In reply to Fraser:
> I can imagine it does seem better being an employee but it's almost certainly swings and roundabouts for each type of employment. You obviously chose the self employment route for a reason or reasons. Are they still applicable?
I didn't chose self employed, it just sort of happened and 30 years later I'm still doing it but due to circumstances outside of my control I had to start expanding 7 years ago and that's when the quality of living dropped right off.
> On the flip side, presumably the harder you work the greater your (or at least your company's) income. Can't you ease back on the hours and forego some income?
Not and stay in business no and if I go out of business the consequences will be devastating for my ex business partners family.
> Have you read Robert Kiyosaki's book 'Rich Dad, Poor Dad'? It gives some interesting insights into securing one's financial future. Essentially the message is: 'work smart, not hard.'
Good in theory but not always practical.
Things were great until my business partner who also happened to be my uncle was diagnosed with parkinsons in 2007.
I had 2 choices, support him or walk away and sell up.
For his own mental well being he needed to work so I went for support him and had to expand the business to pit people in place to cover for him on the bad days.
Basically I have hemorrhaged money from 2007 until he retired in March 2016 giving him the easiest working life possible whilst still maintaining what he saw as a purpose to life.
He took his own life in June 2017 as being no longer able to work depression got to him and also he didn't want to be a burden to his wife and kids.
His wife is relying on the money I pay her each month to cover his share of the business (a very inflated figure because due to the lack of profits caused by his illness he wasn't actually due enough to live on) so if I jack it in she is screwed.
Things are on the up though, 9 years struggling to survive and deal with the illness have left me with a good infrastructure and profits are on the rise so maybe another 10 years taking me to 55 and I will be in a position to sell the business and retire but you never know what's round the corner, my employees are like family and if any of them fell ill they would get exactly the same support and that would push my plans back again.