The Pros And Cons Of Freelancing As A Generation-Z (Millennial)

So you want to quit your job? Or maybe you’re new to the workforce and thinking about becoming a freelancer because it sounds so glamorous.

Maybe you’ve read The $100 Startup, or maybe you just saw an episode of Girls where one of its main characters is always on a beach somewhere in Thailand sipping a Mai Tai.

Whatever the reason, I’m here to tell you that there are pros and cons of working as a freelancer, especially when starting out as one.

Freelancing | Pros & Cons

Takeaways
Freelancing offers unique opportunities for Generation Z millennials to shape their careers and work on their own terms.
Embracing freelancing can provide flexibility and work-life balance, allowing millennials to pursue their passions while maintaining their independence.
However, freelancing also comes with challenges, such as inconsistent income, self-discipline, and the need for effective self-promotion.
Generation Z freelancers should leverage technology, build a strong support network, and continuously upskill to thrive in the evolving gig economy.
Despite the hurdles, freelancing can be a rewarding and fulfilling career choice for millennials seeking autonomy and creative freedom.

Table of Contents

Pro: Less Job Security

As a freelancer, you’ll have more flexibility than a traditional 9-5 job. You can work from anywhere and set your hours. You won’t need to worry about office politics or office drama, since there’s no one else to worry about (except for the occasional client).

You also don’t have to worry about finding new clients, because they’re constantly coming in via social media channels like LinkedIn and Twitter.

You can choose which projects you want to work on and which clients you want as part of your team! If there’s something that doesn’t interest you, just say no!

You may not have benefits like health insurance or retirement plans offered at a traditional workplace but then again: who needs those anyway?

Freelancing offers unique opportunities to thrive in the modern work landscape. Whether you’re a tech enthusiast or a creative artist, freelancing has something for everyone. Discover the secrets of building a successful freelancing career in our guide on why freelancing isn’t just for unicorns.

Pro: Make Your Schedule (Flexibility)

Many Generation-Z (Millennial) freelancers love the idea of making their own schedule, since it gives them flexibility in terms of when they work. Unlike a traditional 9-to-5 job, where you must be at the office by 8:30 a.m., you can set your own hours for working as a freelancer.

This means that if you are working on a task requiring large blocks of uninterrupted time, you can work from home or from anywhere else that provides peace or even from places where there is noise!

You just need to find a coffee shop or other location with internet access where it’s comfortable enough to work without feeling claustrophobic.

You may also want to bring headphones if there are loud noises around you and earbuds won’t do because they don’t block out all the sound (like noise cancelling ones would).

It helps me not get distracted when I’m working at public libraries because many people use them as study places!

Pro: Being In Charge Of The Work You Do

Being in charge of the work you do is a huge pro to freelancing. You no longer have a boss telling you what to do and when to do it. You are now the master of your own destiny, so make sure that you are doing things that matter.

Work on projects that you’re passionate about, because if it doesn’t inspire or energize you, then why bother? It’s also good to explore different types of projects as well as those outside of your comfort zone.

As a freelance writer, diversifying your expertise can open doors to exciting projects and clients. Find out how to tap into a world of writing possibilities in our comprehensive article about how freelance writers with diverse expertise can get the best jobs.

Pro: No boss!

One of the most appealing aspects of freelancing is that you can set your own hours and write about whatever you want. There is no boss to tell you what to write, when to write it, how to write it, or if they even like it.

This can be both liberating and terrifying depending on how much self-control you have when it comes to writing as much as possible (I’m a great example of someone who needs supervision).

Pro: Grow As A Person

As you gain experience and build your portfolio, you’ll be able to grow as a person. You may learn new skills, grow in your career and even try new things.

Additionally, freelancing can help you become more confident, independent, and organized. It will help you become disciplined and patient too!

If you’re looking for ways to continue learning these valuable traits while working on a project-based job (or just wanting to start a business), freelancing could be the perfect choice for Generation Z (Millennials).

Pro: Cost Of Living Is Low

The cost of living is a big factor for millennials who want to move away from their parents. If you are in your early 20s and living with your parents, the last thing you want to do is leave them.

In fact, many millennials will often stay at home until they have established themselves financially or found a partner they like enough to start a family with.

However, if you are in your early 30s or older, then it’s much more likely that you’ll be ready to leave home at some point and move into an apartment or condo on your own.

When this happens, the cost of living becomes an important consideration because there will be many expenses associated with managing daily life independently from heating bills during wintertime to groceries every month (and perhaps other necessities).

So how does one determine how much money is needed per month? Well…

Pro: Tax Benefits

If you’re an independent worker, you can expect to enjoy many tax benefits. First of all, there’s no income tax on your earnings. You also won’t have to pay payroll taxes such as Social Security and Medicare which are withheld from your paycheck when working for a company.

This is because the IRS considers self-employed individuals to be in business for themselves and not employees of their clients or customers (this doesn’t apply if you work as a freelancer for only one client).

Additionally, since you’re responsible for paying your own payroll taxes as a freelancer, it’s important that you keep track of them and make sure they are paid on time so that they don’t affect your credit score or ability to receive loans later down the line.

Many companies offer online services through which freelancers can submit quarterly estimated payments at no cost above what they’d pay if filing their taxes manually (yet another reason why filing electronically might be worth considering).

