Ok rich or going to be rich fishes. I need advice on a 9-5 job vs freelance. My partner is the primary earner makes 400k all in including bonuses. Has a pretty steady job. Puts in 50-60 hrs a week. I earn 145k all in at steady 9-5 job. My job is less demanding. Probably 20/30 hrs a week. My question is if I should go freelance and using his benefits open an LLC. I might earn half the ant but can write off some tax stuff and free up time to put my hands on other things like real estate etc. cont

likefunny
Posting as :
works at
You are currently posting as works at
Highlighted IconHIGHLIGHTED

What do you do 20-30 hrs a week that lands you 150k? Sounds like a blessed job to me haha

like

Lol OP that makes your current job sounds even cushier. You’d be crazy to leave it at that pay level

like

I’m more interested in finding out where you and your partner work to swing those salaries working those hours. If you only work 20-30 hrs/week you can still establish a “hobby” business for the purpose of tax write off’s, it doesn’t have to be one or the other. You’d just have to settle on a business that maximizes your deductibles.

like

That’s a good point. Thank you consultant 1. My Partner is in marketing with a healthcare business and I am a creative director at an advertising agency.

like
Recent IconRecent

I think I need advice from you. How do I get a sweet job making 145k and work 20-30 hours a week?

like

I guess what i am gearing is that I should keep my job.

likefunny

Keep the 145k and your job working 20-30 hours a week, AND open an LLC on the side to do your side activities with the extra hours you have in the week.

like

I’m going to keep harping in on this 20-30 hour week. It doesn’t sounds like this LLC is a do or die move, so make sure you build up enough cash to finance what you want to do and the go for it

Want to also say follow your dreams and go big, but if you aren’t dying to then maybe dont

like

Wait so your partner works more, and takes home the majority of the money.

You want to switch to part time, take home even less... and then use some of that money on gambling on “business ventures”?

I don’t know that I’d be that appreciative as your partner

likesmart

Why don’t you find and build those out first, with minimal capital investment... and if they prove out then think about part time or quitting your current job

likesmart

You guys bring in $550K in a 2nd tier city. You have a luxurious life and a steady income. I am pretty sure you guys have planned retirement. Enjoy life. How much more money do you really need? Great if you can do more but no need to compare and go nuts if you are both comfortable with what you currently do and make. Good luck.

likehelpful

Thank you for your wise words.

You’ll have to pay your own self-employment taxes, which is 2x what you currently pay for FICA (employers pay half; if you’re self employed you pay both halves).

Not sure what you’re expecting to “write off.”

like

I guess I don’t know and that’s why this post. But I have always heard that the health benefits are the biggest cost but if I have that covered, can possibly make the same or a little bit less in income + plus write off car/ home office space/ internet/ lower tax bracket/ travel expense to find properties etc. would that be a better deal.

like

Why am I a lawyer?? Wrong field lol

funnylike

Someone already posted it but I would definitely start a side hustle with the remaining time in your work week. It sounds like you and your partner have struck gold with that comp/schedule. Use the security of your current job to underwrite your first shaky few years in your own. Test the concepts, solidify your business plan and client roster, and get your business established. If it picks up, you can always exit later. If it doesn’t, you still have your day job.

likehelpful

What advantages overall or tax based are there to owning a business?
And maybe I am not giving credit to a steady constant income. I just feel like I am not utilizing my full potential and the money I make seems bleak compared to my partners.

like

What does your partner do??

like

Marketing at a large healthcare company.

likehelpful

what does your partner do and what do you do!!!!

like

It’s been answered like three times above in the thread...

like

You are already rich

like

The tax advantages aren’t a reason to go LLC. Yes, you get to write off some stuff that you can’t now but you pay both sides of FICA ... instead of the half you pay now. More freedom but most business owners put in a lot of time because they are HR, Accounting, Marketing and sales in addition to what you are currently doing... do it if you love your work and hate the 9-5.

helpful

Thank you for your insight. This perspective is very is helpful to know what the other perspective/ things to consider might be.

400k at 40-50 hrs?

