W2 free at last and by choice!

W2W2 Free by Choice

I have started to do my income taxes for 2012, and this is the first year in forty years that I have no W2. The important caveat is this is by choice. WOW, this is freeing!

My first job was working at a Howard Johnsons Motel in New Brunswick New Jersey in 1973, working an antiquated telephone switchboard. I made $1.65 an hour, and my mother gave me a ride to work.  I walked the two miles home in the afternoon.

I left corporate America in January 2011 and received a W2 from my last corporate employer in 2012.  I worked every year in between!

I know there are a lot of baby boomers, particularly those over 60, who may not received a paycheck in a while and therefore no W2. They keep hoping to find full time employment. That is becoming a very difficult task as Dan Zehr wrote in last weeks Austin American Statesman article Zehr: Older workers without jobs face uphill climb.

A lot of you might be saying I do not want to work for myself!

Well…. we are rapidly moving to a contractor based employment model. As was written in an article on ERE.net website last year Experts Predict: Half Your Workforce Will Be Temps by 2020.

What this means is you will be working for yourself! I believe that Obamacare will speed this up, and I think this is good!

I did not decide to work for myself and follow my passion because I felt I needed to stay with a full time job for the medical benefits. My wife has been self employed for many years as a massage therapist.

My first year of working for myself was stressful. I worked for a JERK! ME!

I would wake up in a cold sweat at 4 AM and think — I do not have a paycheck! Logically, I knew I was okay, but this was totally an emotional reaction.

I ran COBRA to the very end because my wife could not buy standard health insurance. Boy was this stressful!

She is now cover by the State of Texas High Risk Pool insurance. This is a bit pricey but when you include my high deductible individual policy we are paying half the price of the COBRA payment. What we save will cover any deductible if we need it.

Why was it stressful for the first year?

I made a lot of assumptions that simply were not true. It did not have to be so stressful.

I cannot tell you how freeing this experience has been.

Heck, I even wrote and published a book!  Just getting the book out has been one of the most gratifying experiences in my life. The fact that I have gotten lots of positive reviews has just been icing on the cake.

I never would have written the book if I had stayed employed.

I kept working for someone else for a lot of the wrong reasons!

Now back to working on my income taxes without a W2.

What about you?

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