Monday, May 17, 2010

Reservations about freelance work

I haven't written here much lately because I've been heads down, blogging on the site that I was recruited to write for.  I have virtually doubled my income weekly, which is amazing.   Lately, I've been giving more thought to working full time freelance from home and I have some scary reservations.

The biggest one is lack of security.  My day job is very secure, pays me well (over 60k/year), gives me fully paid for benefits, and stock options.  I know it's going to be there every day.  I'm afraid about moving to fulltime freelancing without any guaranteed pay.  At any time, sites could close, I could be out of work.  I can't handle the thought of that!

Also, taxes scare me.  Right now, I'm leaving out 35% of my freelance income in a savings account. But I need to start paying quarterly taxes and I'm not sure how to do that.  I also don't know if 35% is enough.  I need to talk to a financial advisor and start learning how to pay quarterly taxes and how to save things for tax deductions.

And finally, health insurance.  I could get insurance with my partner, but that sounds like a hassle to get started and I have a great fully paid for healthcare plan through my employer.

Alas, finally freelance isn't ENTIRELY a reality.  I could theoretically do it with the pay from my new side gig, but what happens if it goes under?  I'm scared.

Tips?

5 comments:

  1. Hi,

    I was wondering: is there any chance your current employer could let you cut back on your hours? Or is there a part-time position going within the company? That way, you can phase into more freelance writing work without losing your safety net.

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  2. It's always a good idea to have a backup plan if you quit your freelance job.

    --
    http://www.elanceweb.com

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  3. Every coin has two side.Although you have discussed very well about work from home.There are following benefits Flexibility of hours, Work load control, New skills, No office politics, No commute.

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  4. It is a big LIKE for your website. Cannot wait to read your next write-up. I have added your page on my list of favorites. Can students only study and not work? Your article has settled all my confusions. I am now a freelancer, thanks to you! I am making money in my spare time and it feels great to have a pocket full of cash. I am now a proud member in not just one but many sites like buy best inphographics online,online income from home www.freelancer.com, and www.elance.com that offer the best platform for freelancers like me. Don’t stop writing.

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