Re: I think I'll regret not going for it if I don't

I have worked for Uncle Sam for the past 8 years. I'm a health care provider. In addition to working for The Man I have a small private practice and a teaching gig.

Lately some private opportunities have come my way that could be really good. Reliable, relatively lucrative, and with more flexibility to set my own schedule, etc. I am 90% sure I would come close to my current base salary within a year or two and 100% sure I would exceed that level of income as I built my practice, worked out the kinks in job flow, etc. So the upside is more money, at least in the long term.

The downside, as I see it, is Uncle Sam gives me good healthcare benefits and a (for these days) cushy retirement set up (a pension and a fairly generous retirement investment plan - it is managed by BlackRock and has done very well for me). Plus, I could (if I so chose) work only 40ish hours a week. (I never have, but that is my choice). Oh, and BTW, I would have earned my full pension at age 60.

So what say you Lungers? Should I take some reasonable risk and go all entreprenuery up in here, or play it safe and ride it out with Uncle Sam until I hit the big 6-0? (I'm 48 now and have 4 kids, if that helps you think it through).

TheBull®

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I've left two Fortune 50 companies to start

Jul 29, 2015, 11:37 AM

businesses, leaving pensions in both cases. Both were successful, but not without sacrifice, which came in no small amount on the part of my family. The second time, my kids were 7 and 4, and my wife stayed at home, so it was all on me. In both cases, I found myself in about 18 months strongly considering going back to the corporate world, and in both cases, opportunities presented themselves that I could not pass up. This last go around, I'm back with the company I had most recently left.

You will have time and costs associated with ramp-up and building your clientele. During that phase, you will likely work quite a bit, have a different kind of stress than you are used to, and likely tighten the purse strings, cutting out extras.

Once you get established, you will have to make determinations as to what you do yourself vs. outsource (invoicing, book keeping, collections, tax administration... FICA, Medicare, insurance, SUTA, FUTA, work comp if you go down the employee route).

Everything is a trade-off as well. Take a week of vacation? That is a week of lost revenue. There is also a tremendous amount of security that comes from having, but not needing, a pension.

On the plus side, it is great to not have to answer to anyone other than your family and your clientele, and if you can balance it and not think about opportunity costs, the flexibility is great.

A couple things I would strongly consider would be in 12 years, you will only be 60, be eligible for full retirement (with benefits to 65 I presume?). You sound like you will always "work" in some form or fashion. Why not start the business then, and work as much or as little as you want then?

Another key consideration might be your ability to either come back to your current employer, or find similar work in the event your independent path is not everything you thought it would be. If you can come back, particularly if you can pick your pension back up, then you have a back-up plan that may encourage you to take the leap.

All that said, when I reach my financial goals, I have every intention of being self-employed at some point in the future as well. Hopefully in the next 10-15 years (46 now).

It's a big decision, but I've never regretted the steps I've made. I think whatever choice you make, faith and attitude have a way of making them turn out as positive.

Good luck!

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Ahhite. Serious question for business-minded Lungites.

If at least one of the 4 kids has it together enough

there's alot that plays into this decision, lets start with

yes the kiddos are a big concern in this.

I want you to consider this third option:

after the week I've had so far.. that sounds like an idea

so tempting in many ways...

Will you be self employed, i.e. have to pay both sides....

as with now, it'd be a mix of both

go for the new job.

Thanks for the encouragement

Follow your dreams.***

are some shakeups gonna affect you

as you have likely heard from your missus, there have been

stop suckling on the genpop's teet and fend for yourself

inorite? Ward of the State..***

Seems like you have the best of both worlds right now

income would not be double to start

I am heavily leaning towards entrepreneur.

I hear ya. Love the attitude and passion.

Stay where you are. You are within 12 years of

good point, but I have a decent nest egg

I've left two Fortune 50 companies to start

One other very important thing. You can never predict what

Excellent points all around.

Re: good point, but I have a decent nest egg

I think I'll regret not going for it if I don't

Where are you located? I know some people you could possibl

Haven't lived in the ATL since '02. I'm now in SW Virginia.***

Thanks. And I think I am wise enough to know that happiness

If you want to do it, do it....

good advice

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