Howdy. I was redirected here from another sub! Let me preface this by saying I am going from this post to brewing a coffee, going to a couple wikis, and reading. But I know full well that my situation is pretty specific and modern, so I’m hoping you smart kids can help me find the correct path too!
Long story short: I’ve worked in a position in multimedia for six years and have been unceremoniously downsized. It’s still pretty fresh and I’m technically on payroll through next month, but I’ll keep it brief by saying that the way things were handled were very poor, my boss is a bad person, and I’m still pretty emotional about the whole thing. I very much grew up with the “you are what you do” mentality so having it taken away from me through no fault of my own (which they’ve been gracious enough to keep pointing out 😔😔) has really shaken me up.
However, a number of things have lined up. Without getting into extra sob story stuff, my grandmother recently passed and I was left an amount of money and a place to live with very few expenses. This was NOT expected at all. Complete surprise that I’m still kind of reeling from.
Thing is, I want to make moves to do what comes next the right way. I want to try working for myself because I’ll be able to for a bit with the money I’ve been left. I’ve decided to put it into savings and pull from that monthly to mimic a smaller version of what I was getting as a paycheck. Then, I’ll be working 9-5 on content creation. I’m monetized but still small, so it’ll be a bit of an uphill battle, but it’s one I am willing to undertake and I understand the risk involved.
What I don’t understand is how to most effectively move forward. I have a couple assets to manage. For one, a retirement account I probably need to move somewhere else. It is through my employer, obviously, and is centered on the industry I was working in (I was in higher education, the account is TIAA). Since I plan to leave that industry, I don’t think that account is going to serve me much where it is. That’s one thing I’ll need to take care of.
But from there? I’m a little lost. I need to determine how to register myself as a professional/company and how to effectively manage taxation and breaks based on that and the work I’ll be doing from a home office. I’ve been told several times over the years “oh you can write such and such off” but the people who tell me this don’t really know how or why, so it hasn’t been super helpful advice. Now that I’m heading into this next chapter of my life, I want to figure this stuff out.
Okay. I’m off to read, but if anyone has any advice or places to point to with specific information, I’d be really appreciative. I had considered making an appointment with a financial advisor, but the one I met with already really set off all of my alarms for “this is a good way to lose money” so I did not pursue that avenue further.
Thank you!