How did you triple your income through piecework

A woman sits at a table in a cafe window and writes on a laptop.

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Can you make more money by quitting your regular job to take up a freelance role?

the main points

  • Sometimes a career move may be necessary to reach your income goals.
  • Find out if this is a good idea for you and plan for the financial changes that come with an independent lifestyle.
  • Self-employed people must be self-motivated to work, and also need to calculate their own taxes and deal with income fluctuations.

For some people, switching jobs or industries can increase the salary. Another way that some workers can increase their income is by switching from a traditional job role to a freelance one.

While the independent lifestyle is not for everyone, it can be a good option for self-motivated people who want to have more control over their workday.

I wasn’t always freelancing full time. I spent a lot of my twenties doing regular jobs.

These jobs have many things in common – they weren’t interested in me, they didn’t pay well, and they caused a lot of stress. I ended up moving out of the country to give myself time to sort out my plan and Debt repayment.

While I was living and working abroad, I realized I couldn’t come home to the same lively work environment I had always known. So, I started freelance writing in my spare time.

I enjoyed writing, and it gave me hope that I could turn a part-time freelance job into a full-time one that pays all my bills.

I boosted my income by becoming a freelance writer

While my first two years working as a freelancer weren’t easy (or without stress), I’m happy to say that making a lifestyle change at work ended up being a good move for me. I kept adding new clients and increasing my rates as I gained experience.

For me, my time and effort pays off. By my third year of full-time freelancing, I was earning more than three times the income I made in my pre-employment positions.

I was able to do this by taking on more writing projects that paid off well. I could also control how much work I did – so the income potential was unlimited. Many traditional workers earn a set salary and cannot earn more than that.

Since I didn’t make a lot of money in my previous job roles, the increase in income was welcome news for me. Bank account.

Is freelancing the right money move for your career?

Independent life has provided me with more than just an income. I could have enjoyed a more flexible schedule, chose the work I did, and wasn’t afraid of my workday.

But it can be adjusting the transition from a traditional work environment to full-time freelance work. If you do better with constant mentoring, regular work out may be best.

As a freelancer, you are responsible for every step you take, so you must keep yourself motivated and on track if you plan to make money.

Anyone who chooses to switch to independent work should prepare for the growing pains. Building a client base takes time. In addition, you should feel comfortable being 100% responsible for your success. Not only do you have to do your job, but you also have to be your own sales force.

If you’re considering leaving a regular job for freelance work, it may be worth trying it out part-time to see if you like it.

Three financial considerations to make it work as a freelancer

Even if you can increase your incomeindependent financial resources can be very different.

Here are three financial considerations to consider before leaving a regular, fixed-paying job:

1. Prepare for Income Fluctuations

With a salaried job, you get paid regularly. As a freelancer, you may experience fluctuations in income, and payments may not be consistent.

If you take time off, you won’t get paid, and when work is slower, you may make less money than you do in working hours.

You can prepare income fluctuations by contributing to saving account Throughout the year.

2. Consider the cost of benefits

Independent roles do not include benefits. If you need health care, or want to contribute to a retirement account, or other valuable perks – you’ll need to pay for it yourself.

When you find out how much income you need to live a comfortable life, do not forget to calculate the cost of these benefits.

3. Don’t ignore self-employment taxes

Finally, freelance employees are responsible for setting aside and paying their taxes. Traditional workers are taxed from their paycheck – so the hard work has already been done.

As a freelancer, you will need to calculate your tax liabilities and save on your taxes throughout the year. Making quarterly payments is the best way to avoid fines and fees.

If you are new to self-employment, it is advisable to work with a tax professional. With guidance, you can achieve the best Freelance tax moves.

Can you increase your income by becoming a freelancer? It’s possible.

With more money in your wallet, you may be able to reach personal financing goals sooner.

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