1099 for parents

I've worked for myself as a 1099 both before I had kids and after I had kids, so I feel qualified to describe some of the tradeoffs of having kids as a 1099.

Advantages:

• You have more autonomy and control of your schedule. This comes in really handy when you need to come home because your kid is sick or when random stuff pops up.
• You generally earn more so you can spend some of that money outsourcing things that take time away from your kids (cleaners, lawn mowers, etc.)
• You can demonstrate to your kids that you don't have to work for the man in a W2 job. Getting a job is typically the only example of work a kid sees, so if you can provide another example for them, you allow your kid to think more creatively about their future.

Disadvantages

• You don't get paid maternity/paternity leave. You don't get extra paid time off for this, just unpaid time off. Plus your project may not allow you to be away for a few months.
• Health insurance is even more expensive. Adding each kid to my plan added about another $4k - $5k / year in health insurance costs.
• There's more pressure with kids. Once I had kids, I felt more pressure to provide. This means very long unplanned project gaps are unacceptable. When it was just me, it was no big deal. Having a safe W2 job seems better from a stress perspective sometimes.

If you're a parent considering going 1099, I'd love to hear your concerns! Or alternatively, if you're already a 1099 parent, I'd love to hear about some of the pros/cons you've experienced.

Want the full playbook? Check out Going 1099.