Comments on: 10 Reasons to Quit Your Day Job http://edulation.org/10-reasons-to-quit-your-day-job/ follow the money... Mon, 08 Sep 2008 12:24:13 +0000 http://wordpress.org/?v=2.6 By: 10 Reasons to Keep Your Day Job http://edulation.org/10-reasons-to-quit-your-day-job/#comment-8540 10 Reasons to Keep Your Day Job Mon, 21 Jul 2008 20:29:06 +0000 http://edulation.org/10-reasons-to-quit-your-day-job/#comment-8540 [...] assumption in all of this (in general) is that you really do want to quit your job, but you’re just not sure if it’s the right time yet. I assume this because I [...] [...] assumption in all of this (in general) is that you really do want to quit your job, but you’re just not sure if it’s the right time yet. I assume this because I [...]

]]> By: John http://edulation.org/10-reasons-to-quit-your-day-job/#comment-6 John Fri, 25 May 2007 21:12:58 +0000 http://edulation.org/10-reasons-to-quit-your-day-job/#comment-6 Thanks for the comments Ian, and congratulations for finding success going solo. You bring up a good point with number six. If you're making good money on your own, you really need a lot of expenses to bring your income down into a low tax bracket. Although, from my point of view, corporate employees are paying a lot more taxes than what appears on their W2. That's because the company is paying taxes, and you can bank on the fact that their loss in money to the government is heavily factored into your salary. As far as the health care goes, that's part of my next post, "10 Reasons to Keep Your Day Job." But I think your last point really sums it up - freedom to operate as you please and no artificial caps to your earning potential. Thanks for the comments Ian, and congratulations for finding success going solo.

You bring up a good point with number six. If you’re making good money on your own, you really need a lot of expenses to bring your income down into a low tax bracket. Although, from my point of view, corporate employees are paying a lot more taxes than what appears on their W2. That’s because the company is paying taxes, and you can bank on the fact that their loss in money to the government is heavily factored into your salary.

As far as the health care goes, that’s part of my next post, “10 Reasons to Keep Your Day Job.”

But I think your last point really sums it up - freedom to operate as you please and no artificial caps to your earning potential.

]]> By: ian douglas http://edulation.org/10-reasons-to-quit-your-day-job/#comment-5 ian douglas Fri, 25 May 2007 19:00:39 +0000 http://edulation.org/10-reasons-to-quit-your-day-job/#comment-5 Great list! I dropped out of the Corporate Game in the spring of 2006 and haven't regretted a moment of it -- I've made more money, been more productive, worked on more interesting things, and have had way more free time (not having to commute so much) than I ever did in the 10 previous years since graduating college. I can write the kinds of software *I* want to write, and love #10 of owning what I create instead of someone else laying claim to every idea in my head. And having been in the business for 10 years doing freelance programming only on the side, I now have a client base so big, I have enough work to fill as much (or as little) of my day as I want -- I can turn away work if I don't think it'll be interesting (or subcontract it out). I no longer need to hustle for work, as my previous clients' "word of mouth" is all the advertising I need. I need to disagree somewhat with #6 though -- as a sole proprietor in my income range, I'm actually taxed about 45%-50% of my income, where as a corporate lackey I only lost about 30% AND got benefits like health care, something you don't mention in your list. If you want the same level of health care you had as a corporate employee, expect to pay hundreds of dollars per month, double that if you have a spouse and kids. Granted, #7 is a valid point, you get to write off lots of expenses. My favorite: lease a car for your business -- 100% of the cost (lease, insurance, gas, maintenance) is a tax deduction. Still, I have to put a large amount of my income in a high-interest savings account of some kind until next April when I hand it all over to the gov't. But sure beats having someone micromanage over your shoulder and getting a 1% raise every year. Great list!

I dropped out of the Corporate Game in the spring of 2006 and haven’t regretted a moment of it — I’ve made more money, been more productive, worked on more interesting things, and have had way more free time (not having to commute so much) than I ever did in the 10 previous years since graduating college.

I can write the kinds of software *I* want to write, and love #10 of owning what I create instead of someone else laying claim to every idea in my head.

And having been in the business for 10 years doing freelance programming only on the side, I now have a client base so big, I have enough work to fill as much (or as little) of my day as I want — I can turn away work if I don’t think it’ll be interesting (or subcontract it out). I no longer need to hustle for work, as my previous clients’ “word of mouth” is all the advertising I need.

I need to disagree somewhat with #6 though — as a sole proprietor in my income range, I’m actually taxed about 45%-50% of my income, where as a corporate lackey I only lost about 30% AND got benefits like health care, something you don’t mention in your list. If you want the same level of health care you had as a corporate employee, expect to pay hundreds of dollars per month, double that if you have a spouse and kids.

Granted, #7 is a valid point, you get to write off lots of expenses. My favorite: lease a car for your business — 100% of the cost (lease, insurance, gas, maintenance) is a tax deduction. Still, I have to put a large amount of my income in a high-interest savings account of some kind until next April when I hand it all over to the gov’t.

But sure beats having someone micromanage over your shoulder and getting a 1% raise every year.

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