Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
So I got myself a second job...
Old 07-29-2008, 10:44 PM   #1
Thinks s/he gets paid by the post
 
Join Date: Jan 2008
Posts: 2,020
So I got myself a second job...

This one will be a little odd; I'm used to doing my W-2 salary job and then 1099 work through my LLC on the side. I'll actually be W-2 hourly for the side work on this one.

so, for all of you "unpatriotic" early retirees.. don't worry, I'm picking up your slack
__________________

__________________
Marquette is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 07-30-2008, 12:39 AM   #2
Full time employment: Posting here.
Frugality_of_Apathy's Avatar
 
Join Date: Jul 2008
Posts: 622
Quote:
Originally Posted by Marquette View Post
This one will be a little odd; I'm used to doing my W-2 salary job and then 1099 work through my LLC on the side. I'll actually be W-2 hourly for the side work on this one.

so, for all of you "unpatriotic" early retirees.. don't worry, I'm picking up your slack
What's your second job?

I've been looking for a second job as a money tree pruner but no one seems to be hiring those right now.
__________________

__________________
Frugality_of_Apathy is offline   Reply With Quote
Old 07-30-2008, 07:50 AM   #3
Thinks s/he gets paid by the post
 
Join Date: Jan 2008
Posts: 2,020
Oh, I do freelance computer programming on the side.

If you find some money trees and need an assistant, though, you let me know!
__________________
Marquette is offline   Reply With Quote
Old 07-30-2008, 08:25 AM   #4
Recycles dryer sheets
popowich's Avatar
 
Join Date: Jun 2008
Location: Rochester
Posts: 84
Are you getting paid? I'm a moron and took a high risk second job for 18 months once and the place went bankrupt before it was able to pay employees. I'm sure the owners got some of their money though.
__________________
popowich is offline   Reply With Quote
Old 07-30-2008, 08:58 AM   #5
Moderator
Walt34's Avatar
 
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 16,511
I know the feeling - when I started the job a few weeks ago - "What am I doing? I swore I was done with this!" But at least it's optional and that makes it a lot easier.

Priorities change.
__________________
I heard the call to do nothing. So I answered it.
Walt34 is offline   Reply With Quote
Old 07-30-2008, 09:58 AM   #6
Thinks s/he gets paid by the post
 
Join Date: Jan 2008
Posts: 2,020
Quote:
Originally Posted by popowich View Post
Are you getting paid?
Yes. Well, I'm supposed to get paid.. I'll let you know in two weeks ;-)

I was looking at 1099 work (my typical mode) or work-for-equity (mentioned on here before). Someone approached me with a hybrid... hourly compensation along with an equity stake, but would I mind just tracking my hours and not billing for the first six months while they finalize their second round of funding. I had already decided, based on the discussion here and talking with other people that had evaluated offering work-for-equity, that it's too easy to get screwed... I ran from that one.

This one should be pretty straightforward. Established consulting company has more clients than staff so I'm helping with some quick-hit stuff. The big benefit of going W-2 hourly is that I'm paid every two weeks rather than being on the client's cycle... which means I'm not out a lot of money if things go south.
__________________
Marquette is offline   Reply With Quote
Old 07-30-2008, 10:19 AM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 19,400
Quote:
Originally Posted by Marquette View Post
Yes. Well, I'm supposed to get paid.. I'll let you know in two weeks ;-)

I was looking at 1099 work (my typical mode) or work-for-equity (mentioned on here before).
Several friends of mine and myself have worked for equity before. Needless to say, it was for naught.

I suspect that wasting labor was still better than the lost money incurred by the investors (several $M). Us workers were given the choice to BUY additional equity with our own money. Thank goodness, we geeks were too stingy and scared to take up on the offer.

PS. Perhaps the reason none of us could cash out (this was in the 90's) was that this venture was not a dotcom, but involved both hardware, software with manufacturing too. What a nightmare!
__________________
NW-Bound is offline   Reply With Quote
Old 07-30-2008, 10:50 AM   #8
Moderator Emeritus
Rich_by_the_Bay's Avatar
 
Join Date: Feb 2006
Location: San Francisco
Posts: 8,827
Quote:
Originally Posted by Marquette View Post
so, for all of you "unpatriotic" early retirees.. don't worry, I'm picking up your slack
Sounds suspiciously like something I did might have done at your age. Fast forward 20 years and you'll be procrastinating FIRE with the best of 'em.
__________________
Rich
San Francisco Area
ESR'd March 2010. FIRE'd January 2011.

