I work for myself now. It's fun, interesting, and I really like it. I don't think I'll ever go back to working for a company. It's harder in some ways and easier in others. I'm fortunate to be married to a person who has a company job that provides benefits. Would I be doing what I'm doing if I had to buy insurance? Maybe yes still. I don't know. But if I had to provide insurance, the question would be why is my husband not working for a company? The answer being that he started his own consulting firm, then probably yes because if he did we did well enough to manage. But otherwise he's more the corporate type.
Well thsi is my second year and first really full year working for myself. Last year I did it but I wasn't sure if I was coming back to it. This time my answer to client is yes, spread the word. I am doing this. I'm not saying I'll do it forever, but there is a pretty long horizon. I can see myself doing this another 10 years until the kids finish college and then reevaluating. Maybe even sooner. I could be done by 2030 when my youngest leaves for college.
But in the right here, right now moment I have to look at my business income and expenses. Currently I've made around ~$35k and I set aside already $22.5k for my 401k for the year. I haven't contributed yet because I'm not sure if I want to do a Roth 401k or traditional 401k. I've paid for my software, insurance. But I haven't paid my taxes yet or any other expenses. I'm debating. My taxes could be minimal if I do the traditional 401k. Thus I'd have extra money to spend. Or I might have to pay the current amount to taxes.
How to balance spending and saving? It's a question constantly posed on this board. Right now I feel like I've basically worked to fund retirement, taxes, and I've contributed nothing to the household maintenance or fun spending. But i'm unsure how much more I'm making this year.
Do I pay more bills with the remainder or send it to taxes later?