50-60hrs, plus 30% travel involved.

like

Related Posts

Hey Fishes,
I have been shortlisted for RE Vals Analyst role for
EY GDS but not sure about the salary.
How much should I expect for this role?
Or approximately how much % hike from last salary?
YoE: 1.5 yrs

EY

like

McKinsey & Company I’m curious about McKinsey & Company and their Periscope team. Is it really a separate org that only does back-end? How friendly is it to techies who want to retain work-life balance?

like

Telus international
ITC Infotech


Which is better in wlb , learning ?

like

Hello Fishes, I have cleared both Technical and Manager rounds in Infosys. I have total experience of 3 years and relevant experience of 2.9 years in Java Full stack development. Currently holding an offer of 13LPA and ctc is 7.8 LPA.

Please help me regarding how much ctc I can expect/ask from Infy?

Thanks in advance.!

Infosys Tata Consultancy Cognizant

like

I have 4 Salesforce certificate with 1 years of experience.
Should I ask 11lpa ?

What's your opinion Salesforce

like

What should I expect for a base salary as a Project Manager with a PMP and experience in Agile methodologies with 6 yoe as an IT project manager in healthcare space?? I am exploring remote opportunities in tech companies..

I have been working as a product support engineer in Bangalore for the last 2 years, I'm getting 6lk per annum and searching for a job with a decent salary,over all YOE 10 please suggest to me if there any openings in your circle.

Thanks

like

Hello Guys,

I Got one Offer from 
Fynd but that is too low for me and as per my expereince

They are giving me 9 LPA bcz I quoted that amount when I applied for it long back. at that time I didnt know more about how salary and all calculated and whats the market research

Now after clearing all the rounds when we meet for salary discussion i told him my real desired salary as per experience and market reseach

He told me that I quoted 9 LPA so we can not do more "unless you have any counter offer"

like

Johnson & Johnson Services, Inc. What salary should I be asking for with a masters degree in process and chemical engineering and 2 years industry experience ?Pfizer Bristol Myers Squibb Alexion Pharmaceuticals, Inc. Janssen Johnson & Johnson Services, Inc. Pepsico GE Healthcare Merck KGaA, Darmstadt, Germany

like

I started working in 2012, master degree and not MBA. Now making 120k, is it fair ?

like

Hi fishes,
I am about get offer letter from Fynd(Shopsense retail) for QA engineer. I have 1.5 years of experience and my current CTC is 6LPA, what should I ask for this role in fynd?

like

How’s 200K SGD for strategy and operations in singapore?

like

Hi everyone,

Today from TCS, I have received Full Final and Settlement letter. But I haven't received FFS salary in my account?

When will receive salary after receiving FFS letter?

Tata Consultancy Accenture Infosys

like

Is there such a thing as getting promoted TOO quickly? Just got the bump to AS after 10 months as an AE. Not at all typical at my agency (usually 5 to 8 YOE). I picked up a lot of opportunity after turnover last year. I am, of course, thrilled, but do wonder if it'd put the validity of my agency in question when looking at my resume. Am I crazy? I'm probably crazy.

like

KPMG India Hello fishes,
Im an associate consultant in DT-CDSG
What are the career options available in Digital Trust - Cloud security? (DT-CDSG)
Can someone share some insights please?

Thank you in advance @KPMG India KPMG

like

Anyone know the AWS TAM salary range for DC area?

like

Posted in a different bowl but no one from tax responded. How long did it take you and what level did you reach milestone base salaries ($100k, $150k, $200k)?

like

Cognizant Will cognizant give a Diwali bonus?

funnylike

Any one understood what Steve said about compensation and bonus revision yesterday ?

like

More Posts

Openings at OpenText

DM me or send a mail to
referralhelp.op@gmail.com.

Please mention YOE, preferred location(blr/hyd), tech stack and the job id.

For other openings visit the career portal
https://careers.opentext.com/go/India/2619917/

Post Photo
like

Hi, if anyone has completed 18 months in November this year, so I would like to know, what is the quarter of promotion happens in Genpact.
Thanks

Question for other people with student loans. When the deferment period ends are you planning on making a lump payment or are you going to wait to see what (if any) student loan forgiveness comes through before you pay?

like

Can anyone refer for program manager/pmo role. I have 5 years experience in this domain. Thanks.

like

Because of this sub, every time I see a dog now, I subconsciously think the owner is going to ask me for a referral.

funnylike

Where are the best pastries in chicago? I’m talking flaky lamination and amazing croissants, tarts, breads, danishes

like

Does anyone have any experience with General Motor’s HireVue process?

like

Have you implemented a translation plugin on your WordPress you really like? Ideally I’d want one that allows us to edit content for better accuracy.

like

How did your agency handle layoffs? All-agency meeting before they started? After they ended? Both?

