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



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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

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. 

General tips before quitting

  • 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. 




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EliteWriter

That is a very good way to think it all out. Thanks for sharing, it was very insightful.




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hitmeasap

I would say that about 75% of all Freelancers are making way less money than they are claiming. Working online is easy indeed, but it's not nearly as easy to make a living out of it as it would be by working 9-5 in an office or grocery store. And here's also why all the beginners are at fault from the start. They believe they'll end up being millionaires over night because of all the fancy, impressive and outstanding stories they hear and read.. A few short weeks after they begun their online career, they vanish and they never look back at this with the same eyes again.

I'm glad I managed to pull this off and I'm satisfied with my income. Most of the times. I would definitely want a boost and earn two or three times more. Who wouldn't? - As long as I make enough money to pay my bills, bring food to the table and have a ?luxurious weekend every now and then, then I'm totally satisfied with the income I have.

What really matters to me is: How much money do I make and how much time do I spend making that amount. If I'm satisfied with the answer on that, then it's all good.


Best Regards,
hitmeasap




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MasterA

Unfortunately, I don’t make a living out of freelancing yet but when I do, I will be very happy to do this full time. Freelancing income is quite unstable so if you want to do freelancing full time, then I recommend that you only do that if your average income for freelancing is around 1.3 times your monthly spending so you can use the extra money during bad months. As robertman11 has said, savings is also very important and his tips are very good. As long as you keep client happy by provide high quality services and keep bringing in new customers, then you should be fine with freelancing as your only source of income.




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ajlancer

Hi this is the another good question by you. Yes, I also thought that working from home, it may give me some extra income. And in generally mass people still think, freelance can give just extra some pay.
But I Completely disagree with this after considering my career. It saw some of my familiar guys ask me how much I am earning each day? When I try to clearly something about my earning, they often astonish. And they tell me how it is possible by freelancing? So, general people always thing a freelancer just can manage some pocket money.

And myself I am very happy to do job for this profession and I do it completely full time job not by hobby. Firstly, I started work by hobby. But at this time as a freelancer I feel proud to identify me as outsource contractor on internet marketplace. Freelance career gives me very solvent and dependable life. I do manage all of my family expenditure by working here on SEOcleks. SEOclerks give me such opportunity. This site really leading SEO marketplace on globally. Million of buyer and seller are now working here for million of job. And I do not think to do work other sectors, even not long future.
Thanks by Ajlancer




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Barida

Even if I have the feeling that the money made by working as a freelancer is not enough, there is nothing I can do about it considering that it is impossible to divide myself into two to make more money working as a freelancer.




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Corzhens

To be frank about it, I am earning very little from my online work. But I am happy because I am still in the learning phase and I am willing to spend time even with meager financial reward. But when I go full time in freelancing, the earnings should be enough to cover my daily expenses.




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augusta

I believe that unless one sees a better offer offline then one is better off freelancing.A lot of offline jobs are laborious and one does not still make anything tangible from it.If we want to be truthful to ourselves, some freelancers are not serious, they treat their job as a hobby which is not supposed to be so.




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Kakashi2020

I'm happy but not ecstatic about what I'm earning. I'm happy because I'm earning some regular extra income. Any kind or amount of income to me is always good news and I'm thankful for it. I'm an old horse, I know the system, if I do something regularly for a long time, eventually I'll get a break and bigger earnings would always follow.




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