So, letâs stop right quick.
You have to pay your own taxes and have a higher tax liability as a business than with a W2. You need to make more than $100/day. Chances are you are at least in a 30% tax liability, which is meant to be paid quarterly.
Chances are, youâre working more than 8 hours
You have costs of doing business. That means laying for a website, marketing, material, etc⊠That you currently donât pay
You are living paycheck to paycheck. Leaving your job after 6 months of barely breaking evem is a setup for financial disaster. Ig you are only making enough toncover your bills, you wonât have a savings and if any month is below what you need, youâre screwed
You need a work-life balance and this doesnât allow for one. This is you working 7 days a week, 8 hours a day, which means you are working, at minimum, 25% longer just to make ends meet.
You should 3000% budget for selfcare and entertainment. If making ends meets means that you canât enjoy listening to music, watching a movie, or going out to eat (which, if you are working for that long, trust me, there are going to be TOO many days when you are exhausted, because you will get burnt out, and cooking is not an option), you arenât earning enough to do just that. Apple Music isnât why youâre poor or donât have your own business.
Each and every financial planner and advisor will tell you that planning for survival is dumb af. You wonât have health insurance or money for a co-pay; gas prices fluctuate all the time; utilities fluctuate; rent goes up; emergencies happen; cost of doing business changes; you have to do refunds because you will mess up; you lrevent yourself from scaling up because you canât afford it.
Stop glorifying Hustle Culture and the struggle of surviving. It will kill you. Y'all see Japan, they literally have people working so hard, theyâre dying in their 30s/40s/early 50s from over-exhaustion. You will burn out like this.
I check dudeâs Twitter and besides that fact that he doesnât any concrete strategies that will actually help you live off of a hustle, he doesnât even have a link to the website or all he says he created for his business, you have to DM for that information (which is alwats a bad sign), he doesnât say what he actually does (Entrepreneur is not a industry or job title), and he spends a lot of tweets suggesting that Black people are responsible for their own financial ruin which tells me his actual knowledge on finances and the economy is shit. The only thing you can tell is that he does tax returns and taught other people with nothing about whether or not heâs actually good at it.
If you want real advice, stay at your job while you are working on your hustle. Figure out how much it costs to run, how much time you can dedicate to it after work, how much of a profit (after your bills) youâd like to make, what you need to invest in to get it started (website, ads, education, software, computer, etcâŠ), and how much it will cost to scale. You have to do market research. You need a business plan. And guess what? You can do all of that while watching Hulu or Netflix.
Next, you need to start, make mistakes that are probably gonna cost you money then learn how to automate part of the process. Thatâs a way for that process to keep going after without you directly overseeing it like orders, new clients, shipping, payments. etc⊠so you can actually start making money while you are working. If you are making access than your bills, donât quit your other job: put the access into savings, reinvest it into your business, and/or use it to do stuff like lay down debt, but only after youâve set aside money taxes.
Start saving for a safety net so if money is tight for a month, youâre covered. Then listen to Jay Z: if you canât buy it twice, you canât afford it. If you canât cover your major bills twice over with your business without dipping into savings, you canât afford to quit yet. That might mean making sure you have enough to cover this monthâs bills and rent for next month, just in case.
When you can do that and you get to a point where one or two bad months wonât leave you in the red, THEN you can quit your job because you are actually making enough money to survive AND prosper. Talk to a financial planner or accountant to see what you can do and how to budget now that you no longer have guaranteed income, what you need to pay and when, and ask for advice on budgeting for your business so you can scale it up and grow.
Thatâs real advice from a real consultant with experience in trying to, failing, and trying again at multiple incomes and who also knows to orice your time, energy, at skills at more than it costs you to use them. For every hour of work I put in, I get 50% above what is necessary for survival, soon to be 75%. I spend 20 hours a week on admin work, which, surprise, you donât get paid to do. My cost of doing business includes licenses and subscriptions I have to renew monthly, quarterly or early. If I earned to survive, I wouldnât be able to afford them. Stop listening to these bum ass niggas with out any actually experience or knowledge.
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