So I got myself a second job...

[Marquette]

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

 

[Frugality_of_Apathy]

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.

 

[Marquette]

Oh, I do freelance computer programming on the side.

If you find some money trees and need an assistant, though, you let me know!

 

[popowich]

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.

 

[Walt34]

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.

 

[Marquette]

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.

 

[NW-Bound]

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!

 

[Rich_by_the_Bay]

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.

 

[FinanceDude]

I set up an LLC just "in case" something interesting came along.....nothing so far, except some business owners that need "cash infusions"........

 

[Marquette]

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!

 

[Nords]

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...

 

[Marquette]

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.

 

[rs0460a]

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

 

[SecondCor521]

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

 

[BunsGettingFirm]

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.