Escaping the wage economy

[NoAdmiration]

I've been thinking about this for some times now. I think we are past the time we need to break out of the wage economy, working for someone else to survive. This means starting something that brings enough value to others that I can live without being subject to the whims and mandates of the checkbox class. But I'm not clever enough to know where to begin. I know there are a million get rich quick, MLM type deals. Nearly all appeal to be of questionable legitimacy.
I don't mind hard work, I just don't know where to start.
I'm looking for ideas from people who have been in this situation and found a path that got them where they wanted to be.

 

[snorko]

What is your current employment?

 

[Route 45]

You'll always be subject to whims and mandates of one kind or another, regardless of whether you work for a wage or run your own business. You just have to pick your battles and make your way the best you can.

Find something you like to do, live within your means, continue to improve your skills and don't be afraid of new opportunities.

Or you might see if Elon Musk is looking to adopt.

 

[eldirector]

Are you suggesting a move from a "wage economy" to more of a "gig economy"?

What skills, expertise, influence, etc... do you have that is fairly unique and has some market demand, but is NOT something that is typically associated with a long-term hire by a business?

I know a TON of people that are essentially "consultants". They come in for the duration of a project, kick some butt, make some bank, but then move on to the next project and not stay around.

Artists, musicians, consultants, flippers (cars, real-estate, junk), Social Media influencers, general contractors, even laborers in some cases.

What you gain in flexibility you lose in security. You only get paid if you work, and even then you sometimes have to "break some kneecaps" to get your money.

Oh, that reminds me: bookies.

 

[2in1evtime]

Any time you can work for cash is a bonus, don't actually have a registered business, keeps you out of the tax game!!!!!!! Lots of people out there working out of there home, garage, making good money . as to what kind of work that depends on your skill set, your not going to get rich right away!

 

[Usmccookie]

The trades.
I'm union electric in Chicago. I got my skills up and built my personal brand. I now make an extra $50-70k a year cash working part time. I have to bust my ass and I take a risk everytime I accept a job, but I love it. If I can stomach the risk, I'll probably buy an existing electrical contractor and do that in May as per current conversations being had. This will be my second major business I'll own.

Tldr: high risk buys you the freedom you want. But one way or another, wage economy will prevail.

 

[NoAdmiration]

What is your current employment?

I work for a mega corporation as a cog. I analyze and sort Medical appeals related to Medicare. Basically a stepping stone in the complex work of compliance with government regulation.

 

[NoAdmiration]

Are you suggesting a move from a "wage economy" to more of a "gig economy"?

What skills, expertise, influence, etc... do you have that is fairly unique and has some market demand, but is NOT something that is typically associated with a long-term hire by a business?

I know a TON of people that are essentially "consultants". They come in for the duration of a project, kick some butt, make some bank, but then move on to the next project and not stay around.

Artists, musicians, consultants, flippers (cars, real-estate, junk), Social Media influencers, general contractors, even laborers in some cases.

What you gain in flexibility you lose in security. You only get paid if you work, and even then you sometimes have to "break some kneecaps" to get your money.

Oh, that reminds me: bookies.

What I mean, is finding the means to generate income without being paid by a company directly.

There are a millions things out there but I'm not sure what works and what is a scam. There is a lot of, "buy my course for $2000 and I'll teach you how to make $10k a month." A clever person would immediately wonder why a person who makes $10k a month would need to sell a course for $2k...

 

[NoAdmiration]

Are you suggesting a move from a "wage economy" to more of a "gig economy"?

What skills, expertise, influence, etc... do you have that is fairly unique and has some market demand, but is NOT something that is typically associated with a long-term hire by a business?

I know a TON of people that are essentially "consultants". They come in for the duration of a project, kick some butt, make some bank, but then move on to the next project and not stay around.

Artists, musicians, consultants, flippers (cars, real-estate, junk), Social Media influencers, general contractors, even laborers in some cases.