Kinda sorta trying to predict if I’m losing my job tomorrow.

like

There are too many men out there who think that just because I'm being polite, it's a sign that they should flirt with me while I'm at work. I thought this was 2022, why haven't we as a society gotten past this yet?

like

Hi fishes, Does Selenium 3.X is capable of running selenium RC?

like

Thoughts on Ogilvy Chicago?

like

Hey fishes, Need referral in pharma compaines, so looking forward for the same

Yoe-1year 8 months in pharma domain

like

Hi fishes,

Does joining bonus is taxable??

like

Hi folks, I have an offer from Persistent for Java developer and they're offering me 7.5 LPA for Senior Software Engineer role.. Is this the right scale in Persistent ?
My experience is 3 years

like

What is the proper dress code as a realtor? I've never been the type to wear suits but I feel out of place if I don't wear them

like

Simplicity 😍 what’s on your wrist today?

Post Photo
likeuplifting

Arlington schools closed until April 14th. Send help!

like

1/3 Question on tax treatment of nonpriority unsecured claims converted into long-term note decreased total liabilities under Chapter 11. An accrual based C-Corp taxpayer completed a Chapter 11 reorganization and converted a total of $1M A/P to suppliers into a $410K LT note (a $590K liability reduction). Should we view this $590K as the Sec. 108(a)(1)(A) excludable income? After reading through IRS Pub 4681, I think it makes sense to view the $590 as "Reduced Price After Purchase", but not

like

Additional Posts in Personal Investment Chatter

What is a good alternative to a HYS and/or a CD for short term 6-12 month horizon? Low risk similar to HYS/CD, atleast from a principal conservation view.

like

If WFH stays after vaccine(maybe split 50/50 with office and WFH) do you think that will have some major impacts on our economy?  our economy is based off of people spending money not saving. I think of all the lunch, coffee, happy hour, dry cleaning etc spending we used to do.

like

GME and AMC are not doing well today 😂

like

Creating a 529 for myself before having kids…Should I setup a 529 for myself?

I don’t currently have kids but probably will in the future (31M, single now). Alternatively, I may go back to school at some point, or I’d be happy to disperse/gift the $$ to my nieces and nephews too… what’s my upside/downside?

like

If I make $120k base and have 50k for down payment, what should the house price be?

likehelpful

Question for other people with student loans. When the deferment period ends are you planning on making a lump payment or are you going to wait to see what (if any) student loan forgiveness comes through before you pay?

like

Recommendations for how to allocate 401k with Fidelity. Just switched jobs and have to move from Merrill Lynch to Fidelity

like

Thoughts on investing in DISney ? Better to go in as a stock or via ETF exposure?

like

As a US resident, (how) can you buy stocks on international exchanges (like Hong Kong, Bombay)?

like

Parents- do you have UTMA/UGMA accounts for your children? Pros/cons over 529?

like

Someone talk me out of buying the C8 Corvette 😭 I make >$200k and am early twenties FWIW

like

I’m 26 and have ~40k sitting in my savings account. Annual income 140k. Maxing out 401k. No debt. Planning to invest 25k but don’t know where to start. Should I get a wealth manager? What is the best way to approach this?

like

Does anyone put money into CDs anymore?

like

Thoughts on Jumia stock?

like

I know it's a favorite among this crowd ..

Post Photo
likehelpful

Tendies? 😊 🤚💎🤚

like

My investing strategy is just to DCA into an S&P 500 index fund and keep buying and holding. If I understand correctly, the sole disadvantage this has compared to a tax sheltered retirement account is that the quarterly dividends will be taxed? But even so, they’ll be taxed at a lower qualified dividend rate since I’m automatically reinvesting those dividends.

like

A very privileged question, but do any of you expect significant inheritance? And if so, how has that affected your retirement planning?

like

Went to a club yesterday and we paid $20 pp for cover just to find out that it was empty and there wasn't really a clubbing vibe. Bought a round of beers and we were so bored that we decided to leave in a few minutes... I feel robbed but at the same time I guess there's not much I can do, or is it? Im not sure if a CC charge back even applies in this case. Anyone had the same experience?

funny

How do you make side moneys? Any apps or websites that would allow me to do work online and get paid? Thinking about bookkeeping gigs or something similar.

likehelpful

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal