Author Topic: Unemployed Free Time  (Read 2453 times)

benjaminbutton

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Unemployed Free Time
« on: September 30, 2015, 02:40:25 PM »
Mustachians,

I am currently doing contract consulting for my job (~4 hours a day).  I am so used to the 8 hour work day that I don't know how to be creative or even think about starting any side jobs in my free time.  I feel pathetic, as if I have become so dull from the monotony of the 9-5.  Does anyone have any advice on how to get into something.. anything?  I tinker with my arduino, do job searches, browse the net (unproductive).  Nothing really strikes me like it used to.

TL;DR:  I don't want to waste this free time I have, I could find a full time job soon.  What would you do with YOUR extra free time?

Thanks!

Gone Fishing

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Re: Unemployed Free Time
« Reply #1 on: September 30, 2015, 02:45:47 PM »
Have you got your tax plan worked out?  If not, you can spend quite a bit of time figuring out how to optimize your particular situation and probably get a pretty good return on your time.   

Bracken_Joy

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Re: Unemployed Free Time
« Reply #2 on: September 30, 2015, 02:57:52 PM »
I work out and do yoga quite a bit. Lately, DH and I have been obsessed with mobility work to improve our lifting form.

I cook and stock up our freezer. Any time I start feeling bored, I try to figure out how to home make a staple I used to buy. My latest has been BBQ sauce- I've tried 3 recipes now and still haven't hit one I like. Past successes include dilly beans, broth, pickles, sauerkraut, salsa, and mustard.

I read a lot. The public library is my favorite. I find my brain behaves differently if I'm reading a novel than if I'm reading articles in a magazine or online.

I'm starting to get back into sewing. It started with me inheriting some scrubs I needed to take in, but now I'm expanding from there. This is very recent, so I have yet to see where this one will go.

I started an herb garden.

I spend time on the forums and plan out my financial future.


benjaminbutton

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Re: Unemployed Free Time
« Reply #3 on: September 30, 2015, 03:40:47 PM »
Have you got your tax plan worked out?  If not, you can spend quite a bit of time figuring out how to optimize your particular situation and probably get a pretty good return on your time.

Sounds interesting.  I got my first contract paycheck, no taxes taken out.  Very scary.  Besides the link in your signature is there anything you can suggest I look into for a contractual employee?

regulator

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Re: Unemployed Free Time
« Reply #4 on: September 30, 2015, 06:08:05 PM »
Have you got your tax plan worked out?  If not, you can spend quite a bit of time figuring out how to optimize your particular situation and probably get a pretty good return on your time.

Sounds interesting.  I got my first contract paycheck, no taxes taken out.  Very scary.  Besides the link in your signature is there anything you can suggest I look into for a contractual employee?

The short version (assuming you are a 1099 contractor and not a W-2) is that you will have to file a sched C with your taxes for this income.  You will show gross 1099 revenue less any expenses (home office, computer, internet access, etc.) and owe 15.3% in SS and medicare taxes on the net.  Beyond that, you may have lots of options to shelter the income from actual income taxes.  Generally you can deduct health/dental insurance premiums, HSA contributions and if you set up a solo 401k you will be able to shelter at least the first 18.5k of income from taxes if you wish to do so.

mozar

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Re: Unemployed Free Time
« Reply #5 on: October 01, 2015, 10:54:46 AM »
Does anything need de-cluttering? Any small easy tasks you've been putting off? It's tough to think about new hobbies when you are looking for a full time job.