Today’s post is from our regular Wednesday contributor, Cat.
On January 1 of this year, I became officially self employed. Now that I’ve been at it for a little over a month, I still find it interesting how my life has changed in both positive and negative ways.
I think that many people, especially in our online community, really idealize the self employment lifestyle. So, I’m happy to chat about why it’s great and maybe why it’s not-so-great as honestly as I can.
The Biggest Pro: A Relaxed Morning
The very, very best part about being self employed thus far is waking up in the morning and not having to go anywhere. I am not a morning person. In fact, I get all my best work done between 7pm and 1am. So, I always felt groggy, rushed, and unproductive in the mornings when I worked a 9-5. Once I got to work and got started on the day’s tasks I was fine, but basically you didn’t want to talk to me until I got there.
Now, I can actually make scrambled eggs while answering comments on my phone and sit down at the table and slowly enjoy my breakfast. I can even (gasp) put on makeup without feeling like I only had 5 minutes before I had to get in my car and go, go, go.
I still wake up and immediately think of what I have to do that day, but just taking away the pressure of being somewhere at a certain time has been truly incredible.
The Biggest Con: The Stress of Making an Income
Even though I know that I will make an income each month because of the history of my business over the past 7 months, I still panic a little about it. I still wonder if this will be the month where it all goes down the drain. Maybe dealing with this fear will get easier over time, but it was a bit of a rough start learning how to manage it.
When the 15th of the month came and went without a couple thousand dollars from my day job automatically appearing in my account, it was weird. It was scary. The reality hit that there would be no steady, nice paycheck from my previous employer. Instead, it was all up to me to hustle and get the job done.
I’m not going to lie; I have cried once or twice in the past few weeks worrying about making enough of an income, but once I get myself together and continue to work, the PayPal deposits really do continue to ding. One week last month I almost lost my mind wondering if I would ever get paid, and then six people literally paid me all at once on the same day. It’s incidents like that which remind me that the process and the business really do work, if only I allow it to!
I guess what I’m trying to say is that the self-employment lifestyle really is liberating and nice, especially when you can do what you want with your day. However, without a steady paycheck, things can get just as stressful if not more stressful than your traditional 9-5.
I’ll definitely keep you posted about my journey along the way. So far, I feel really happy with the decision to become self-employed, and there hasn’t been a day where I wished I was sitting at a desk in an office. I definitely think my personality is suited to this lifestyle, and I know it will take a little bit of time to get used the emotional aspect of it too.
Have you ever wanted to be self-employed? What do you think would be the hardest part?
Photo Credit: UMF
Check out some of our favorite personal finance resources:
Are you getting the best credit card rewards? Check out the top cash back credit card offers (updated daily)
Make extra money: 15 ways to make money from your computer
Get the First Chapter Free!
Join our online community and get the first chapter of the book Student Loan Solution absolutely FREE!
I definitely appreciate your honesty in terms of the reality of being self-employed. I think the hardest part would be getting work done on ‘blah’ days when you’re not feeling motivated. I guess in those instances, having strong systems in place is what will get you through.
Nell Casey Yes I use incentives – aka I have have that cookie if I finish this post lol.
Thank you for being so transparent. I’m feeling a little less career optimistic today and it’s good to see that others experience the same thing once in a while. I’m not even self-employed and I feel it eeeek!
TrendyCheapo My pleasure! Yeah, I think we all have good days and bad!
The relaxed morning sounds amazing! No feeling of, ugh…I have to go into work today. It’s nice seeing you being honest about the stresses though, especially when it comes to making ends meet. Not having insurance from my job would probably stress me out more than worrying about income.
BrokeMillennial You know I like to keep it real girl. ;)
“In fact, I get all my best work done between 7pm and 1am.” I knew there was a reason why your emails generally come through at like 11:30 at night – when I’m still up working as well. ;) Seriously though, thanks for the honesty Cat and I can relate to a lot of it. I still deal with that fear from time to time and likely will for some time, it’s only natural I guess :)
FrugalRules Haha yes YoungAdultMoneyis always up late too! :)
I totally agree with the pros and cons! It’s nice to wake up and be on my own schedule, and be able to stay at home with my girls without having to call in sick,etc. or get a sub for my classroom! The cons – definitely not knowing exactly how much you’ll make each month!
FrugalFreeGal Exactly! I feel ya!
I love the relaxed pace, but for me the hardest part is getting organized and getting things done without someone telling me what to do and when.
RFIndependence Yes I have to promise myself treats if I get something done haha.
I am with you on the pros and cons of self-employment. I love a flexible schedule and less “stress” about where I have to be and when. But I definitely stress constantly about where the next dollar is coming from. But that stress is great because it only motivates me to work harder, which leads to more opportunities.
Definitely the lack of regular income would be the hardest part. For me it’s also just learning how to prioritize and organize my day so that I don’t waste hours by not knowing what to do next.
Matt @ Mom and Dad Money Organizing and prioritizing the day is definitely something I’m still working on!
