Invest It Wisely

Maximizing your EV in life

How Hard is It to Become a Freelancer?

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Freelancer (video game)

Freelancer (video game) (Photo credit: Wikipedia)

Do you find that the world is becoming a little bit more entrepreneurial, these days?  I started out on this journey at the end of February, and I’ve been loving it. However, I’m not the only one freelancing; I’m very lucky to now know two friends in person whom have made the leap, one of them being my good buddy Mich from Beating The Index.

I’ve also recently been catching up on my blog reading, and learning about the adventures of others that have also been freelancing. Some of their stories are pretty interesting, and I look up to these people for all of the cool things that they’ve done. My life is very simple in comparison. 😉

What do these people know that the rest of us don’t? Is it really that hard to get started? What is it like to be a freelancer?

Read on to learn more about some of my fellow freelancers:

Budgeting in the Fun Stuff

Crystal from Budgeting in the Fun Stuff has been a superstar entrepreneur, and her business has really taken off now that her husband has joined in. They manage many crucial aspects of a blog’s business, including commenting services and advertising campaign management. She’s also going to be one of the speakers at the Financial Blogger Conference.

Crystal has also been an inspiration as she proved that it’s possible for anyone to make it with some hard work and good customer service. 🙂

Financial Samurai

Sam from Financial Samurai recently engineered a layoff from his full-time position to embark on a new adventure in consulting and freelancing. We actually met up once, and while I think he is a very down to earth guy, he also spends some time in the upper echelons of society, schmoozing with the likes of Marissa Mayer and MC Hammer.

He talks about his story in his book, How to Engineer Your Layoff, and explains how this can often be a better choice than just walking away. While I don’t think that a layoff is always appropriate, it can be the right choice in some circumstances.

Sam is also the founder of the Yakezie, which includes charitable initiatives such as the Yakezie Writing Contest.

Frugal Zeitgeist

Forest from Frugal Zeitgest is such a cool guy; he actually spent some time living in Egypt, and he witnessed the beginnings of the Egyptian Revolution. We’ve also had the good chance to meet up a couple of times, and I’ve enjoyed the discussions we’ve had on the merits and drawbacks of, say, socialism. He has a generous heart and spirit, and an itch for world travel.

He’s been freelancing for a while now, and was one of the big inspirations toward going out on my own.

Start Freelancing Now!

Martin is another full-time freelancer who has been very supportive of Invest It Wisely. He’s been sharing all of his insights on his site, Start Freelancing Now!, and has done a great job of showing that it’s possible for anyone to become a freelancer / entrepreneur, not just those you see on TV. In fact, most people are entrepreneurial in many aspects of their lives!

So, what do these freelancers know that you don’t?

I personally don’t think that there’s any secret or magic to it. There’s more than one road to financial independence and freedom. I also don’t think that freelancing is the only way or the right way, and I don’t rule out returning to an office some day.

Thoughts to explore:

  • The freelancing world is competitive. Where can I find my advantage?
  • Isn’t the income unstable?
  • What if I’m not a very entrepreneurial person?

What are your thoughts?

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Comments

  1. Definitely I think the world is moving into a freelance/self employment economy – lifestyle designers, solopreneurs and entrepreneurs. I deal with a lot of startups through my job, and so while my peers are chasing Big 4 jobs, I’m a lot more tuned in to that entrepreneurial scene which is just getting bigger and bigger.

    Also, definitely Europe is within reach! We’re planning to go next year, or possibly the year after. I honestly think you guys in the northern hemisphere have no excuse – flights to the continent are so much cheaper and the currency is stronger.

    • I’m so excited to see more fellow colleagues taking the leap, though I also see some moving on to better positions within other companies. Salaries here aren’t as high as at some other places; in fact, as far as software goes some companies are pretty cheap, paying less than warehouse work! However, you can still find a few sweet gigs, and while there are taxes the cost of living is also reasonable.

      We definitely have to re-look into Europe. If we go the backpacker / hostel route I think it can be doable. Maybe I’m just feeling like a sucker for having paid $40 for two for breakfast in Amsterdam while we passed through there and explored the city in the morning…

  2. I honestly can’t wait until I can convince myself I’m ready to freelance … but that will come after financial independence. It’s pretty hard to turn down amazing salaries in software right now, but right now a stable income stream is of the utmost importance as I focus on buying assets. While a lot of places seriously shove awful stuff out the door, there’s something to be said for increasing production with a team, so perhaps “freelancing” will instead be teaming up with 2-3 good people to do one thing well.

    No Europe until FI 😉

    • No Europe until FI, I like that Greg! Definitely don’t pass up the nice steady and “amazing” salaries in software right now. Accumulate, accumulate until you are ready to do your own thing. And we you are, don’t forget to engineer that layoff!

    • Hi Greg,

      It’s a really great thing that you’re building up that stream of assets; as that is going to be one big push toward financial freedom. I’ve thought of re-entering the workforce and working with a team, as it can sometimes get lonely always working for oneself.

      I’m curious — are you in the bay area? I’m in eastern Canada, where software salaries are pretty decent, but where there are also a lot of companies that pay cheap wages, even to the point where they can only attract inexperienced developers and then wonder why the code is not up to par. 😉

      I’m not sure if I want or need to move cities, though, since there’s no need to stop the side business even if I do go back into the work force, and cost of living is still pretty reasonable here. I told Sam that it would take about 2x the wages of what I could earn for myself to get me back into an office, but it depends on the job itself, too.

  3. I love the online community because of the thoughts we share and the goals we struggle towards. I do believe there is a seat at the table for everyone given the growth of the internet.

    The internet has changed the way we can live life, FOREVER. And for that, I’m forever grateful to the investors and creators out there.

    I never thought I’d be able to hang up the boots by 35. I thought at the very least, I’d have to work until 40 to be fully FI.

