The benefits of self-employment — flexibility, independence and greater income potential — are well worth the challenges. But it pays to know the pitfalls and how to avoid them.
uses artificial intelligence to match workers with affordable insurance coverage in their states. It also provides information about the discounts you can receive through the Affordable Care Act.None of the tips to survive self-employment are quite as important as building emergency savings. Why? None of the safety nets that you had when you were employed extend to self-employed individuals. Vacation time? Nope. Sick leave? Forget it.
Indeed, your emergency fund is your primary safety net when you’re self-employed. So, an amount of emergency savings that seemed reasonable when you were an employee is likely to be inadequate now. How much you need will depend on your family circumstances. However, it’s smart to have at least six months of living expenses in emergency savings. And saving more never hurts.Most clients are honorable and can be trusted to make good on verbal contracts. Some are not.
Also, when you’re self-employed, you pay both the employee and employer contributions to the Social Security and Medicare systems. This can increase your tax burden dramatically.
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