Are you happy with the money you make from freelancing or do you feel it is not enough?

EliteWriter Level 3

June 3, 2016, 9:32 am

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Are you happy with the money you make from freelancing or do you feel it is not enough?

I used to think that working from home was only a way to make some extra cash- just a few dollars that could be enough to pay a bill or maybe to buy something online. However it seems that there are more and more people who are managing to make a living out of freelancing.

I think that that is just great, especially if one is doing something that he or she likes or is passionate about. And from what I have been seeing it is what most freelancers manage to do. They do not care that they spend a lot of hours in front of their computer, and that they sometimes have to deal with difficult clients, because at the end of the day they are offering a service that they like offering. I have even come to the conclusion that apart from the convenience of working from home, setting one's own hours, and being a boss at it all, freelancing is not only their work but also their hobby. And that is just great! Then, when they take up this attitude, they manage to make good money from it too. Or at least that is the impression I got from several freelancers. Would love to hear your thoughts and experiences in freelancing.

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robertman11

Before you quit your secure 9-5 job to freelance, pay off all of your debt (or as much as possible). Having no debt is so much less stressful and you can actually make less to live off of. This also lowers your cost of living significantly.
Determine what your cost of living is. Take The last 6 months from your bank account and add up all expenses each month, then make an average.
1. For example: Power: $100, Food: $300, Gas: $100, Water: $20, Entertainment: $50, Internet: $60
2. Total: $630 - you need to make $630 to live off of each month. Of course I just made up those values and didn't include very much so yours would be likely higher.
3. You can then break this down to daily. $630 / 31 days average per month = $21 - you need to make $21 per day to sustain life.
4. Reduce or cancel any cost of living you don't need or if you find excessive spending. A budget is perfect for this.

Have an emergency savings for 6 months. Based on your cost of living from above, save this amount times 6 months before you quit. Don't touch it for anything, emergencies only! It should be liquid and easily accessible mean you can get to it fast (a 6 month CD or a real estate investment is not liquid, it takes too long to get).
Use any excess money you have to invest in assets. Assets are anything that provides additional income such as a business, stocks, real estate, etc. If you have money sitting around (aside from your emergency savings) making less than 3% interest, it is called dead money. Dead money isn't working and it isn't even keeping up with inflation so it is worth less tomorrow than today. Do something with it! Having multiple streams of income is critical to long term success. If one stream dries up, you still have others to survive with.

It was hard at first, but once you reach a point where you make enough to live on from freelancing to quit your 9-5 job, it becomes great! It is scary too though, not knowing the exact amount you will make week to week or month to month. Instead of one boss, you have hundreds or thousands in the form of clients (and bills). The freedom it provides outweighs the stress by so much. [b]General tips before quitting[/b] [list][*]Before you quit your secure 9-5 job to freelance, pay off all of your debt (or as much as possible). Having no debt is so much less stressful and you can actually make less to live off of. This also lowers your cost of living significantly. [/*][*]Determine what your [b]cost of living[/b] is. Take The last 6 months from your bank account and add up all expenses each month, then make an average. [/*][list][*]For example: Power: $100, Food: $300, Gas: $100, Water: $20, Entertainment: $50, Internet: $60[/*][*]Total: $630 - you need to make $630 to live off of each month. Of course I just made up those values and didn't include very much so yours would be likely higher. [/*][*]You can then break this down to daily. $630 / 31 days average per month = $21 - you need to make $21 per day to sustain life. [/*][*]Reduce or cancel any cost of living you don't need or if you find excessive spending. A budget is perfect for this. [/*][/list] [*]Have an emergency savings for 6 months. Based on your cost of living from above, save this amount times 6 months before you quit. Don't touch it for anything, emergencies only! It should be liquid and easily accessible mean you can get to it fast (a 6 month CD or a real estate investment is not liquid, it takes too long to get). [/*][*]Use any excess money you have to invest in assets. Assets are anything that provides additional income such as a business, stocks, real estate, etc. If you have money sitting around (aside from your emergency savings) making less than 3% interest, it is called [b]dead money[/b]. Dead money isn't working and it isn't even keeping up with inflation so it is worth less tomorrow than today. Do something with it! Having multiple streams of income is critical to long term success. If one stream dries up, you still have others to survive with. [/*][/list]

8 years ago