For the last 11 years I’ve worked for the federal government as an economist in the DC-area. Despite the occasional furloughs, it is hard to imagine a job with less risk. I make a decent salary, good benefits, job has some variety and my boss/coworkers are pleasant. I could continue working for the next 25 years and take the pension and comfortable retirement. Over that time though I’ve gotten deeper into homebrewing… started a blog, wrote a book, and consulted for breweries around the country. 25 years sounded like too long, and even if I went the FIRE-route I’d probably want to go brew.
My business partner and I are starting the brewery (and tasting room) in Maryland without a huge amount of outside investments. Luckily, we had enough time to wait for a perfect location and found one that was already has a bar and a cold box for kegs. We aren’t budgeting salaries for ourselves until we are really up and running, hopefully a year from now. As a result, I’m keeping my desk job in the near-mid term. We can hire brewers with more craft brewing experience for less than our salaries.
I’d love any and all tips on things to consider and watch for on the Personal Finance side as a business owner. No kids, just a couple of cats. Own a house, although I’ll be going from a 20-minute commute on public transportation to a 40-minute drive (best case scenario). My wife is also a Fed, so I’ll be able to keep health insurance through her.
-
I won’t have the free time I’m used to for meal prep, cleaning etc. Worth cutting my savings-rate a bit to free up time?
-
Anything I need to do to protect myself (other than LLC, business insurance, and umbrella policy)?
-
Worth starting to slowly move some taxable investments from stocks to bonds/cash considering the added risk to my income (especially when I get ready to leave my day job)?
Looking forward to large “employer” contributions to my 401K when we are profitable. A CPA will be helping us navigate the business-side of taxes and the choice of salary vs. profits (waiting on the tax bill on that one). Not excited that Maryland taxes distributions to people who live out of state...
Submitted December 05, 2017 at 09:33AM by oldsock http://ift.tt/2zNOxKD
