Self-Employed Society

I'll be teaching one of three classes at my local community college this coming August. It's an adjunct (contract) faculty position and I'm pleased at being selected. I've been teaching at a variety of educational institutions since 1987 and like photography, teaching is a calling. I've made a living at both for years but I wanted to call your attention to a trend that's been building for years. The three classes are being divided up amongst new adjuncts. A full time person has left and the vacancy is being filled by adjuncts. No benefits, no sick days. No long-term commitment on the part of the school. I date the start of this trend to the beginning of business globalization back in the 80's.

We're becoming much more of a society of part-timers, double and triple jobbers, independent contractors and the self-employed. Gone are the days of full-time employment, full time benefits, a lifetime pension and straightforward and honest company executives. We have to make our own careers. This trend has been reported on by various media; The collective employment culture is evolving into one that uses non-traditional employment methods to get society's work done. I say this because I've experienced it and continue to experience it: In addition to this adjunct position, I'm waiting to hear from a major player in our industry about an offer to work with them on a contract basis, filling a position that a full-time held previously. No benefits. No pension. No long-term commitments. Easy to get into. Easy to get out of. As long as the contract rate reflects my costs, (health care, taxes, overhead,etc)  I'm fine with these kinds of employment situations. I've been working this way for years, I'm an SECP.  I'm concerned for all of you who have not experienced being self-employed. On a good day it's great. All the other days, it's tough. You work hard every day and yet you don't make money every day. Like I said. Tough. Yet it's where we're headed so you better warm up to the idea and get ready to play. I've been blogging about this since 2008. Go here. Here. Here. And here for a taste.

Business save money when they use contract people. Businesses save in salary and benefits. Part-timers don't get as much pay nor do they receive benefits. Contractors should and usually do get more per hour so they can contribute to their expenses. When negotiating such a contract, don't forget to figure that when an employee works for a company, the hourly rate they "earn" is approximately 1/5 of what they actually cost their employer. In addition to the hourly rate there are payroll taxes, social security taxes, benefits, 401k plans, insurances, etc. that are factored in. You need to factor these in too or else you will not thrive let alone survive. I've been factoring in these costs from day one and 30 years later, my investments are five times higher than the average working stiff. Booyah!

Do yourselves and your families a favor and begin the process of figuring out how to monetize your expertise and creating opportunities for such expertise. Success is a process not an end result.

Good luck and let me know how I can help.

Michael

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