In today’s episode, we take think about when it’s time to become your own boss.
“So, the question is this: How can 50+ folks like us, honest and hard-working, how do we manage our current responsibilities and still plan for retirement? 401ks alone won’t be enough and we don’t have 40 years to save, so how do we leverage our experience and wisdom to gain financial independence? That is the question, and this podcast will give you the answers. My name is Tim, and welcome to the Revolution. The RevolutionFI podcast.”
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Happy Thursday to you. I’m back today with a Hair of the Blog segment. This is where I take a look at a popular or relevant or timely blog post and kind of break it down for you and give you the skinny on what’s important and what you need to know. This particular post today came from bloomberg.com. And the title is “Americans Rush to Be Their Own Bosses as Covid Hits Job Market.” Now this article came out in August of 2020, and is still highly relevant.
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What’s Been Happening During the Pandemic
All right, let’s take a look at this. Here are a few of the summary points that came from this Bloomberg article. I’m gonna read these and we’ll talk about them first one.
The number of people applying for employer identification numbers, which new businesses file with the IRS has doubled in recent weeks over a year ago levels and has outpaced the rate seen during the Great Recession. Most are so-called non employers such as sole proprietors, although economists have spotted a surprisingly strong increase in applications for businesses likely to hire staff.
The second point, according to Bloomberg, self employment filings initially fell for a few weeks starting in March, a state’s shut down their economies, but have rebounded and now are up 16% for the first 31 weeks of 2020 over the same period last year. Weekly filings have particularly skyrocket over the past month, up between 87% and 142% each week, compared with a year earlier, according to the US Census Bureau, which collects and publishes the IRS figures.
Alright, so what does this mean for you and I? Well, for everyone, what this means is the pandemic has accelerated the move to become self employed. And whether that is a small business owner, a freelancer, any any version of working for yourself, people are now flocking to this. Why is that the case? Well, I think it’s pretty obvious.
Salary Doesn’t Mean Security
What’s happened with the pandemic has reminded us that just because you have a salary doesn’t mean you have security. Many people have lost their jobs, and many have not gotten them back or found new ones. And that was a different world before the pandemic hit. And so now I think it’s important for us to realize that taking care of ourselves, and maybe starting a little small business or a small service, or something you can charge for is a way towards financial independence. I think it’s something that I I learned over about five years ago and have really been actively pursuing it.
And I think the one thing that isn’t necessarily reflected in this article, but I’ll mention from my own experiences, the importance of multiple revenue streams. So I think one of the challenges that we face right now is people rushing from their cubicle to filing an LLC. And, and that’s fine, that’s good. And I would certainly encourage that. But I think it’s also important to recognize that if you’re only earning your income through one revenue stream, let’s say you set up a bakery. And and that’s the only way you’re paying your bills, your mortgage, and something happens to the bakery or the muffin industry, you’re in trouble.
Multiple Streams of Income
It’s important that as you think about what it is you want to do, and how you want to start earning some income, that you have multiple ways of earning that income. I think as an author as J. Thorn that was really easy for me to develop over the years because there’s not only the different genres I could write in, I could write nonfiction books. I moved into author coaching and one on one services and developmental editing. And there’s a whole industry around self publishing and so having, you know, 50 or $100 revenue streams per month, but having, you know, dozens of those really provides security because if one drops out, then my whole income isn’t wrecked.
So I applaud this. I think this is good. I’m not surprised by these numbers. I think it will continue to rise. I think more and more people are now realizing that the power is in their hands and it’s time to maybe start their own business even if it’s something small. But keep that in mind. I think multiple revenue streams are extremely important.
Alright, that’s it for Thursday. I will be back tomorrow with Friday’s hot podcast. That’s always a fun one for me since I am such a big podcast. listener. All right, I’ll see you back there on the earphones. Bye.
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