Can you give me an example of a semi-famous person who initially was unemployed and credit debt ridden, but is now running a profitable?
business? I'm looking for inspiration to launch an online freelance business. I'm in the above spot (can't find a full time white collar job despite actively applying and now my search is tougher with this pandemic, my credit debt is ridiculous and unmanageable at this point due to lack of income, and plus I'm a bachelor in his 40s - my age might be working against me as a number of companies seem to be heavily favoring candidates in their 20s for the jobs I'm applying for; great for these applicants, but leaves me out in the cold). I have a few business ideas and would start as a freelancer. I'm though really concerned about the following scenarios - 1) I gain a couple of clients this year as well as some profits but then am hit with heavy taxes to pay next year that I might find very tough to pay (I have read that those who run their own businesses need to keep track of their expenses, etc. and then the government (United States) will strike them with taxes to pay the following spring; this scenario is very unlike what an employee of an organization goes through) 2) become hunted down by collection agencies if they take note that I have a business and 3) lose my medical insurance coverage, which is currently Medicaid - I have a number of medical items I went through recently and they had been (took a look at the cost comparison docs - full price as opposed to Medicaid coverage of the procedures; wow!) super pricey; I'm so glad I have this insurance right now.
- Anonymous3 weeks ago
I cannot find any. Your creditors can move against your income. I'd be more concerned about that than taxes. Yes, you will lose Government benefits.
It's a risky proposition at this time.