Considering giving up main job for side hustle.

Tefral wrote: »

Im just wondering would it not be better to keep at the nursing. I dont know your age, but say things like saving for a mortgage (steady income) and maternity benefits that come with Government Job, Pension etc

Plus you have the career advancement that comes with long service etc.

Id bank the Only Fans money and pretend you dont have it at all and put it into a decent savings bond or something that will give you a decent yield in 5 years.

100% this.

If you don't already own your own gaff being self employed on only fans will likely make things real hard.

OF is a new enough platform so it's hard to know how long any one person will continue to be popular for on it.

And in future if you have a family / partner or whatever you may choose to leave the platform and would be left with sweet FA other than what you've made previously.

Treat it as a legit side hustle. Work real hard on it. Spend an extra 3-4 hours a day if you have to, like someone starting any other side hustle would.

The best and worst part of OF is how "easy" it is to make some extra cash without having to work THAT hard (in the sense that if you make 12k a month off an hours work a day, it is fairly 'easy').

You are earning 32k a year as nurse plus pension contributions. A nurses pension when you are 67 will probably be worth about 30k a year after 40yrs work. To earn a pension of that size I'd imagine in private sector you'd have to have a pension of a couple million, maybe it's a lot. Most government workers don't realise how much you have to have in a pension to get 2/3rds salary on retirement.
If you stop the nurse's work how much will if affect your pension, not your current earnings.
You are earning 12k a month, plus nurse, that is in region of high level executive in large multi-national or high ranking in civil service.
If you can earn 300k even for a year or two, that is in region of CEO level pay of good medium sized company.
Basically, you need to go to a good independent financial/tax advisor. Not someone tied to a company who will try to sell you their products.
You will have a lot of cash, I presume your goal will be to get a large payment for a house or outright purchase it. There is a lot to consider. Will you be able to afford maintenance/tax of a new property? if OF stops. I know the urge for you might be to purchase lots of new things but take it slowly. Don't piss your hard earned money away. What are your family demands, possible future demands? This may be a once in lifetime/short-term chance to gain financial stability. Your expertise is not financial planning. Seek out that expertise. You wouldn't advise someone to treat their own injuries. You'd say go to medical expert. Think on it. Good first step, asking for help here but really, you're not going to get the in-depth help on boards.

You probably need to think about exit strategy from OF. You could invest cash in stocks and earn higher more or lose it. If you purchase extra property, that comes with headaches. Get help. don't trust anyone though. Remember what happened to Gay Byrne. There are financial con men and women under every stone.

Don't get addicted to a lifestyle you can't sustain in medium to long-term. It will end in tears.

Best of luck.

If you are thinking of quitting nursing, I would recommend using your spare time to learn other transferrable skills as obviously posting photos to Only Fans is a distinctly finite job prospect.