I’m not an expert. I’m just a guy who likes to think about stuff.
You may hate your job, but on the 1st and 15th, you hate it a little less. Why is that? Payday, of course!
I know for a fact that people stay at jobs because they become accustomed to getting paid every other week. They like the consistency. No matter what poor financial decisions they have made, at least they know that money is coming soon. I was in this predicament. I had been working at a company for a few years. I knew I wasn’t happy there, but getting paid regularly was a drug I wasn’t willing to give up.
What made me eventually do so? Well, I met with a bunch of entrepreneurs, one of whom runs her own science communications company. Her company consisted of three people: herself, an account manager, and a graphic designer. She got the majority of her clients through referrals. She had multiple clients at any given time, so whenever she lost a client, she had several others to fall back on. She was never dependent on one income stream. She got to work on interesting and different projects, since no two clients wanted the same thing. She had left her corporate job and found that she could do better on her own. I figured if she could take the plunge, so could I.
Yeah, I realized that she wasn’t getting paid every other week. But so what? I also figured that, by having multiple clients and setting her own prices, she was probably making more money per year than she did as an employee.
Some may think the best course of action, if having a consistent paycheck is important, is to keep a full time job while working a part time hustle. I agree that this can be an acceptable route, but don’t let the full time job become a crutch, especially if you don’t like that job. I didn’t allow myself to fall into this trap. I quit my job, so I forced myself to figure out a way to survive. I had a nice savings cushion, so I thought the risk was minimal. I let my imagination wander and tried to figure out what I could do to help companies and potentially save them money. I’m a patent agent. Patent agents typically have lower fees than patent attorneys for doing the same type of work. I like to write (as I’m sure you can tell from my blog). Companies typically leave writing on the back burner. I’m a notary public. People often appreciate the convenience of having documents notarized in the comfort of their homes. By addressing needs, I bring value to others, which prompts them to hire me, which brings in money. Maybe not on a bimonthly basis, but I’ve become adept at portioning out the money coming in. If you’re thinking about working for yourself, I suggest you get good at putting money aside – especially for taxes. Uncle Sam always gets paid!
As an independent worker, it’s true that you most likely won’t get paid every other week. But eventually, you won’t really miss it. If you’re addressing a need that’s in demand, you have the potential to earn more than you did as a salaried employee. You have a number of clients, so you’re not dependent on any of them. Not only that, but you’re working on projects you actually want to work on. Imagine that!
Another excuse has been bested. Another one is up next week. Stay tuned!