An income that’s uncertain and always shifting around can be an enormous stressor in life.
Freelancing is very similar to running your own business because the line of work is never guaranteed and it requires a lot of hard work to be put in.
I’ve been in the freelancing field of work for a few years now and it’s been a ton of fun, but it comes at a cost. The cost is stressing out and making sure that money will be coming in.
The beauty of freelancing is being able to set your own schedule and control how much income you’re able to make based on how much work you put in.
Working harder doesn’t always equate to earning more dollar bills though, and I’ll get more into that.
The Cons of Freelancing That Pushes Away Many
Freelancing isn’t something that everyone is open to.
Here are some of the biggest cons I see with freelancing:
- Unstable income makes paying the bills and budgeting harder
- Work isn’t always available and business can take big dips.
- Their passion work for freelancing doesn’t pay enough.
Most people prefer to work the 9–5 because it guarantees to pay the bills even if they don’t particularly love the work they do.
Eliminating as much financial stress as possible means more headspace for other things in life we enjoy doing.
Not everyone can deal with a fluctuating income where they’re able to adapt and reallocate their resources. It’s not as easy as Gary Vee makes entrepreneurship out to be.
If anyone believes they have an entrepreneurial spirit, they need to try freelancing because that will be the firm indication of whether or not it’s for you.
Unfortunately, not all lines of freelancing have a market and therefore we may need to quit to pay the bills. Unstable freelancing can become stable, but it’s going to be a long process.
The Pros of Freelancing That Appeals to Many
Freelancing is often put on a pedestal because of hustle culture.
Here are some of the biggest pros I see with free-lancing:
- You set your own schedule and the number of hours you want to work.
- More than likely, it’s going to be work you enjoy doing (writing photography, photoshop, etc).
- There’s a thrill in the hunt for work — finding clients and demand can be exciting.
Not many people like being told what to do and when to do it (including me). Without a higher authority demanding what I do and when I do it gives me more of a sense of freedom.
The freedom to work as we please is something a lot of people wish they had.
It means that they could earn $5k a month if they desire it.
It also means they could barely stay afloat if they don’t put in the work.
A lot of the upside in freelancing has to do directly with your input versus output. If you put a lot of time and work in, you’ll get rewarded with more money and fulfillment.
Final Thought / Takeaway
Freelancing isn’t for everybody — especially people who can’t handle inconsistency and variability.
If you’re more of a stable individual who prefers to know what’s coming in and what’s going out, then working a normal scheduled job is the way to go.
But if you’re a risk-taker who wants to possibly see a lot of upsides, then freelancing can be a great path for you.
Most people who succeed in freelancing take multiple years of hard work and dedication. They don’t leave their day-jobs until their freelancing gigs can promise a reasonable return.
It’s a double-edged sword, but deep down only you know what’s best for you!