Outwitting the Job Market Over the Long Term - Part 1
This article is the first in a series examining how to make it big in your field, whether that be through entrepreneurialism, artistic pursuits, or whatever else tickles your fancy. It has two main parts: one focusing on ways to procure an entry into the field of freelancing, and one focused on how individuals can keep their professional streak going for decades.
Not only does this allow individuals to save up more money for those dreams (or even practical needs) but it also allows them to work less - a rare luxury these days! Make sure you read the articles in their entirety - I'm certain you'll find some very interesting takeaways from these articles.
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Part 1: How to Start Freelancing for Fun and Profit
Freelancing is an attractive job that has many advantages over traditional employment. Contrary to popular belief, you don't have to be independently wealthy or have been doing graphic design since the time you were in diapers to start freelancing; all you really have to do is have a good idea and some gumption. In fact, even if you're making a living at it Freelance work offers many advantages over traditional employment. These include (but are not limited to): More money - This is a no-brainer, right? The average freelancer makes twice as much as the average full-time worker. More money and less risked burned. When you're not an employee, you can always quit if the job falls through, unlike the traditional job market (where you can be trapped in your position without the ability to quit). Freelancing offers the ability to give yourself a raise on your own 'time schedule'. For example: if you're an engineer and notice that it's been six months since you've had a raise and are itching for more money, instead of sitting down with your boss and going over why they should pay you more, just -don't- work as much! It's as simple as that. More free time. Fewer responsibilities. In a traditional job, you have to do all of your own time-keeping, scheduling, and project management - as well as coordinating with other employees. On top of that, on the job training is usually underwhelming (unless you're really lucky). More creative freedom.
On the flip side, freelancing does have its disadvantages: You are responsible for paying ALL of your own taxes which could be a lot more than you expect if you aren't used to doing it yourself. It's not as easy to find jobs unless you are smart about how you go out looking for them. Hint: do not ask your friends if they know any work (you will grow old waiting for them). If you have to do that, charge them for the service! You may have to pay for your own health insurance and other benefits (see here for more details on that). It's also much harder to make 'cushy' money if you're the type who wants a guaranteed six-figure income job. It's all about what you make of it.
Money Management: How to Keep Your Freelance Business in the Black
The most important thing when starting out is not doing too much work for too little money. This is the main cause of young freelancers failing. While even the best freelancers do contract work for very low rates, they are selective about the clients they take on and know that those jobs are not worth their time. In fact, many successful freelancers will only take a job if it's worth at least $10 per hour - after all, you're probably making about $15 per hour to start off with. Some, however, will take on smaller jobs that pay only $5 or less. This ensures that the work is worth your time and helps you build a long-term client base. It's also important to make sure you are charging enough for your work - if you are charging under $10 per hour, it is in fact probably not worth your time. If you don't have to pay someone else to do it for you, why not just do it yourself?
Freelancing has it's ups and downs - but the real reward comes from building up a successful business where you can actually build wealth in the future.
The most important thing when starting out is not doing too much work for too little money. This is the main cause of young freelancers failing. While even the best freelancers do contract work for very low rates, they are selective about the clients they take on and know that those jobs are not worth their time. In fact, many successful freelancers will only take a job if it's worth at least $10 per hour - after all, you're probably making about $15 per hour to start off with. Some, however, will take on smaller jobs that pay only $5 or less. This ensures that the work is worth your time and helps you build a long-term client base. It's also important to make sure you are charging enough for your work - if you are charging under $10 per hour, it is in fact probably not worth your time. If you don't have to pay someone else to do it for you, why not just do it yourself? Freelancing has it's ups and downs - but the real reward comes from building up a successful business where you can actually build wealth in the future. The Freelance Economy: Adapting to Change
Nowadays, people seem to be very materialistic with their respect and love, when what they really want is security. Having had the opportunity of working at both sides of the fence, I can say that this is fairly accurate. People would rather have more money in the bank than a collection of expensive material objects. This is because, these days, people are accustomed to having a safety net. When they get laid off or fired, they don't fall into the gutter and stay there; they simply find another job because they're used to it. This has led to the 'courteous' practice of job loyalty and tenacity - however, unless you're getting paid above market value in your field (and even then), this is a waste of time!
Whether you've been laid off recently or want to get ahead of the curve on future layoffs, freelancing can be an attractive alternative to traditional employment - if you treat it right. The only way to do this is to be smart about how you go about it. There are a lot of young people who call themselves freelancers, but they still treat their business like a full-time job - and they're doing it wrong. This includes getting up early to catch the bus, being on call 24/7, staying at work late, and not working in your free time. These are all things that full-time jobs will make you do automatically!
The real benefit to freelancing is having the flexibility - so take advantage of that.
Conclusion: Freelancing is Really Freeloading
Freelancing has become a popular way of getting around traditional employment. It's a great way to get your foot in the door and build up work experience so that you can climb the corporate ladder and make more money. However, it's also a great strategy if you have been laid off or fired from a job.