Can Freelancing Offer Financial Security

[kdy]

Had this discussion with my son about his plans for the future, and he said that he doesn’t want to look for a full-time employment. He wanted to be a free-lancer. I was surprised. No… I was disturbed. Hahaha. Growing up, I was taught the importance of having a stable job and a steady source of income, so I guess you know how worried I felt.

I am trying to remain open about it so I read a lot about the pros and cons of freelancing. I read a lot of good things, and I do agree to some. But I still can’t help but worry...

Can freelancing offer financial security and support a family? Would be happy to hear your thoughts. 😊

[Skye]

The way I think of freelancing (in any kind of industry) is a business wherein I am my product and I am my boss. I get as many or as few clients as I want. I set my rate based on the perceived fair market value of my skills. I market me. I manage me. I develop me. I am responsible for me.

Then in terms of financial security, it goes down to my money management skills.

It is scary coz you are really on your own. You have to take care of everything for yourself. It is betting on yourself with no external backer.

Young people these days have a lot of resources and opportunities that we did not have back then. Maybe your son found some people who are earning quite well as freelancers, without the shackles that a company may have on its employees. My son wants to be a YouTuber, a non-existent, and unimaginable career when I was his age.

[Bjun]

Freelancing is for the more "adventurous" type, I guess. Kids these days may be exposed to the possibility that they can earn money by "selling" their skills. They are their own products. You are right, this was non-existent when I was growing up as well but it is becoming more and more common these days.

When I traveled, I see a lot of young people backpacking and they say they were able to travel around the world because they are freelancers. I understand @kdy's concern about financial security and supporting a family but maybe her son would also like to explore the world before getting serious and settling down. This might be something to consider as well: not everyone works to be able to support a family, some work to be able to enjoy life. And for young adults, freelancing is the solution for that.

[kdy]

I agree, freelancing to me is very adventurous. I guess that is why I am worried. The security regular employment brings is something that have always valued. I guess, this is just me being an oldie. hahaha. Times really are a changing.

[Skye]

Times are indeed changing. It is terrifying. Yet exhilarating. Let us just think of all these new opportunities as challenges. A mountain to climb. A wave to ride. A long distance to conquer.

But have you noticed, that times are changing faster than ever? I guess this is where the hesitation arises. Because there are so many changes in so little time, there is also a shorter time to get used to new ideas and trends.

[mjmnl]

Even though I am a Millennial (almost a Gen Z to be honest 😅), having a future as a freelancer was never on my mind when I was studying. Maybe I was not updated with the current trends or I just grew up in an environment where people expect you to work for a company after graduating. A bunch of my friends are doing freelancing and they are actually thriving financially. I guess it comes with hard work (accepting multiple clients) and as what Skye said, proper money management. Even if you have a stable job, if you don't know how to manage your finances, then your doomed.

There are a lot of pros and cons with freelancing and this article (https://www.monster.com/career-advic...full-time-0626) might help you weigh this opportunity for your son. Just be open with the setup, impart practical learnings to your son so that he may succeed doing whatever he loves.

[Bjun]

I know very few people who are freelancers. My dad, who retired earlier this year, is venturing into the world of freelance. Being a professor in uni, his salary was good but now that he is freelancing, he's actually earning more. Unlike other freelancers, his clients sought him out and offered him jobs instead of him looking for it (which is what I see in freelance forums I'm in).

What I take from this is that if you want to be a successful freelancer, you need to have the skills and qualifications that clients are looking for. My dad had built connections throughout the years from his studies, work, projects, seminars and consultations. Know your client and what services you would be offering and be an expert in that field. And, know your worth (salary-wise).

With the pandemic, a lot of people are looking at freelancing as a way to earn and support their families. With the right skills and connections, anyone could be a successful freelancer and earn enough to support one's family.

[Kamille]

I agree with Skye. I see freelancing as a business where you offer your services. I know people who earn more through freelancing compared to their corporate 9-5 office job. But with financial stability? I think it all boils down on how you handle your finances. Rainy day savings, investments and paying off your debts. One rule I always hear with freelancing is so you need to secure enough cash to cover at least 3 months of expenses.

Freelancing can indeed support a family, however, I still think a full-time employment can help develop traits you'll need once you transition to freelancing. It takes a whole lot of discipline and motivation in being your own boss.

[jcoppi29]

These days, I would think it is possible but it will still depend on the industry, field, or market it's directly tackling. It makes sense to think that a particular niche that is in high-demand like video editing, editing, dubbing, coding, web design and other digital jobs would be on a high especially during the pandemic. Working as a freelancer in one's own clock allows them to also get multiple clients instead. I think I've heard of video editors getting paid high by creators etc, including marketing designs or advertising strategies, etc that require animation.

Additionally, creative types that start streaming, or making video content out of ad revenue, if they hit it big, can get up to 2000 USD+ a month, that is if they hit the jackpot. Ad revenues, sponsorships, the rise of new creators, streaming services, the soon 4k HD streaming trend on the way are signs that the digital age is going to go up even more and along with it, the online job market.

[Lou]

I know some freelancers who earn more than those with regular jobs. There are some people who were able to buy a house, lot, and car via freelancing. During this time, I think freelancing is becoming more in-demand, especially those in graphic designing, writing, social media management, and the likes. For one to become a successful freelancer, skills and professionalism are very important. Form what I gather in freelancing groups I am in, you have to make sure that you are able to fulfill your client's needs, top them even and you should be professional enough to be true to your word when it comes to completing your tasks and deadlines.

It is also important that you find your niche. If you are a web designer, would you concentrate on designing websites for companies offering various products, or would you rather design for companies with targeted markets such as makeup lines, dog food companies, etc? Finding your niche is just one of the things you should consider when you want to go freelancing. To find out more, check out this article: https://foundr.com/become-a-freelancer

[mjmnl]

Most of the people I know who does freelancing are in the industry that you've mentioned. Careers in digital media are in demand nowadays because of the global increase in internet usage. With the demand for these kinds of freelancers, there's also a bigger competition that faces them.

In order to succeed in this field, I will be quoting a phrase from the article you've shared. "Build that knowledge first. Join groups. Get training. Know what licenses, software, and level of income you need to make it work—and be specific with your business. It’s a lot easier to succeed when you have a plan." Also, build up your profile. Some of the new freelancers accept projects for a lower fee just to gain experience and reviews that they can use in the future.

[kdy]

Thank you for sharing your thoughts. Shared your inputs with him, and told him to research further, and to not just rely on his own knowledge of the trade if he wants to succeed in freelancing. I hope it does work for him

[Skye]

kdy, you are welcome. You must be a wonderful mom. Even if you are, as you say, an oldie, you did not outright, flat out shoot down your son's vision of his career.

[Kamille]

I agree with Skye. Not every mom is open for other employment options other than the traditional one. but I think you're being a great mom for listening to your son's interests. I hope whichever he chooses will be fruitful and will bring fire to what he is passionate about. All the best!

[mjmnl]

Some parents are unfamiliar with how online jobs work and oppose their children's decision in being part of this new trend. My parents have their business and we've tried to convince them so many times to enter online selling but they just don't want to. They still opt to go for traditional selling even though they can reach far more customers if they also go online. They decided to just close their doors for any online opportunities.

So, Kudos for being open to what your son wants for his future. Today's list of career has expanded tremendously mainly because of the advancement in technology. I hope your son finds success in this field!