1099 Self Employed OR Employee Which is Better? (Pros and Cons of Self Employment)

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There are many Pros and Cons of Self Employment and in this video I share my thoughts on the quality of life being a 1099 self employed OR employee which is better. { You might also like Self Employed TAXES Explained: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-TOpklhcGJ1o.html } In my opinion, Self Employment is worth it, but it is not for everyone and you'll need to weigh out your options based on your goals and the lifestyle you want to have.
When you are an employee of someone else's company you have a regular salary, a predictable work schedule, and usually have the ability to 'leave work at work' when you are done with your day. However, being self employed means you can create your own work schedule, be your own boss, and can work as hard or as little as you want based on your goals and self discipline to manage your time.
If you are curious about the differences between being Self Employed and being an Employee of someone else's company then this video is for you and I hope it is helpful!
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Timestamps / Chapters
0:00 - Intro
2:05 - Self Employed Quality of Life
2:57 - Self Employed Challenges
6:09 - Quality of Life as an Employee
9:41- Self Employed vs Employee Financial Differences
14:28 - My Thoughts
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ABOUT ME 👇
I've been involved in people's financial decisions for 15+ years (7 yrs Real Estate experience & 8+ yrs as a former Financial Advisor)...I now bring the financial successes, mistakes, failures, and best financial habits/tips to you through these videos.
My mission is to bring Financial Awareness to the forefront of your daily decisions so you can: improve your quality of life, increase your net worth, and grow upon your financial literacy. My videos are a reflection of my real-world experience as a real estate investor, stock market investor, student of finance, entrepreneur, and of course...my experience as a Former Financial Advisor.
This channel allows me to share my passion for personal finance, stock market investing, real estate investing, and entrepreneurship. I produce content that I would want to watch, and because of that, I give 100% effort in every video that I make. I also believe in complete transparency and open communication with my audience.
Subscribe if you are interested in:
#SelfEmployedVSEmployee
#SelfEmployment
#FinancialPlanning
DISCLAIMER: I am not a financial adviser or a certified public accountant. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion.

Опубликовано:

30 мар 2021

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Комментарии : 36

@Financial_Awareness 3 года назад

I think being Self Employed is better...what do you think? You might also like this video: Self Employment Taxes & Tips: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-TOpklhcGJ1o.html

@sherribrown3004 3 года назад

Hey Kyle! Hope you're doing well! Loved this video...it's exactly what I needed to see. I need your guidance...do you have time in the next week for a conversation?

@Financial_Awareness 3 года назад

@Sherri Brown - Hi Sherri! Yes, we are all doing well thank you. Glad you enjoyed this one. Yeah, let’s chat next week. I connect with you offline. 👍🏻👍🏻

@JoeySavage 11 месяцев назад

Love it I got freedom I learnt how to do my payroll and banking now I got it down packed I'm strait now if I need funding i know where to go love it

@OCJoker2009 2 года назад

I personally hate business and the competitive nature of it. There is too much push and bias/societal pressure become self-employed. The expression anyone can do if they work hard enough. It makes it sound like employees do not work hard enough. Too much survivorship bias in social media influencing on this subject.

@Financial_Awareness 2 года назад

@Jared Broughton - Appreciate you taking the time to watch the vid and being part of the channel…thank you! I must not be seeing the same social media you are seeing. From data and other opinions I’ve heard, it appears to me as if an above-average amount of people became self employed as a result of the pandemic two years ago. I do see a lot of those commercials about a person getting passed up for a promotion and instead of getting even they “get e-trade” or whatever trading software sponsored that commercial…I forget…so I see that kinda stuff….but that’s more investing/trading and less about self employment. Interesting that you hate business and the competitive nature of it because it is that competitive nature that helped bring us the Android and iPhone…and cheaper/faster/better computers…one of which you made your comment from and likely conduct your own business (as a W-2 or self employed person)….so I’m kinda scratching my head at your opinion there. I’m quite sure that many employees work very hard, but many do not. Personally, I’ve held salaried jobs and have worked for myself for a while…from that personal experience of my own I’ll admit that I felt less pressure as an employee because my paycheck was guaranteed as long as worked hard enough to add value and not get fired….on the other hand…in my opinion, when you work for yourself there’s nobody to blame and nobody else to do the work…so you HAVE TO do it yourself and work harder. Also, my older brother is a multi-millionaire with his landscape business…which he started from just a push-mower by himself…17 years ago…so yeah, it is true that if you work hard enough anyone can do it. What influenced you to not like business and competition that much? I’m curious to learn how you formed that opinion because it is different from my own and I like learning from other people.

@OCJoker2009 2 года назад

@@Financial_Awareness Facinating perspective and insight. I was in the fitness field a few years ago as a trainer as a contracter and I couldn't survive no matter how hard I tried. I spent 80% of my time marketing, finding clients, commuting to gyms, and finances etc ( I don't care for any of that) and only 20% on what I actually went to school for. The industry is very cut throat and often times very superficial. Realized that entrepreneurship. Peuple say constantly *run your own business, side hustle etc etc.*...Okay....open what business?? I refuse to monetize my hobbies so thats not happening. I could care less about selling a product or service. What service? There's nothing i could offer in terms of a specialized skill set that someone would pay for as a business. Bassically i am not a competitive person so someone telling to just randomly be self-employed-i would have to change who I am entirely just for the sake of it. Lol. Not everyone has your best interest at hesrt lol. Instead I am a good support person and like being told what to do while being paid for my time÷ employee. This may appear very closed minded and perhaps I don"t have the same mental fortitude to be self-employed as you do but truely believe there's more to life than work. So I choose to escape it at the end of the day and not think about it all the time.

