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Forum > Miscellaneous > Supplementing my now defunct paycheck ( Moderated by Deepika, EleanorSews, CynthiaSue)

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Supplementing my now defunct paycheck
Yeah, I got laid off.
jynclr
jynclr
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TX USA
Member since 12/20/11
Posts: 868
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Date: 3/9/12 10:28 AM

So I was thinking of creating some sewing items while I looked for work in my field (software developer.) My beau and I do have 2 software companies that, due to the need to eat and pay bills, we can't necessarily work on them full time. So I now have the opportunity and time to do so while I do look for a jay-oh-bee.

I tell ya tho', I no longer want to be W-2. I'm completely fed up with companies being so used to simply tossing employees aside when they don't meet an artificial number they have set for their bottom line. (This is especially true for publicly owned companies.)

Anyway, I won't go into all that. I actually have a domain name and a business I want to start and I'm thinking now is the time to start making product. I'll still have to look for regular W-2 employment, but in the mean time.. I'll be working on my companies.

I really need encouragement. I am DEATHLY afraid of striking out on my own - even though the beau (a real entrepreneur at heart) has more faith and confidence than I do. I think I am at the point that I will have to "borrow" his faith and confidence, trust that, and run with these ideas we have. We have a software product that still needs more development and I have the time now. I was crying last night I'm so scared. I've been homeless. I've been so poor I've had to eat food out of a dumpster behind a grocery store. I'VE. BEEN. THERE.

I told him last night that when the big crash happened in '07 you'd hear stories of the seriously wealthy killing themselves - as if they'd rather die than be poor again. Well, I RELATE to that, those feelings. I know what it's like and I don't want to go back there ever again.

I don't know what else to say. W-2 is comfortable for me, it's what I know. But I'm fed up with it.

------
Evelyn: Pfaff Creative Performance
Helen V: Babylock Companion BL1550

jeanau
jeanau
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PA USA
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In reply to jynclr


Date: 3/9/12 10:36 AM

I think that borrowing your beau's confidence for now is the right thing to do. Sometimes in life, we just have to "jump off" the high dive and take a chance. Even if you don't feel confident...act as if you are confident...you will gain confidence of your own as you go along! You definitely won't be successful without trying...but, you might end up being very successful with your new venture if you give it a try. Good luck!

AdaH
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AdaH  Friend of PR
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In reply to jynclr


Date: 3/9/12 11:13 AM

I know you are scard and keep remembering how bad it was before but this is a different situation and you have a beau so you are not alone.
I really understand the scard part in starting a new business as I am in the same place. Being afraid of failure is the real problem but I have decided that I would rather fail than not even try so I am going for it.
One thing to remember about the time that you were homeless and ate out of dumpsters; you did what you had to to survive and came out the other side. You didn't just lay down and give up like the people you heard about who killed themselves. They gave up, you didn't.
That tells me you are a strong individual and have the staying power to make a go of life.

------
Ada

EleanorSews
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EleanorSews  Friend of PR
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Date: 3/9/12 12:22 PM

Re-read Ada's post above mine. She makes some very important points that you should never forget.

Elizabeth Taylor's 3rd husband was Mike Todd, the developer of Todd-AO Vision in the film industry, among other innovations. As one of the world's self-employed, I was always drawn to a quote attiributed to Mike Todd: "I've never been poor, only broke. Being poor is a frame of mind. Being broke is a temporary condition."

Granted there is a huge difference between being homeless & without food and having less to eat and a smaller living space. If you and your partner can manage to cover the rent and put food on the table (i.e., the very basics), now is the time to go for it with your business venture. In 25-30 years from now, you will be 25-30 years older. If you follow your dream now, your will know whether or not it was the best course to have chosen. If you do not, you will always wonder. If you do not ask the question, the answer will always be "no". From where I sit, I am glad we took the risk and do not regret the very tight financial times we went through making it work. It was an amazing ride and we were fortunate that it worked.

Would I do it all over again in spite of the difficulties, including raising 3 children along the way? Without hesitation, yes, I would. Am I wealthy today? No, but I am comfortable and we had a very interesting life.

Since it sounds to me like you have something marketable in the works, I say take a deep breath and make it work. Best wishes!

------
"We don't see things as they are, we see them as we are." Anais Nin

"Attitude is the difference between an adventure and an ordeal." unknown

PortlandMaine
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PortlandMaine  Friend of PR
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Date: 3/9/12 2:39 PM

I dont know what w-2 is -- but if you got laid off wont you get unemployent? if so - take the time and money to work on your own business. or, go back to school - do whatever.

your state may offer a "start a small business" option as part of unemployment (my state does) - its a great option.

------
Quilting up a storm!

PattiAnnJ
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In reply to PortlandMaine


Date: 3/9/12 2:49 PM

You know about unemployment and state support, but not legal wages that require tax withholdings that help pay the unemployment and other state supported programs????

At the end of the year, employers are required by law to issue a W2 which is a statement of earnings and taxes withheld.







