without a bunch of high expense items which allowed us to live well below our means at the time. Thankfully, this also means we’ll be just fine if I don’t make anywhere near my old day job income.
Of course the goal is to make at least, if not more, than my old day job, but it’s nice to know we’ll be okay if we don’t.
What’s In Store For The Future
Now that I’m self employed, what’s in store for the future?
Growing Money Manifesto will now be on the front burner in the near future. In the past, I’ve done just enough to keep this blog going while I focused on other busy areas of my life. Now Money Manifesto will be one of the main areas I plan on growing.
I’ll also be growing my freelance writing business. While I already have some clients that I write for, I’ll be looking to add a few more clients to further diversify my growing self-employment income.
Finally, I’ll be starting some undetermined projects down the road that will hopefully pay off. I don’t know if I’ll be self-publishing a book on Amazon or if I’ll create a money based course to help people fix their finances. Either way, I look forward to putting a product together to help people with their finances.
I’m totally stoked about my future as a self-employed person. I’m sure it will be a massive roller coaster with ups and downs, but I’m prepared. Thankfully, my wife encouraged and fully supports this decision, so I’d say we have a bright future ahead!
Have you ever made a big life change, like becoming self-employed? What do you wish you would have known at the time that you know now? Let me know in the comments below!