As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
Rich_by_the_Bay is offline   Reply With Quote
Old 07-30-2008, 11:29 AM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
I set up an LLC just "in case" something interesting came along.....nothing so far, except some business owners that need "cash infusions"........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 07-30-2008, 01:03 PM   #10
Thinks s/he gets paid by the post
 
Join Date: Jan 2008
Posts: 2,020
Quote:
Originally Posted by FinanceDude View Post
I set up an LLC just "in case" something interesting came along.....nothing so far, except some business owners that need "cash infusions"........
My LLC primarily serves as marriage insurance... DW worries that we'll get sued at some point for something I'm doing (she's a worrier) so having the LLC and making a reasonable attempt to run it as a truly separate entity helps her sleep at night.

The added bonus, since we're both members of the LLC, is that I can get more tax-deferred money put aside with SEP-IRAs for each of us.

For me, the added expenses are about $150 in filing (I pay an enrolled agent to do my taxes) and $20 to my lawyer for the yearly state filing. So far it's been worth it.

For others (samclem has mentioned) an LLC probably isn't worth it.

Oh, but if you're interested in providing a small business with a cash infusion, you let me know!
__________________
Marquette is offline   Reply With Quote
Old 07-30-2008, 01:57 PM   #11
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,616
Quote:
Originally Posted by Marquette View Post
This one will be a little odd; I'm used to doing my W-2 salary job and then 1099 work through my LLC on the side. I'll actually be W-2 hourly for the side work on this one.
so, for all of you "unpatriotic" early retirees.. don't worry, I'm picking up your slack
I may be preaching to the choir on this one, but I'll mention it anyway.

As thankful as I am for your efforts above & beyond the call of duty to save Social Security & Medicare, you'll have to keep an eye on your FICA witholding to make sure those multiple W-2s don't throw your deductions over the top of your income limit...
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Old 07-30-2008, 02:07 PM   #12
Thinks s/he gets paid by the post
 
Join Date: Jan 2008
Posts: 2,020
Nords, great point. We'll have to see what sort of mess this is come tax time.

I assume the second company is going to withold social security (I should follow up to see if they have any control over that), but my primary job already puts me past the cap for that.
__________________
Marquette is offline   Reply With Quote
Old 07-30-2008, 03:49 PM   #13
Full time employment: Posting here.
 
Join Date: Feb 2006
Posts: 987
Quote:
Originally Posted by Marquette View Post
so, for all of you "unpatriotic" early retirees.. don't worry, I'm picking up your slack
Well, it's about time ...

And don't worry about "overcontributions" for SS (I'll take care of it for you, once I claim SS )...

- Ron
__________________
rs0460a is offline   Reply With Quote
Old 07-30-2008, 04:15 PM   #14
Thinks s/he gets paid by the post
SecondCor521's Avatar
 
Join Date: Jun 2006
Location: Boise
Posts: 2,401
Quote:
Originally Posted by Marquette View Post
I assume the second company is going to withold social security (I should follow up to see if they have any control over that), but my primary job already puts me past the cap for that.
If you're a W-2 employee they'll have to withhold SS/Medicare taxes.

Since you'll have two separate W-2 jobs and it sounds like you're exceeding the MTA, you should make sure that your accountant requests a refund of overpayment of SS taxes on your 1040 next year. (See line 67 of the 2007 form 1040.)

2Cor521
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
SecondCor521 is offline   Reply With Quote
Old 07-30-2008, 10:19 PM   #15
Thinks s/he gets paid by the post
BunsGettingFirm's Avatar
 
Join Date: Jan 2004
Posts: 1,502
Quote:
Originally Posted by NW-Bound View Post
Several friends of mine and myself have worked for equity before. Needless to say, it was for naught.

I suspect that wasting labor was still better than the lost money incurred by the investors (several $M). Us workers were given the choice to BUY additional equity with our own money. Thank goodness, we geeks were too stingy and scared to take up on the offer.

PS. Perhaps the reason none of us could cash out (this was in the 90's) was that this venture was not a dotcom, but involved both hardware, software with manufacturing too. What a nightmare!
Ah, hardware, stay the heck away from it. Just the tools for PCBs, timing, synthesis cost $100k each.
__________________

__________________
BunsGettingFirm is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Should I go for a new job? GoodSense Young Dreamers 19 05-01-2008 11:04 PM
I'm not looking for a job but... Nords Young Dreamers 1 02-16-2006 07:12 PM
Anybody like their job? setab FIRE and Money 69 01-15-2006 01:58 PM
new job jacambece Other topics 0 12-27-2005 09:53 AM

 

 
All times are GMT -6. The time now is 08:08 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.