Is The Freelance Lifestyle Really Rewarding? This New Study Provides Intellectual Insight

The current economic downturn and increasing rates of inflation have really made people realize that having the typical 9 to 5 job will no longer cut it.

This is one of the many reasons why so many individuals are now turning to the world of freelancing as another source of income or perhaps, even their only one.

Most older generations tend to call the entrepreneur path one that comes with a lot of risks. Moreover, you see younger individuals dive down deep into this world so they can earn more money. But when you actually come to think of it, no job in this world is actually risk and recession free.

However, the freelancing lifestyle is one that gives you the ease and flexibility of choosing your own working hours and working with a number of different clients. And what you get at the end of the day is a wonderful source of income. This gives rise to a fallback plan that many can resort to in case their original employer opts to fire them someday. Therefore, seeing new researchers talk about half of the US resorting to freelancing by the year 2027 is not a mega surprise.

With that being said, not everyone is treated equally in this field of freelancing as one would be treated in the office space. So many freelancers don’t get paid on time as there is no steady paycheck on the rise. Hence, these workers end up producing more for themselves. They need to keep on following up with clients so they’re guaranteed a payment at the end.

And what is worse is that people end up taking on legal means to get the payment. So, is it really worth that extra hassle or not? Did we mention the extra taxes linked to being an independent contractor?

But what are the most common reasons why people begin this lifestyle of freelancing in the first place? For many, the motivation is paying bills and increasing their savings. On the other hand, there are some who need to keep up with the dilemma of increased costs thanks to inflation.

On average, a study showed how 73% of respondents felt they may remain in a more financially comfortable position through the likes of freelancing alone. And that’s why it’s so popular among today’s generation.

Businesses would need to adjust to this new type of working habit if they wish to take on people whom the world calls new-age employees. But we have to say that some industries are better off freelancing than others. For instance, both PR and branding officials claim to make payments via freelancing alone.

And that just goes to show how such firms require these services and they might want to take a headstart by working with these officials soon, in case they aren’t already.

Studies proved that although contractors in this PR industry are doing well, they are forced to work longer hours and weeks when compared to SEO professionals. The latter spend so much less time at the office and 97% support themselves completely through freelancing gigs where they work less each week.

So what we’ve gathered so far is that freelancers are making a pretty decent living. Yes, the drawback is getting clients to pay them because it’s what they owe them rightfully.

Stats from recent studies showed how employers do tend to take advantage of freelancers and among those, writers, graphic designers, and creative designers lead the pack. But thankfully, governmental bodies in the US are coming into play and realizing the importance linked to providing freelancers with protection.

H/T: Skynova

Read next: 4 Day Work Week Improved Sleep Quality for 40% of Workers
Previous Post Next Post