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TOPIC: The benefits and hindrances of being a Freelancer.

The benefits and hindrances of being a Freelancer. 1 year 2 weeks ago #16

  • Joker
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If I'm not mistaken, if you do not break $600 from any one company, you are not required to report it and neither is the company. Many companies keep time down when hiring contract people just for that reason. They can just expense off as contract labor.
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The benefits and hindrances of being a Freelancer. 1 year 2 weeks ago #17

  • Lexie
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Independent contracting is the way to go. The company that hires you doesn't have to worry about payroll taxes or benefits. That all falls on the contractor. Then all the corporation has to be concerned with is that 1099 at the end of the year.
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The benefits and hindrances of being a Freelancer. 1 year 3 weeks ago #18

  • FrankN
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Moneyes wrote:
FrankN wrote:
I can only do Freelancing part-time. It would be too big of a risk for me to do full-time and you would have to really pull in the big bucks for it to be worth it for me considering 401K matching, health benefits, etc.

That's true Frank, but can anyone really win in the health benefit game right now? :white-flag: There is a very large health insurance market serving self-employed (1099) individual's right now. Seeing how the job trends are right now, it was a matter health insurance companies filling a need. The prices are very competitive.

I was not aware of that, but I still can't see myself making as much myself as I do in my current role. I may be happier :), but I don't think I would bring in nearly as much.
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The benefits and hindrances of being a Freelancer. 1 year 1 month ago #19

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Wish you many successes :) It feels good to be recognized and compensated for your skills.
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The benefits and hindrances of being a Freelancer. 1 year 1 month ago #20

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As I said before, I am a freelancer. I have finally gotten to the Expert writer level on one of my jobs which means much higher pay. I really want to take this full-time and I'm glad to hear that there is a 1099 pool for health insurance. Thanks for that information and I hope to really make a living out of this. Wish me luck!
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The benefits and hindrances of being a Freelancer. 1 year 1 month ago #21

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FrankN wrote:
I can only do Freelancing part-time. It would be too big of a risk for me to do full-time and you would have to really pull in the big bucks for it to be worth it for me considering 401K matching, health benefits, etc.

That's true Frank, but can anyone really win in the health benefit game right now? :white-flag: There is a very large health insurance market serving self-employed (1099) individual's right now. Seeing how the job trends are right now, it was a matter health insurance companies filling a need. The prices are very competitive.
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The benefits and hindrances of being a Freelancer. 1 year 1 month ago #22

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I can only do Freelancing part-time. It would be too big of a risk for me to do full-time and you would have to really pull in the big bucks for it to be worth it for me considering 401K matching, health benefits, etc.
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The benefits and hindrances of being a Freelancer. 1 year 1 month ago #23

  • JacksonM
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I've been reading up on freelancing lately since the security of my job has come into question. (Not because of me personally, it's just the nature of the work). Mostly what I've found is that it's hard work. I was also surprised to learn about that taxes. Most of the things I've seen before that mention working for yourself never discussed that. It sounds like you better make a lot fast or else you'll owe the IRS quite a bit.
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The benefits and hindrances of being a Freelancer. 1 year 1 month ago #24

  • Moneyes
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There is a fine line between "Freelancer" and "Independent Contractor". I am both. The former, online, and the latter, offline. There is an important parallel here that I can draw from my own experiences that might be of help to others.

You talk about the pitfalls. I am on with 2 different companies that contract their work out to independent couriers. It used to be 3 until a few weeks ago. I was with "Company A" for quite a few years.....off and on. I recently got back with them and in time I realized that I could ask for more money for the route I drove. They gave me a little more, but not as much as what would have put my pay at the industry standard. I knew it and they knew it. So I came up with a plan.

I went to "Company B", which I was with many years ago, and re-trained. Knowing full well that their training schedule would overlap my current work schedule. Suffice it to say, Company A lost patience with me and bid me a fair adieu. At the same time, I knew full well that I would have to almost live in my car to make half of what I did with Company A, all the while knowing that Company A's front door may as well be a revolving door in regards to the drivers that come and go. That, and I'm good at what I do. Product has never come up missing on my routes and I have never had a complaint lodged against me. I know it and Company A knows it.

So three weeks go by and, lo and behold, who calls? Company A. They offer to pay me industry standard. I "quit" them earlier, on purpose, for the hope of getting my fair share from the company, and the gamble paid off. But it came at a price. Remember, I was making half as much for 3 weeks for the purpose of making really good money at a company that knew I was worth it. But my debtors don't know that, not do they care. The bills still came in and they were still as much. That was pitfall. I temporarily got behind by holding out for long term gain.

On one hand, you can't do something like at a manufacturing job. That's not how that game is played. Try to do what I did at a manufacturing plant and you won't be called back. On the other hand, doing this is the definition of as much financial freedom as a worker can hope for. If that's what you want, be prepared to do your work in a different frame of mind that you have when you punch a timeclock for a living.

You can play out the scene I just laid out in a freelance position online. The main benefit in being a "freelancer" is that you are your own boss. The pitfall is that you need to be financially prepared if you try to do what I did. Keeping in mind that gambles like that don't always pay off in the long run.
Last Edit: 1 year 1 month ago by Moneyes.
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The benefits and hindrances of being a Freelancer. 1 year 2 months ago #25

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For the past several months I have been a Freelancer. I am listed on several sites, like Fiverr, Freelancer, Simbi, and more just to keep busy. I am just now starting to get requests for my services. You have to take a few for lower pay before you can start demanding good money from the customers.
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The benefits and hindrances of being a Freelancer. 1 year 2 months ago #26

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The idea of no bosses in the truest sense isn't true. The requirements of the assignment has someone you are accountable too if you want to be paid. While you may set your own schedule and may be IRS 1099 but you still have someone to convince you earned your keep. ;)
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The benefits and hindrances of being a Freelancer. 1 year 2 months ago #27

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I freelanced all throughout school and believe me, there most definitely are bosses to fight with and set schedule that have to be met. Doesn't matter if you're a writer, transcriber, cyber clerk, google rater, tutor, or anything else I've encountered. There are check-ins, deadlines, meetings, and more. Even small gigs on Amazon Turk that pay a penny have requirements.

I hope somene comes along who has had a different experience recently. If so, please name the company so I can apply. B)
Last Edit: 1 year 2 months ago by JGibbs.
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The benefits and hindrances of being a Freelancer. 1 year 2 months ago #28

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Being freelance seems to be what all employees will become sooner or later. The advantages to companies are lower taxes on the payroll (none if you 1099misc them, no benefits, etc. Benefits to the freelancer are no set schedules, no boss to fight with, but self-employment taxes are high and often detract from all the good. If you are a freelancer, be sure to keep all your receipts to show your expenditures for your tax return. This could be the difference between making a profit and not making a profit.
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