-- Edited on 3/9/12 11:35 PM --

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I dont give them Hell, I just tell the truth about them and they think its Hell. Harry Truman

"Improvise, adapt and overcome." - Clint Eastwood/Heartbreak Ridge

poorpigling

poorpigling
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In reply to jynclr


Date: 3/9/12 3:17 PM


I see this as good news/bad news situation.. Good news is you have more time to sew.. bad news is you can't buy more fabric. Hopefully you can expand your own biz and not depend on the market now to find a job ..

The other good news is you aren't far from me.. and luckily I have LOADS of food.. being a pig and so forth.. As long as I am so blessed neither of us will go hungry. Come by. play with my toys.. and take some food home with you.. J.. don't forget you may qualify for food stamps now. you don't have to go hungry.. Its our taxes we have paid in that pays for that program.. and its nice to get some of it back now and then.. or know that someone we love is getting something for all the taxes we pay in.

And gosh knows. I have plenty of fabric and thread to give you if you need.. This might be a good time to learn home dec.. grab your ugly chair and head on over here.

jynclr
jynclr
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TX USA
Member since 12/20/11
Posts: 868
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In reply to PortlandMaine


Date: 3/9/12 4:55 PM

Quote: PortlandMaine
I dont know what w-2 is -- but if you got laid off wont you get unemployent? if so - take the time and money to work on your own business. or, go back to school - do whatever.



your state may offer a "start a small business" option as part of unemployment (my state does) - its a great option.


A "w-2" is the tax form your employer sends you at the end of each year to show you your taxable wages.

"regular W-2 employment" simply means a generic full time employee. It is actually distinct from other types of employment (i.e. 1099 contractor). If you are a full time employee of a business, you will have received one of these W-2 forms for tax withholding and reference it when doing your yearly tax return.

And yes, I am eligible for unemployment. In fact.. I need to hop on their website and sign up.

Edited to correct my statement. I was thinking about the W-4 tax withholding certificate earlier.
-- Edited on 3/9/12 4:59 PM --

------
Evelyn: Pfaff Creative Performance
Helen V: Babylock Companion BL1550

jynclr
jynclr
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TX USA
Member since 12/20/11
Posts: 868
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In reply to poorpigling


Date: 3/9/12 5:06 PM

Quote: poorpigling


I see this as good news/bad news situation.. Good news is you have more time to sew.. bad news is you can't buy more fabric. Hopefully you can expand your own biz and not depend on the market now to find a job ..



The other good news is you aren't far from me.. and luckily I have LOADS of food.. being a pig and so forth.. As long as I am so blessed neither of us will go hungry. Come by. play with my toys.. and take some food home with you.. J.. don't forget you may qualify for food stamps now. you don't have to go hungry.. Its our taxes we have paid in that pays for that program.. and its nice to get some of it back now and then.. or know that someone we love is getting something for all the taxes we pay in.



And gosh knows. I have plenty of fabric and thread to give you if you need.. This might be a good time to learn home dec.. grab your ugly chair and head on over here.



I knew you'd come through, Poorpigling! Right now, we're alright. I will leave food stamps for the truly destitute. It's just that when I get laid off my head already has me living underneath a bridge and begging for scraps since I've experienced it in my life already.

This will actually be a great time to get to meet up with you finally! I can't wait! I was thinking this as I was driving home this afternoon.

Now, I may have to eventually end up looking for work, but I will have TIME now to work on necessary stuff for the businesses. In fact, lately I had been thinking about how I wish I just had more time to work on our software and sewing some items. I had a nearly 2 hour commute every day, the price of gas and tolls were costing me about $3k yearly and will be going higher considering gas is expected to rise - talk about a FABRIC BUDGET with that! - and so I won't miss the commute. Well, be careful what you wish for, eh?

We'll chat more later. I gotta get on some stuff right now.

------
Evelyn: Pfaff Creative Performance
Helen V: Babylock Companion BL1550

jynclr
jynclr
Advanced Beginner
TX USA
Member since 12/20/11
Posts: 868
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Date: 3/9/12 5:15 PM

jeanau, AdaH, EleanorSews,

Man.. everyone on PR is awesome!

AdaH, your post really touched me. I started to tear up. I saw your Help please thread and it was very timely for me.

I had a nice long discussion with The Beau. I told him that yes, I will take the plunge with him on this full time. But I also laid down some ideas and issues that, for me, will help me to deal with this mentally in not having a regular paycheck come in. I've got an Etsy shop that I have sold vinyl skins for various eReaders. I had been wanting to expand that shop to covers, especially now that I have been sewing. I'm about to gear up and re-open my shop again. Those items did sell and I am hoping it can supplement whatever we get.

He expressed concern that my side sewing business would end up becoming the focus. I had to acknowledge that. So I put in place limits. Software business is 100% first and foremost and the sewing/vinyl business is second and I even placed time slots in a day on when I would work them, the rest is software development. I told him if it started to encroach the software business that I would put it aside temporarily until time becomes available again for the side sewing business. He needs this as much as I do.

So, I'm still scared, but right now I'm trusting the faith and confidence of The Beau. He has never steered me wrong.



-- Edited on 3/9/12 5:17 PM --

------
Evelyn: Pfaff Creative Performance
Helen V: Babylock Companion BL1550

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