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As a freelancer, you have more freedom to choose the clients you work with. This means you have the potential to take on new projects that you may be more interested in or have always wanted to try. This is a great opportunity for you to step outside your comfort zone, which can result in improved quality of work.
You are also not bound by a company’s salary, so you can upskill as your career progresses and demand more pay accordingly. Having multiple streams of income will allow you to build up your savings and plan ahead for unforeseen expenses, such as health insurance, business taxes, and retirement contributions.
Freelancers have more control over their time, so they can enjoy other aspects of life such as family, friends, exercise, and travel. This can help them to keep their work-life balance in check and avoid burnout, which is common in many full-time jobs.
You also get to learn a range of skills by working on different projects and clients. This can give you a more diverse resume, which can be beneficial when applying for jobs in the future. Whether you are a data analyst but want to learn web design, or vice versa, the freedom of being a freelancer allows you to do this.
A big downside to a freelance lifestyle is losing access to benefits like paid time off, health insurance, and employer-paid retirement contributions. You will need to budget for these costs and factor them into your hourly or flat rate fee.
Additionally, it can be challenging to find enough work to cover your living expenses.
For people who are looking for a more stable job, this option may not be right for them. It is important to be able to stick to a schedule and set goals for yourself, as failing to do this can lead to procrastination and low productivity.
Lastly, freelancers must be ready to play multiple roles in their business, including salesperson, project manager, and accountant. This can be overwhelming for some people, especially in the beginning, but it is necessary to have a successful career as a freelancer.
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