I'm Walking Away

[Joe Flacco]

6 a week seems my max. After that it’s burnout. I average about 400 when all types taken into consideration. That’s good money at 400 with no kids at home. If I had to raise a family on that it would be tough. Still not as good a a job with benefits and vacation pay and no cost of doing business expenses. Probably average 250 a year some years more. So that’s about 100,000 gross. After taking out cost of insurance, business costs, employer half of SS not much left really.

No kids at home is key. One kid in preschool is $1,200 per month. That's for 4 hours, three days per week. If they go four hours, five days per week that is $1,600 per month. You have two kids in preschool and that sets you back $2,400 to $3,200 per month. Life is expensive.

Like you say $100k as a sole proprietor is small potatoes. Basically equivalent to $60k salary. I need to gross $180k as a sole proprietor to be equivalent to $120k salary + benefits.

 

[Joe Flacco]

If you have kids and your wife doesn't have good insurance and/or benefits then you are f-cked in this business.

 

[Terrel L. Shields]

Chartered accountancy is what you need