The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: benjaminbutton 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!
-
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.
-
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.
-
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?
-
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.
-
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.