Let’s face it. Independent contracting is getting more and more popular for scientists, mostly because the government is cheap AF. You’re basically becoming a one-person businessman.
Being a business owner is WAY different than being an employee. You need to figure out how to pay your own quarterly taxes, get health insurance, and finagle a way to pay for other benefits like paid time off and sick leave.
I’ll show you what you need to consider when becoming an independent contractor in the science field, and how I’m managing my own independent contractor status.
Have you ever been an independent contractor? How did the experience go for you? Leave a comment below!
I am one now in my slightly early retirement. I just work about one day a week but my network and skill set have allowed me to pull a decent full time income in from that relatively small amount of hours worked. It is a lot of fun for now, not sure if I’ll keep it going or stop at some point but it certainly pays all the bills including $16,000 a year for health insurance. I’m sure I’m not tax optimized at this point but taxes are fairly small money considering I made much more when I worked a 9 to 5 and I do not need an income now, just do the contracting for fun and entertainment now.