I still have regular jobs, but I only get paid for the days I work, so no salary or sick pay if I miss a day. That is a bit scary. Also, my government job has always paid, but sometime it’s a within a month, sometimes it’s 3 months before I get a deposit. It’s really important that I keep an emergency buffer in case it’s 3 months. I love the flexibility and being in different offices, but there is something to be said for that steady paycheck. I don’t miss the stress of owning the business though. That was the right decision to sell.
Eyesonthedollar Yeah you have done so great!!!
I can totally relate to this Cat. I think that’s why having a huge emergency find is very important to me. Even still, I don’t want to rely on my e-fund when I have slow months because I don’t want slow months period. But it does take a little of that stress off if people haven’t paid you on time. And I get pissed at clients who don’t do what they are supposed to regarding payment. I wish I had more words of wisdom, but I’ll just say know that this is a very common feeling among freelancers!
Beachbudget Yes! I wouldn’t say my e-fund is huge by any stretch but I just don’t want to use it!
I am also a night writer (haha like night rider but nerdier) and am blogging away at midnight. I like having my regular 9-5 job because I like my job but because I also like the security of the steady paycheck and benefits like health insurance and retirement contribution matching. I feel like those would make me very nervous to be without if I was self employed. But I love the idea of working on my own schedule from home and not having to deal with dragging myself into the office on those days when I just want to stay in bed.
Alice @ Earning My Two Cents Bahahaha night writer/night rider – that’s hilarious.
Love this post Cat! I love my relaxed mornings, but sometimes it can definitely be stressful when it comes to making an income. If I don’t receive a “good” email that day from a client, sometimes I wonder if it will all disappear! :)
SenseofCents Yes getting a nice e-mail is always great!
If I was a stay at home self-employed the biggest challenge for me would be connecting with people. That feels weird to say coming from an introvert but I think I would miss it to some extent.
Brian @ Luke1428 I am a pretty serious introvert. Occasionally I do have to get out and interact with real humans, but I can go about 4-5 days of being at home straight before I feel the need to step out the door. :)
I am actually a morning person, which is good because I start my day very early to sneak in my morning workout before the girls are up and need me. The easing into your work day sounds quite lovely but I can imagine it does take some time to get to place where you don’t panic about earning enough money. Of course, a little hunger/fear is also motivating too. I’m glad it’s going overall well for you!
ShannonRyan Ooh a morning work out – nice Shannon!
I’m not a huge morning person, but I need that “hard start time” to get me going… I can waste time like a pro in the morning. For example, when I was studying on vacation time and trying to keep my work schedule, I consistently arrived at the coffee shop at 7:15… even though working in my town meant I had slept in for an extra hour and a bit!
Ugifter You are more disciplined than I am that’s for sure. :)
Not having to be somewhere in the AM is the best. I love leisurely making coffee in my yoga pants and reading blogs. I’ve been pretty successful about building up my freelance work the last few months, but I still can’t imagine making a living off of it. I think it’s because I’m not writing for the big sites and publications, so I have to write 5 or 6 articles just to make what I would on one post for a major site.
brokeandbeau :) Well what I say to that is perhaps raise your prices. I personally enjoy writing for personal bloggers vs. bigger corporate sites. It’s more fun and meaningful.
To say that my mornings are rushed would be a major understatement. Even though I’m awake for about an hour before leaving, over half of that is spent frantically trying to comment, tweet, and do other blog work before I have to head out the door. It would be nice to have relaxing mornings, especially because I’m a night owl and do my best work late at night.
DC @ Young Adult Money Argh I don’t miss those days. I know you work hard over there! Oh, and I don’t miss squeezing in blog stuff every lunch break either.
BudgetBlonde DC @ Young Adult Money haha my lunch breaks are ridiculous! Frantically trying to work on the blog!
DC @ Young Adult Money Same here! As I speak, I’m leaving my 15th comment while scheduling my tweets till 9pm. I have about 40 minutes before I have to go to work and I haven’t even dressed or blow dried my hair! The dog has to be taken out, a smoothie has to be made, and I need to take the laundry out of dryer.
Least to say, I am looking forward to the day in which my mornings weren’t a big rush for everything!
fitisthenewpoor DC @ Young Adult Money I hear you! I have been struggling getting up as early as I usually do lately, which makes for an even more rushed morning. Today I skipped commenting which is a rarity for me! Daily commenting has helped my site more than any other thing, though, so I plan on keeping it up.
I really think that I am a night person as well. My boyfriend goes to bed and I just stay up late…reading blos, writing posts….for a couple hours after. It is quiet and relaxing. I haven’t gotten my blog up and running so much that I have a hectic morning, but I know mornings are hard for me already!
BoldButtercup Welcome to the night owl club. :)
I too love the relaxing mornings, but agree that there is so much stress as far as when the next dollar will come in. But I have found, though, that the stress is a great motivator for me to work harder and the harder I work, the more new business comes in.