What you gain in flexibility you lose in security. You only get paid if you work, and even then you sometimes have to "break some kneecaps" to get your money.

Oh, that reminds me: bookies.

I am very good at research, competent with computers, and have some training experience. I'm also *cringe,* very good with analytics and *double cringe,* highly skilled at process improvement.

 

[NoAdmiration]

You'll always be subject to whims and mandates of one kind or another, regardless of whether you work for a wage or run your own business. You just have to pick your battles and make your way the best you can.

Find something you like to do, live within your means, continue to improve your skills and don't be afraid of new opportunities.

Or you might see if Elon Musk is looking to adopt.

My greatest weakness is my low agreeableness. I see the iceberg and tell people, hey there is an iceberg. The response I get is something about not what you say but how you say it... then we hit the iceberg.

 

[NoAdmiration]

You'll always be subject to whims and mandates of one kind or another, regardless of whether you work for a wage or run your own business. You just have to pick your battles and make your way the best you can.

Find something you like to do, live within your means, continue to improve your skills and don't be afraid of new opportunities.

Or you might see if Elon Musk is looking to adopt.

Elon seems clever but kind of creepy.

I'd like to actually make something people want.

I dream about a mini-farm but I know 99% of people who say that have no idea how much work is actually involved.

 

[bwframe]

Elon seems clever but kind of creepy.

I'd like to actually make something people want.

I dream about a mini-farm but I know 99% of people who say that have no idea how much work is actually involved.

Most folks cannot grasp the amount of risk involved in self employment. Nor the amount of behind the scenes stuff involved.

Somewhat depending on the direction you go, you need to be an accountant, a professional shopper, a negotiator, a salesman and always a people person.

Then there is the health side of the issue. You need to be in near perfect health to be in business for yourself.

Obamacare took away affordable health insurance. So look forward to paying out the tail for minimal coverage that you really must do your best to avoid using, lest your rate will climb to unobtainable levels.

Then there is the direction of the country, society, politics, business, etc. Difficult things to forecast like inflation, fuel/food/goods costs effect keeping your head above water.

What has the Biden double fuel costs done to the private contract trucker, taxi driver, delivery driver? Contrary to popular thought, you cannot always snap your fingers and raise your pricing as your costs rise.

Government regulation and mandates must be a forethought also. The minifarm mentioned would be absolutely a great idea, but what if government locked us down again? There are some youtuber minifarmers whose investments were lost in 2020, due to farmer's markets not allowed to open.

 

[manifest destiny]

The trades.
I'm union electric in Chicago. I got my skills up and built my personal brand. I now make an extra $50-70k a year cash working part time. I have to bust my ass and I take a risk everytime I accept a job, but I love it. If I can stomach the risk, I'll probably buy an existing electrical contractor and do that in May as per current conversations being had. This will be my second major business I'll own.

Tldr: high risk buys you the freedom you want. But one way or another, wage economy will prevail.

How does The Hall feel about you moonlighting in their field of collectivism? I'm privy to many a-union-man and all of them say it's taboo to moonlight in the same trade. Most of them do, at least in the minor. None are pushing 60k off the books.

Any time you can work for cash is a bonus, don't actually have a registered business, keeps you out of the tax game!!!!!!! Lots of people out there working out of there home, garage, making good money . as to what kind of work that depends on your skill set, your not going to get rich right away!

That's not exactly true. Also keep in mind that cash-money work can't be borrowed against.

To the OPs question: Being able to fix things is a tried and true self-employment business model. Fix cars, wagons and horse hooves, IT servers, etc. Fixing things always provides opportunities for the fixer. Expertise in a field usually provides greater income potential. Only you know what you have to offer. Next you need to find someone looking for what you offer. You can always start while you're still working for McCorporation.

 

[2in1evtime]

How does The Hall feel about you moonlighting in their field of collectivism? I'm privy to many a-union-man and all of them say it's taboo to moonlight in the same trade. Most of them do, at least in the minor. None are pushing 60k off the books.


