{ "media_type": "text", "post_content": "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", "post_id": "5f25d32fd2f2130028594e8e", "reply_count": 32, "vote_count": 5, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter", "feed_type": "bowl" }

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
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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.

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

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

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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.

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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.

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

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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.

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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

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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.”

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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.

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Why am I a lawyer?? Wrong field lol

funnylike

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.

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What does your partner do??

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Marketing at a large healthcare company.

likehelpful

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

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

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You are already rich

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400k at 40-50 hrs?

50-60hrs, plus 30% travel involved.

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