Employment: Which do you think is better? (1 Viewer)

[IntenseSaint]

I'm curious what people think.

If income was the same from self employment or working for another business.

 

[bclemms]

That is sooo easy.

Working for another business. When you are off you are off. So much less stress and responsibility.

What is the point of assuming all the risk and the million little stressful headaches if the reward is no greater than working for someone else?

 

[insidejob]

That is sooo easy.

Working for another business. When you are off you are off. So much less stress and responsibility.

What is the point of assuming all the risk and the million little stressful headaches if the reward is no greater than working for someone else?

Totally depends on the business.

 

[superchuck500]

I'm curious what people think.

If income was the same from self employment or working for another business.

Are you talking about the pure numbers or the overall life questions?

I think the SE tax is supposed to make it comparable, but as an employee you don't have to manage your own benefits (insurance, 401-K, etc.) - so I would think that if the dollars are purely equal, it would be better to be someone's employee.

Of course, there are other issues. (Making your schedule and working conditions, upside on profit for more work, etc.)

 

[gaminerie]

Self-employment.

Not only because i tend to pull more weight than 1 FTE, but also because having control over my time is a priority for me.

 

[boutrous]

I actually do both.

I have a 'real' job and also own a company which I work 'part time' for.

When you work for someone else, you don't have to worry about paying bills and managing your own benefits and managing your budget and losing clients.

When you work for yourself, you don't have to worry about being fired and dealing with stupid management and not being able to take off.

It really just depends on what makes you happy. Personally, I probabaly 'work' more hours for my own business but make much less money and deal with more hassels, but I have a greater overall sense of accomplishment and enjoyment because I get to do my own thing and not just what someone tells me to do.

 

[BIG E]

It depends on the person. Some people simply can't work for someone else. A lot of people are simply incapable of running their own business.
There's less stress working for someone else, but a lot of people think they are making someone else rich by working for them.
There is more risk and stress working for yourself, but there can also be more reward. Also most self employed or really small businesses have to work until they die almost, because they don't have a retirement.

Anyway back to your question 90% of the people should work for someone else.

 

[Saint77]

I own a biz and work a fulltime job. My hope is to never, ever work for someone ever again at some point. I hate being beholden to someone else. I am very independent, and don't want to be on some one else s schedule, be told where to be and what to do, nor be subject to their whims.

That is sooo easy.

Working for another business. When you are off you are off. So much less stress and responsibility.

What is the point of assuming all the risk and the million little stressful headaches if the reward is no greater than working for someone else?

Depends on your line of work, certainly. I do IT. You are never truly "off"

 

[Charlie Brizzown]

If time spent is also equal then I'd choose self employment.

 

[bclemms]

Totally depends on the business.

You are right. Now that I think about it more, if you don't have employees and don't deal directly with the public then it changes things drastically.

If you do have employees and sell a good or service at a retail level then I stand by my first post 100%.

 

[Cosmic201]

Self-Employment for me.


But I do have it pretty easy. I own a self-storage facility. It's me and two employees. I deal with customers, but only on a very limited basis (Sign them up, take payments). I even have customers I haven't seen in years since they pay by autobill or online.


I hated working for other people because no matter how well you did and how great you got along with your bosses, you always knew it just took one sentence from them to end your job.

 

[saintmdterps]

Are you talking about the pure numbers or the overall life questions?

I think the SE tax is supposed to make it comparable, but as an employee you don't have to manage your own benefits (insurance, 401-K, etc.) - so I would think that if the dollars are purely equal, it would be better to be someone's employee.

Of course, there are other issues. (Making your schedule and working conditions, upside on profit for more work, etc.)

From a tax standpoint I did much better self-employed 15-20 years ago but I believe some of those loopholes have been closed, such as home-office deductions. I wound up paying a 14-percent overall tax rate on an income (reported ) of about 38K in 1994-5. I also liked the freedom of working from home, but I found my boss was still an idiot at times

 

[parlorcitysaint]

The paperwork involved in self employment dictates that if you're making a comparable living as if somebody else had all the headaches, then it's time to go to work for somebody else.

 

[gavinj]

Some people who are self-employed can do so without getting stressed out about it. Just wanted to throw that out there. Personally, I found working for a large company more stressful. I need control.

 

[champ76]

From a tax standpoint I did much better self-employed 15-20 years ago but I believe some of those loopholes have been closed, such as home-office deductions. I wound up paying a 14-percent overall tax rate on an income (reported ) of about 38K in 1994-5. I also liked the freedom of working from home, but I found my boss was still an idiot at times

On the other hand terps, 15-20 years ago self employed got hosed by taxes in a number of ways. For example, health insurance coverage for an employee was not taxable, but a self employed health premium was taxed. The employer contribution to social security for an employee is not taxed, but back then the half contribution by a self employed person which would normally be paid by an employer was taxed. Tax on your social security tax! Those two taxes chapped my *** until the law was changed.

Self employment is great but in reality everyone "works" for someone. The self employed are subject to the whims of their customers, but on balance it's better than being subject to the whims of a boss.