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Wednesday, May 30, 2012

Transitioning from Employed to Self-Employed

I have tendered my resignation, and starting June 2012, I will be self-employed. 

I used to think that this transition will be manageable as long as one has his self-employment plans settled. In fact, I have been toying with the idea of doing tuition full time instead of part time like the past few years. Tuition is a fun and enjoyable activity; I enjoy sharing my knowledge and interacting with students.

But it was not easy mentally. Apprehension was high. The thought of moving from a stable income to an unstable one was actually scary. Furthermore, I'm going to suffer a severe pay cut.

I kept asking myself, what am I planning to do with so much time freed up?
The thing is, if you do not plan your time, others will plan it for you. I can't really allow that.

I have some grand plans lined up. Hopefully it will succeed. At least my dividends can feed me comfortably at the moment while I mess around.

18 comments:

  1. Replies
    1. It's a very big move indeed. Thanks!

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  2. Have been "following" your blog/forum postings for sometime, because I was also an Engineer, now in teaching (and of course, investor). So, another duckula!

    Wish you All The Best in your future endeavours.

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  3. A bold move indeed. All the best.

    ReplyDelete
    Replies
    1. Two sides of a coin. Sometimes, I wonder if it will be a foolish move instead :(

      Thanks for your well wishes!

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  4. All the best momo.

    Been benchmarking myself against you since 2009.

    JWT

    ReplyDelete
    Replies
    1. Thanks JWT!
      I'm just a normal person. Don't need to benchmark la :x

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  5. Good move. Employment is a scam, you work hard and your boss gets most of the rewards.

    Would you like to exchange links?
    My url: http://tradingeducationprogram.org/

    ReplyDelete
    Replies
    1. To be honest, there's good and bad.

      I will add your blog to my blog links below

      Delete
  6. Hi JW: juz curious what is your total dividend amount per year? that is sufficent for you to resign from your job, btw are you married? with kid?

    ReplyDelete
    Replies
    1. Hi tong,

      I'm not married (and thus no kids). No car, no house, no debts to service yet. All these will come in about two years time.


      Dividends from dividend counters only amounts to $14k annually. It will be $15.5k if I add in counters that are bought wrongly or waiting for capital appreciation. Given my current monthly expenditures is <$1k, it's probably sufficient I hope.

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  7. Self employed?

    So where is your main source of income going to come from? From your tuition centre?

    Care to share?

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    Replies
    1. Income dropped a lot definitely.
      For now, I will have income coming from tuition and dividends. Enough to feed plus still have some spare cash for investing, I hope.

      Delete
  8. Do what I do, pursue private tutoring full-time (with or without all slots taken) and use the remaining time to pursue other interests/goals. Tutorig helps to maintain one's current knowledge and also you get to meet and guide the younger generation. :) Also, your invome from dividents is good, so you can sit back and plan properly. I'm from the RJ batch of 1991, so we have some sync in what we are doing. Best of luck, whichever path you choose to pursue. Have not regretted leaving the private sector in 2004 and am unlikely to return. :)

    ReplyDelete
    Replies
    1. Hi! Looking at it now, I have lesser and lesser regrets!

      However, I may be looking at a PhD scholarship program for the sake of higher education while continuing to teach tuition. Targeting Aug 2013.

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  9. Yes a bold move indeed if is for me. Wish you all the best.

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  10. You should follow your plan lined up. That's just the beginning. I always read blogs written by a financial adviser, Ed Butowsky, and I've learned from him a lot :)

    ReplyDelete

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