That's not exactly true. Also keep in mind that cash-money work can't be borrowed against.

To the OPs question: Being able to fix things is a tried and true self-employment business model. Fix cars, wagons and horse hooves, IT servers, etc. Fixing things always provides opportunities for the fixer. Expertise in a field usually provides greater income potential. Only you know what you have to offer. Next you need to find someone looking for what you offer. You can always start while you're still working for McCorporation.

I retired after 36 years in a corporation, got burned out, i saved a lot of money while working never lived beyond my means, i was 56 when i retired now 61, if i need to borrow money i can as i have excellent credit and funds to back a loan if needed, but by becoming debt free why would i need a loan to begin with, i have multiple skills to offer if needed, I am enjoying life more than i ever have, I feel for all those that felt they needed to have the best and most of everything not thinking of how there future would be if they lose it all due to affordability. If you enjoy living day to day week to week or what ever it may be so be it i have never done that myself!!!!

 

[Usmccookie]

How does The Hall feel about you moonlighting in their field of collectivism? I'm privy to many a-union-man and all of them say it's taboo to moonlight in the same trade. Most of them do, at least in the minor. None are pushing 60k off the books.


That's not exactly true. Also keep in mind that cash-money work can't be borrowed against.

To the OPs question: Being able to fix things is a tried and true self-employment business model. Fix cars, wagons and horse hooves, IT servers, etc. Fixing things always provides opportunities for the fixer. Expertise in a field usually provides greater income potential. Only you know what you have to offer. Next you need to find someone looking for what you offer. You can always start while you're still working for McCorporation.

What they don't know doesn't hurt them. That aside, around here I'd say it's 50/50 on electricians doing siders regularly. I've done jobs for union business agents and even the president. Ole fitzy even split a 12 pack with me afterwards!

I'm known for being ambitious and self reliant. The guys that know me, know I treat the union and my contractor no different than I would a private job. I go where the work is. I've even taken the past couple weeks off work, because I'm making double working the same hours. Usually I'd work after work, but these jobs are in the ghetto. I'm only there with the sun. ...

 

[manifest destiny]

I retired after 36 years in a corporation, got burned out, i saved a lot of money while working never lived beyond my means, i was 56 when i retired now 61, if i need to borrow money i can as i have excellent credit and funds to back a loan if needed, but by becoming debt free why would i need a loan to begin with, i have multiple skills to offer if needed, I am enjoying life more than i ever have, I feel for all those that felt they needed to have the best and most of everything not thinking of how there future would be if they lose it all due to affordability. If you enjoy living day to day week to week or what ever it may be so be it i have never done that myself!!!!

I think you missed the focus of my reply. I retired at 41. I got there by meeting payroll week in and week out. Not working at a corp. I don't think the OP wants to work at corp. anymore either.

What they don't know doesn't hurt them. That aside, around here I'd say it's 50/50 on electricians doing siders regularly. I've done jobs for union business agents and even the president. Ole fitzy even split a 12 pack with me afterwards!

I'm known for being ambitious and self reliant. The guys that know me, know I treat the union and my contractor no different than I would a private job. I go where the work is. I've even taken the past couple weeks off work, because I'm making double working the same hours. Usually I'd work after work, but these jobs are in the ghetto. I'm only there with the sun. ...

I can't blame you for working where the rewards are found. My thoughts on unions that allow that might be different. Frankly, I can't imagine why you'd continue to be union if you can so easily beat their collective gig by two-fold. Heck, 60k off the books...

 

[Usmccookie]

I think you missed the focus of my reply. I retired at 41. I got there by meeting payroll week in and week out. Not working at a corp. I don't think the OP wants to work at corp. anymore either.

I can't blame you for working where the rewards are found. My thoughts on unions that allow that might be different. Frankly, I can't imagine why you'd continue to be union if you can so easily beat their collective gig by two-fold. Heck, 60k off the books...