    I love to work in teams that I enjoy, and work on things that I like. That may very well be with another firm someday. However, until them, I’m going to avidly work on my own thing for 6months+ and see where things go. To do whatever one wants is liberating!

    Sam

    • Great thoughts, Sam. Can you imagine if it were possible to “undo” all the technology gains of the past 20 years? Only 20 years, which is nothing in the lifespan of a human, yet so much has been achieved! If only we could see such progress in, say, the political sphere, haha.

      I’ve already been out on my own for 6 months, and I’m still enjoying it and I’m not doing too shabby at all. However, the loneliness starts to eat at me sometimes. Now that I have more guys going out on their own, we all need to find a way to get out of our homes and meet up more often! In the longer term I would not turn down a sweet position with a firm, but I would rather not go back in at the same level that I left.

  4. Kevin,

    I am mega-jealous of you, Sam and the other bloggers going out on their own.

    Right now, I have an awesome job that I love, so I am feeling fortunate. But, it’s a startup, so I’m not sure how long it will last. Barring any sudden changes in employment, I figure I am about five years away from a new lifestyle. My kids are grown up and my house is almost paid off, so the load will lighten considerably. In the mean time, I am stacking away as much cash as I possibly can to prepare.

    • With a house almost paid off, I am jealous of you. 😉 Enjoy the next few years, as it will feel immensely rewarding when you get there.

  5. I started my financial independence freelancing as a hired blogger. I made good progress and success in a short time.

    • Some have started out this way, and it seems like it could be a decent path if that’s where your passion lies!

  6. The reason that I love freelancing is that you can focus in on anything and switch gears at any point. You don’t have to worry about starting a business or any of that other stress. All you need to do is provide a service that others are willing to pay for.

    Thanks for the mention!

    • Good point about being able to switch gears! I did start a business behind it, but I found the process to be not too bad at all in Canada. We’re more of a free market than the USA these days, it seems.

  7. I agree the freelancing world is competitive. I think the advantage can be found in whatever you are great at. I love negotiating and people which is where I found my niche. So when people ask me what they should look into, I always ask about what they like…

    Isn’t the income unstable? YES, but I like that every cent we earn is for ourselves.

    What if I’m not a very entrepreneurial person? Fake it like me. I am a scaredy cat and had to stick to a plan before I quit.

    Thanks for the mention!!!

    • Nice thoughts, thanks for sharing. 🙂 I never considered myself a very entrepreneurial person, but I think a lot of that is about an image we’ve built up in our heads about the way that an entrepreneur is supposed to “behave”. The truth is that we all make entrepreneurial decisions every day, even if we come from very different walks of life.

    • The fake it till you make it worked for me, too. Sometimes you jump into something thinking you know what you’re doing, and halfway thru, you realize that you dont. I think freelancers are a different breed and will work until they find the answer.

  8. Thanks for sharing all those success stories in one place Kevin! There are so many ways freelancing can go wrong, but I’m sure its possible for anyone if they stick with it. I like Sam’s comment – To do whatever one wants is liberating!

    • Yep! The freedom is great. The instability is sometimes frightening, but at least one is making things out for themselves. 🙂

  9. Thanks a million for the kind words Kevin! Always a great experience meeting with you two and I knew the minute I heard you were thinking about freelance that it would be a good move for you. It is tough and will never be easy but neither is life so who can complain :).

    • Hey Forest,

      It was great to meet up, and definitely agree. I guess nobody wants life to be too easy or routine, because then it would be boring.

  10. All of these stories are very inspirational for me. I’m not sure if free-lancing would ever be for me, but I certainly can draw strength from all of you that are making it work.

    • Hi MMD,

      I think there’s a bunch of strategies in between and nobody has to go all-in. I don’t rule out a return to the workforce, myself. 😉

  11. Building a blog platform over time brought on some opportunities where larger sites offered me freelancing writing opportunities.

    I went that route for a little while, writing articles on my site as well as publishing some freelance articles for extra income, but all of this was in addition to my full time job and the math just didn’t quite work out. The amount of time needed to put together a quality article compared to how much I was getting paid for that article wasn’t a great hourly rate for me. So I discontinued the freelancing after a while and focused back on my own site.

    It’s definitely neat knowing that I could go that route if I ever had more time on my hands, though. And I can only imagine that for people doing something more than writing, like web development or software development or consulting on a freelance basis would have even better opportunities.

    • Hi Matt,

      Thanks for sharing your thoughts! I never went the writing freelancing route because it takes me a while to crank out a post usually, so doing it for a piece rate would not work out too well. 😉

      I think following the passions is the most important though, as when you’re doing the kind of work you enjoy the most, you’ll do it better and last longer than when doing anything else.

  12. This is very inspirational, Kevin. I think you are in the good company with so many friends who have started freelancing. With your progress, I am confident that you will be successful. I’d love to read more about how you are carving your new life successfully.

    • Hi Shilpan,

      I think I’ll start to shift this blog more toward that. I’m not very experienced in marketing, nor in graphics design, but once I see the income is stabilizing more and I’ve replenished my savings ( remember I took a leap of faith, haha ), I think I’ll be ready to invest some funds in this.

    • Hi Manette,

      Agreed! It’s unlike working for a salary or an hourly wage, where at least you know what you’ll get at the end of the day.

  14. Lucky for me I still enjoy my day job, so the motivation to strike out on my own isn’t overpowering. Still, I think about it from time to time. A useful pressure-relief valve (or a silken noose) is the opportunity to engage in entrepreneurial changes within the company.

    • That can always be a good outlet, too. I also think both sides of the fence are viable alternatives these days, and I’ve known some guys that worked for a company, then freelanced, then got a good offer, went back to work, and so on. 😉

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