The only huge negative about self-employment that is a little rough for me is the feeling that I am waiting for the other shoe to drop. Having a job that I love for the first time also means worrying a little that it will go away. So I’ve been thinking about backup plans for our finances so I’ll never have to work in a cubicle again unless by choice.
Lowering Our Monthly Nut
Mr. BFS and I save a lot of our income for different goals and padding. But our main way of combatting the need to find “real jobs” again is to take regular looks at our monthly expenses and make sure we know what we can cut if necessary. We just paid off our rent house about a month ago and are also working to pay off our last mortgage so our overhead could be as low as possible if necessary.
Property taxes and income taxes will always mean we need more than we did when we graduated from college, but rental income and more skills also means we’re in a better position anyway. Overall, the less you need to live on, the more flexibility you have with employment options. That’s very important to us since we both appreciate working from home more than we ever thought we would.
Our other way to stop worrying is to remind ourselves of our skills. Even if blog advertising isn’t around anymore, I know that I could make a living online via blog commenting, staff writing, ghost writing, or even by being a blog manager or assistant. We only really need $5000 a month to cover everything including taxes, and even in a bad month, I could bring in $3000 online.
Then Mr. BFS could just sign up for more sports officiating to cover the other $2000 a month or more. He also could use his Master’s of Librarian Sciences again if necessary, although I think he would like sports officiating more. We both also have more customer service skills than we ever had before and could look into that field for openings too. If we were desperate, we could even run social media for others and make a decent living (neither one of appreciate social media sites as much as normal 30 year olds).
Overall, between lowering our monthly expenses and knowing what I can do if all else fails, I feel like I am on the right path. My business is doing well and hopefully will continue that streak for years, but I am the sort of person that needs backup plans in place since change is usually not my favorite thing in the world anyway.
Do you have backup plans for your situation? Any other job suggestions for me if I’m ever in the market again?
FYI: I worked at a dead end cubicle job from 2005-2011 for about $30,000 per year. I went self-employed in July 2011 and make between $70,000-$90,000 through blogging, professional pet sitting, hubby's reffing, and our rental home. If you’d like to start your own site (link to my free step-by-step guide), I highly suggest checking out Bluehost (my referral link with a nice discount for you, PLUS a free custom header banner from me!). Please contact me any time at budgetingfunstuff*at*gmail*dot*com with questions or just to brainstorm! I’d love to help!