Freedom is the new wealth
The thought of making a living just from freelancing can be daunting. There’s not the certainty of that paycheck landing arriving every 15th and 30th of each month; there’s the hassle of getting clients to pay on time; and, of course, you have to buy your own coffee. And yet, a survey of freelancers shows that the freedom they get from employing themselves outweighs those downsides.
The company And Co surveyed 300 independent workers to reveal the challenges freelancers face in the new economy, how much money they make, and why they plan to continue freelancing.
TIME IS (BETTER THAN) MONEY
While 77 percent of the freelancers feel less financially stable, 68 percent of respondents said they’re happier now that they’re self-employed. And 81 percent said work-life balance was important to them—the flexibility of freelancing gives them the chance to achieve that.
MOST ARE STILL NEW TO THE GAME
Though two-thirds of the freelancers have been doing it for less than three years, 41 percent of the people polled plan on freelancing forever. Their ranks will only grow in the coming years, as it’s estimated 40 percent of all workers will be freelancers in 2020.
FREELANCERS WEAR MULTIPLE HATS
Successful freelancing requires you to be multitalented. Nearly all the workers—95 percent—offer more than just one service. And Co calls these people “slash workers” meaning they’re writers/developers/designers.
THERE ARE STILL THINGS PEOPLE MISS ABOUT THE OFFICE
The freedom and flexibility is great, but 61 percent still missed the community aspect of office life.
THE GENDER PAY GAP STILL EXISTS
The new economy still has the problems of the old economy when it comes to gender equity. While 48 percent of women made less than $25,000 per year, only 34 percent of men fell into that income bracket. Also, men were 4.5 times more likely to make over $150,000 per year compared to their female counterparts.
You can check out the full report to learn more about the nature of freelance work in 2017.