In spite of how disadvantageous it may appear in today’s culture, you can still make a respectable life without a college degree. There are numerous lucrative professional opportunities available that don’t necessitate a college degree. Here are a few instances:
1. Skilled Trades: Positions in the skilled trades necessitate specific training, although a college degree is not always necessary. HVAC specialists, electricians, and plumbers are a few examples of specialized crafts that might result in a successful career. Apprenticeships or vocational training are necessary for these positions, and these programs can be finished in a few months or years.
2. Sales: Positions in sales can be quite profitable and don’t always call for a college education. Sales representatives sometimes receive commission on the goods or services they sell to customers, whether they are companies or consumers. Six-figure wages are possible for successful salesmen, and many businesses provide on-the-job training.
3. Entrepreneurship: Setting up your own firm is a fantastic method to earn a living without a college degree. Despite the effort and attention required, many successful business owners have no formal education. Starting your own business can be a terrific method to achieve financial independence if you are motivated and have a strong business idea.
After discussing several employment options without a college degree, let’s move on to the financial aspect of things. There are certain crucial financial issues to keep in mind if you’re self-employed or a business owner.
You must budget for taxes if you operate as a sole proprietor. Depending on your salary and tax rate, you’ll need to set aside a different amount, but as a general rule, you should budget 30% of your income for taxes. By doing this, you’ll make sure you have enough cash on hand to pay your taxes on time.
You’ll also need to know how to perform an owner’s draw if you operate a business. When you withdraw money from your company for personal use, this is known as an owner’s draw. You must establish a separate business bank account and maintain thorough records of your revenue and outgoings in order to achieve this. The funds can then be transferred as an owner’s draw from your business account to your personal account.
Pick a name for your LLC
2. Submit your articles of incorporation to the Indiana Secretary of State
3. Acquire all essential licenses and permits
4. Draft an LLC operating agreement
5. Request an EIN from the IRS
Let’s finally discuss which structure is preferable, LLC or S Corp. The response is based on your individual situation. S Corps provide liability protection and the opportunity to reduce self-employment taxes, whereas LLCs offer greater flexibility and lower taxes. It’s crucial to consult with a skilled accountant or lawyer to figure out which course of action is best for your company.
In conclusion, not having a college degree does not preclude you from having a successful career. There are numerous lucrative professional opportunities available that don’t necessitate a college degree. If you’re self-employed or the owner of a firm, be careful to keep detailed records, budget for taxes, and get expert assistance as needed.