Benefits of Being Self-Employed
Thursday, August 6, 2015 - Author: Chris Walsh
It is easy to lose sight of the benefits of self-employment when you are addicted to the stability and routine of working for a manager. Maintaining regular hours and answering to a boss can lull you into a shallow sense of satisfaction, unaware of the freedom and prosperity you could be enjoying. Self-employment is easily achievable and can result in increased wealth and happiness.
Reap What You Sow: Financial Benefits
Being self-employed allows you to see the immediate result of every hour of work. More effort leads to more progress, and you are the only beneficiary of this hard work. It is easy then to increase wealth, as you are motivated to work for your own benefit. Freelancers are also able to deduct a substantial amount of their expenses for a greater tax return; you get to keep the money that you've worked hard for and earned.
With traditional employment, the fruits of your labor often benefit upper management more than your own bottom line. Rather than working for the company, your freelance work benefits only yourself. As you build your freelance enterprise, you will see that the increasing profits go farther as they are not spread among multiple employees and managers. Every investment that you make into your work benefits you and you alone.
Additionally, your finances will improve as your expenses decrease dramatically. In general, freelancers incur less day-to-day expenses than those with traditional jobs. Working from home means no daily commute: less money spent on gas, car repairs and eating out. Your office dress code will also be a thing of the past, requiring you to spend less money on a business-appropriate wardrobe. You are your own boss and set your own rules.
There are only so many opportunities for growth when you are working for a boss; as Rich Dad, Poor Dad author Robert Kiyosaki points out, it is much easier to build wealth as a self-employed person. When you are your own boss, you sit at the top of the food chain and benefit from increased wealth and growth. Hard work, careful planning, and smart investing can turn your private enterprise into a massive financial success.
Flexibility and Freedom: Lifestyle Benefits
Beyond the financial benefits of self-employment, your life will improve with the inherent lifestyle changes associated with being your own boss. Previously, a manager set the business's rules and regulations, from your hours and agenda down to your dress code and eating schedule. As a freelancer, you are empowered to make these decisions for yourself.
We all work best on different schedules and routines. Perhaps you're a night owl who does good work after the rest of the world has gone to bed. Or you may be an early riser who attacks the day at five o'clock each morning. Whatever your preference, you are now in control of your daily work schedule. Depending on the demands of your position, you can work whenever you want for as long as you want. This type of flexibility helps to prevent burnout and allows greater opportunities for work-life balance.
Added schedule flexibility is great as well for those raising children. As we all know, young children truly set the schedule with their needs and activities. Working freelance means that you can be there for more of the day-to-day moments of your child growing up.
The 9-to-5 lifestyle can have a catastrophic effect on health and wellness. A lengthy commute can extend your workday to 12 hours, leaving you little time for exercise and healthy eating. How many times have you turned to fast food, frozen dinners or carryout in response to a long, stressful day at work? Your efficient freelance schedule gives you extra time to prepare balanced meals every day. You may even have time for exercise, finally putting your gym membership to good use!
Of course, the greatest benefit of the freelance life is mental. You are in control of every decision from top to bottom and have the freedom to step back and redirect yourself at any time. Your stress will dissipate, as you no longer worry about meeting the demands of someone else.