The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: NorCal on February 25, 2018, 05:47:22 PM
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I'm considering leaving my current W2 job, and taking on some work as a 1099 contractor. This would possibly include some work for my current employer, and seeking out work from others. For those that have done this:
1. What has your experience been, both good and bad?
2. How did you go about setting your hourly rate? I've heard a "rule of thumb" of 3x your salaried rate. I have no idea if this is good or bad advice.
3. Did you set up an S Corp, or LLC, or just get the 1099 in your name? I'm in CA, so setting up an LLC costs $800/year.
4. What else did you wish you had known before you went into contracting?