I’m very interested in being self-employed in the future. I plan to make the transition from traditional employment to self-employment in a few years maybe even sooner if I can set up my financial buffer before then. I’ve started a side business because I want to be making money “from my own efforts” before I leave. Thanks for honest pros and cons. And you’re Canadian too! Yay! It’s funny because I was thinking that the loss of benefits would be the biggest disadvantage. I didn’t know about the C.P.P. so it’s good I found out now.
This content was very useful to me as I have limited knowledge about personal finance. Your videos are certainly helpful because they tell it as it is. The brass tacks. I like the line "there is no such thing as passive income". Very few people (none that I know of) will say that. But I think that is the reality. I sure subscribe to this approach.🔔🙂
I've always been self-employed I went from my family health insurance plan to ODSP social assistance health coverage. I never had an employer covering me. What's funny I discovered on my journey of financial independence if my income is too high for social assistance I will have to find my own private health coverage. I think I would apply to the Ontario Trillium Drug Benefit.
id never quit to start a business but if they are laying off Id volunteer to go get unemployment while I looked for work try starting a business if it dont work out you go back when things pick up
Definitely a different scenario if you're being laid off compared to voluntarily quitting for sure. And I know lots of people who have been laid off and taken that as an opportunity to finally start that business they've always wanted to and are doing awesome. But for me, I'm really glad I started my business while I was still working so when I eventually left I had everything set up and could hit the ground running. A lot less stressful than quitting and starting from ground zero.
Love your video, question for you. I worked for a company full time and my wife is a stay home mom with no income to declare ,but i want to start a side business as and i will like to know what would you recomend should i set up the business under my name or my wife's name so she can declare all expenses and income herself instead of me. Thanks
You can't set up a business in your wife's name if she isn't actually involved in the business, as the CRA may consider this a form of tax avoidance and there would likely be penalties. I'd suggest speaking with an account to discuss legal ways of doing income splitting to reduce your overall taxes.
Hey Jessica! I'm curious (if it's not too personal) whether it's possible to keep a good work/life balance when you are self-employed. And particularly as an influencer. Do you feel pressured to be available or are you able to take weekends and evenings for yourself? On average I'm guessing you put I'm significantly more than the standard 40-hour week but I'm wondering if it's because you "want to" (enjoy what you do, like the higher income) or because you "have" to (to meet deadlines and stay afloat). Thanks for the inside look!
It is totally possible. With that said, it's taken me YEARS to figure out the formula for myself. In general, yes I'd say I probably work more than a 40-hour work week but not much more. Also I'm not chained to my desk 9-5. I take lots of breaks. But for me, I like sleeping in and I'm a natural night owl, so my hours are probably different than most people but it's actually how I like it. But I do now take weekends off unless there's something urgent or a big project I just need to finish. At the start of my business, I'd say the first 2-3 years, it was a grind. And that was largely me trying to figure out how to make my business profitable and sustainable. Once I figured that out, I was able to ease the foot off the gas and over the last 3 years, I've had substantially more balance and free time to enjoy.
@Jessica Moorhouse - Canadian Personal Finance Wow! Thank you SO much for taking the time to explain and being honest. I really appreciate this information! You are the best 😁❤️
@@cocacolabob I'll stick with passive investing and index ETFs for now, I'm busy enough running a business. I can't imagine adding on being a landlord right now.
@@jessicamoorhouse yea for sure. I would not want to be a landlord in canada period considering how much power tenants have. I do want to get into building/renovating to sell for profit though. I do construction so I guess that's easier for me to get into but if I had the money I would just hire people to do everything.