My union job is the wage economy aspect.. its stable work with great Benifits. I'd have to gross $180k+ to break even with my union job. That's hard to give up.

 

[JTScribe]

What I mean, is finding the means to generate income without being paid by a company directly.

There are a millions things out there but I'm not sure what works and what is a scam. There is a lot of, "buy my course for $2000 and I'll teach you how to make $10k a month." A clever person would immediately wonder why a person who makes $10k a month would need to sell a course for $2k...

Step 1, sell 5 courses a month to unsuspecting marks ...

 

[INPatriot]

I've been thinking about this for some times now. I think we are past the time we need to break out of the wage economy, working for someone else to survive. This means starting something that brings enough value to others that I can live without being subject to the whims and mandates of the checkbox class. But I'm not clever enough to know where to begin. I know there are a million get rich quick, MLM type deals. Nearly all appeal to be of questionable legitimacy.
I don't mind hard work, I just don't know where to start.
I'm looking for ideas from people who have been in this situation and found a path that got them where they wanted to be.

Write a business plan. Record every single line item monthly expense from the roof over your head to consumer goods and fuel and how you plan to save. Then record how you intend to pay for it. Research and learn the tax benefits to being self-employed, whether you want to be on the books or not. Knowledge is power.

Is there a way you can use your skill sets listed above to approach an enterprise that could use those skill sets and get a contract for your services? Could you outsource your skill sets to multiple enterprises or endeavors? If you assume the risk for your own safety nets, whatever they may need to be then you become enticing to a business of any kind that needs your expertise and would not carry the burden of your health insurance or match 401(k) contributions.

Being self-employed means you become someone or some entities hired gun; be that splitting and stacking their firewood, plowing their driveway and mowing their grass, maintaining their vehicles, growing or raising their food, taking care of their finances, teaching them or their children how to do something better or cleaning houses and folding laundry. There are also social media influencers. Obviously, the key is to become the hired gun of many.

Understand there are (small) business models where the business has viable assets and there are (small) business models where the greatest asset to the business is your personality or the database from which monthly revenue is drawn. Equipment, of any kind, can be written off and depreciated. Personality cannot be written off. Become comfortable that as a business owner, if you use the tax code to your advantage, you, personally, may not "own" a lot but you could end up being the steward of much. That is one way to build tax shelters.

The tax advantages alone - paying on the back end, as opposed to paying on the front end for people that are employed - can make self employment worth the risk. Cash flow is the life blood of being self employed. The great line to tip toe is building a viable, valuable, profitable business and paying substantial taxes versus finding ways to spend that incoming revenue so the business looks less profitable and paying less taxes. The glaring trap in that scenario, is that it's easy to feel like the business is making money, but if that money is being spent and nothing is set aside for the future that will become a long term problem.

For those of us that are kinetic learners, failure, experience and time under tension are the greatest teachers. Self-employment is not for everyone, but it can be very fulfilling and is the most American of all endeavors.

 

[teddy12b]

The trades.
I'm union electric in Chicago. I got my skills up and built my personal brand. I now make an extra $50-70k a year cash working part time. I have to bust my ass and I take a risk everytime I accept a job, but I love it. If I can stomach the risk, I'll probably buy an existing electrical contractor and do that in May as per current conversations being had. This will be my second major business I'll own.

Tldr: high risk buys you the freedom you want. But one way or another, wage economy will prevail.

This is the best answer!

OP, I own a business, and I know many other people that do too. The last two years especially have been brutal on business owners as it's been a constant struggle to find people, parts, materials and when you do find them there's a premium that comes with that, that eats up all the profit in the job. I know many businesses that are having record high sales, working record high hours, and due to all the problems in the last couple of years are seeing record low net profit if any at all. Business have fixed cost overheads to cover, and a skilled tradesman gets paid by the hour and not by how well the job comes out. I'd highly recommend that because the level of risk is not on you, and you rake in the overtime.