@Financial_Awareness 2 года назад

@Jared Broughton - You know man, the way I react to your story is this...at least you tried. Well done. So many times people don't even try - and you did. I'm sorry to hear it didn't work out for your business/side hustle efforts. It is tough man. There was a client I was visiting a few times a couple months ago and on my way driving to his location I noticed what looked like a fitness instructor as he was unloading equipment out of his car...as I left the meeting with my client that fitness instructor was then using a public parking lot to do outdoor fitness activities with like 4-5 ladies (I'm assuming his clients)...which I thought was genius because he had nothing but some marketing/word of mouth to get those clients & he has very little expenses other than the upfront costs of the yoga mats & kettle bells he was pulling out of his trunk (of course the car and gas driving to this public parking lot)...and they all were doing their workout right there in the parking lot area. Just wanted to share all that to help you think creatively about how you can still help people (your passion), but not have huge overhead expenses of driving to gyms all over town....make your clients come to you! Anyway, like I said, good job for trying. Most of the time creating a business or being self employed is hard...very hard. ...and there's nobody else to do the work but YOU...so yeah you've got to wear many hats to run your business. When I started this channel I wanted to help people...NOT edit videos, but editing videos is part of the deal and it takes me the longest...so it was a new skill that I learned and now have, but I could have just given up if I didn't want to help people....I share that story about myself because there are things you have to do as a business owner that isn't exactly 'what you're passionate about' but you have to do it so you CAN DO what you're passionate about. Make sense? Appreciate you, Jared...keep it up man! Keep crushing your financial goals...you got this!

@gustavourlacher 3 года назад

Hey K.Scholl thank you for sharing all this information with me. I really like the way you teach and explain all of it. Great job 👏👏

@Financial_Awareness 3 года назад

@gustavourlacher - Thank you! Appreciate you taking the time to check out the video and hope there might be a few others within my content library that are of interest to you. Appreciate you. Cheers!

@stephenquinones980 2 года назад

I never comment on RU-vid videos but this one is fantastic. Great jobs here K!

@Financial_Awareness 2 года назад

@stephen quinones - Same here. I used to rarely comment on anything….the. Just over time I became more comfortable and started getting more active. Hey man, thanks for checking out this video and being part of the channel! Appreciate you. If you watch any other vids and have questions please feel welcome to comment and I’ll do my best to help if I can. Cheers boss!

@newedtv 2 года назад

Thank You! I neeeded this!

@Financial_Awareness 2 года назад

@New EDTV - Fantastic! Appreciate you sharing that feedback…love the positive vibes! Made my night. 👊🏻👊🏻

@youngrevival9715 2 года назад

This is really good. Hope this video gets the attention it needs

@Financial_Awareness 2 года назад

@Youngrevival 97 - Really means a lot...thank you! IMO, some of my videos that have the least amount of views (due to algorithm not picking it up or thumbnail image perhaps) are some of my better videos...in my biased opinion at least. For example, my '6-steps to build your own retirement plan' video outlines pretty closely to how I would create financial plans for each client...and that one doesn't have a tone of views. Hey, thanks for sharing your feedback and checking out the video & channel...cheers!

@youngrevival9715 2 года назад

@@Financial_Awareness for sure I’ll be checking more out in new lot self employed

@77stockmanager47 3 года назад

Good video 👍

@jovanastanivuk5049 3 года назад

Really professional 👍🏼

@Financial_Awareness 3 года назад

@Jovana Stanivuk - Hey, thank you! Appreciate you checking out the video and channel...cheers boss lady!

@STEPH-yp Месяц назад

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.

@STEPH-yp Месяц назад

@priscy_kk However, if you do not have access to a professional like JUDITH ANN PEACE, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments

@STEPH-yp Месяц назад

@priscy_kk Judith Ann peace is her name

@STEPH-yp Месяц назад

Lookup with her name on the webpage.

@STEPH-yp Месяц назад

@priscy_kk You are welcome

@user-uy3eq5hg1s Год назад

In a tough situation where I took over a business from my dad 10 years ago and it's an industry that I am not passionate about. It's also a low profit margin industry and over the past 5 years it has basically survived by taking on increasing amounts of debt. Being self employed in this industry has prevented me from qualifying for a mortgage because of my high debt to income ratio and unpredictable monthly income meanwhile all of my friends are buying houses and I'm almost 40 stuck in a studio apartment. Due to all of the debts it's looking like my only way out might be bankruptcy. Considering options from getting a regular career to being self employed in an industry I'm more passionate about like computer science.

@yelyanowog Год назад

Stay strong , it is heartbreaking to hear your story but pls don’t give up

@user-ln1gi6qh2k 2 месяца назад

I love to work alone

@Financial_Awareness 2 месяца назад

I’ve enjoyed it quite a bit in my past as well.

@Saragihlijan Год назад

Self employed is better right?

@MidwestMechanics Год назад

As someone who’s been self employed for 3 years, there are months I make insane amounts of money, but there are also months I make nothing. It really equals out to having a 9-5, just with added stress.

@BJ5712 Год назад

@@MidwestMechanics No. It's not all about money. There is passion and mental health involved. Usually an employee is much more miserable in his head even if the pay is better. I would pick my mental health over anything any day. That's why Iam self employed.

@Financial_Awareness Год назад

Definitely pro’s and con’s to both. I’ve been blessed to have three careers and have experienced the fulfillment of self-employment as well as the beauty that comes with a regular income stream. I prefer a combo of both to be honest and I recently talked about it in a newer video…I started sharing more financial thoughts on some various topics in a daily financial vlog-style format while driving my F-150…would love for you to check them out! Here’s the first one: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-vLL78VPT_O8.html