The freelance industry is reshaping the way people work, with a growing digital workforce leading the charge. Learn more about the impact of freelancing on the digital landscape and the evolving job market in our insightful piece on how freelancing is changing the digital workforce.

Pro: More Opportunities With Career Growth

As a freelancer, you are able to grow your career at a much faster rate than your full-time counterparts. The reason for this is simple: You have to be willing to take on the extra responsibilities that come with being self-employed.

For example, if you want to advance in your field or learn new skills, you will have to invest time and money into those areas without any guarantees of return. The only guarantee is that if nothing changes in your life then nothing will change in your life.

This doesn’t mean that everything bad will happen either; it just means that if you don’t take some risks now then there’s no chance of ever growing professionally or gaining more responsibility as a worker (which could lead to higher pay).

Con #1- No Health Benefits (As An Employee You Receive Certain Tax Benefits, Paid Pto, And Health Insurance)

If you’re a freelancer, one of the most important things for you to consider is how much health insurance costs. If you miss work due to illness or injury, it’s your responsibility to pay for your medical care.

If you’re an employee at a company, both the employer and employee contributions toward the cost of health insurance. The employer typically pays more than half (sometimes up to 75%) of your monthly premium and may even provide dental and vision coverage as well.

In addition to health benefits, employees receive other valuable perks such as paid time off (PTO) along with vacation days and sick days each year.

Con #2- Vacation Time Isn’t Guaranteed

One of the greatest things about freelancing is that you have absolute freedom over your schedule. You can take as much or as little time off as you want, and there’s no one telling you when to come back.

However, this can be a double-edged sword if you don’t stay on top of your finances and business needs.

If you’re not careful with how much money is coming in each month (and which months are busier than others), then it’s possible for vacation time not to be guaranteed and sick days not paid out either.

This can lead to burnout after several months without any real break from work or stressors at home and all because nobody told them otherwise before they started working full-time independently!

Additionally, some companies may not offer paid travel time while working remotely either so if someone takes too many days off from their remote job due to illness or personal reasons such as vacations.

Then they might get reprimanded for taking too much time off per week/month depending on how many hours per day/weekend shifts need coverage during those times where nobody else has shown up yet either (because maybe those other employees were sick too!).

Freelancing empowers individuals with the freedom to choose their projects and work environment. Explore the unique benefits of freelancing and how it compares to traditional office jobs in our informative post on the advantages of freelancing compared to an office job.

Con #3- You Must Be Self-Motivated To Complete Assignments On Time Or Earlier

It is important to note that while you are self-employed, your employer might still expect you to complete assignments on a schedule. You must be self-motivated and disciplined enough to manage your own time effectively and prioritize tasks.

You should be able to work independently and under pressure for the job to flow smoothly without any interruptions.

You will also have less support from coworkers than those working for a company with an established hierarchy of management positions because freelancing does not have an office culture;

Therefore, it is up to each freelancer how they choose their work environment and manage their stress levels when working remotely from home or other locations outside of traditional office spaces

Con #4- Freelancing Can Become A Full-Time Job With No Off Days Or Weekends

4- Freelancing can become a full-time job with no off days or weekends.

If you want to be successful as a freelancer, you need to know that it’s a full-time job. This means there are no days off, and no weekends.

Your work will always be there waiting for you, whether it’s in the morning when you wake up or at night after coming home from work (or whatever your day job is). It doesn’t matter if it’s raining outside or if all of your friends are out at happy hour you have to keep working!

Luckily for me, I enjoy what I’m doing so much that this doesn’t seem like too much of an issue for me. But for those who aren’t able to dedicate themselves completely without question would likely not enjoy this aspect of working from home as much as I do!

Con #5- Your Popularity May Be Directly Tied To Your Income/Livelihood

As a freelancer, you’re the one in charge. You have to wear many hats and know how to perform your job well enough that clients will keep coming back for more or at least be satisfied enough with your work that they’ll recommend you to others.

If you don’t want to do something for a client, or if a part of what they’re asking doesn’t sit right with you, then it’s up to YOU as the freelancer to say “no.”

You may lose some business by doing this but, in the end, it’s better than compromising your integrity and ethics just because someone else wants something done differently than how YOU think is best or most efficient.

If there’s anything I’ve learned from freelancing so far (and also working in an office environment), it’s that not everyone within any given company thinks alike – nor should they!

Everyone has their strengths/weaknesses which can help make them unique among their coworkers;

However, these differences can also cause friction when there isn’t proper communication happening between staff members who aren’t used to sharing information freely as most millennials are taught growing up (and even sometimes still today).

Con #6- Some People Are Not Good At Managing Their Finances

One of the most important factors to consider is your ability to manage your finances. If you can’t keep track of how much money you’re making and spending, it’s going to be very difficult for you to make a living as a freelancer.

This doesn’t mean that every single person needs to know how to do their taxes and build an Excel spreadsheet for them to succeed as a freelancer but there are certain basic things that everyone should know about managing their finances:

How much money is coming in each month?

How much money is going out each month?

Where does my money go? (Budgeting)

Con #7- Establishing Good Credit Is Important For Freelancers

In order to establish good credit, it is important for freelancers who don’t have employer records of consistent monthly earnings. Good credit allows you to get loans and credit cards, rent apartments or houses, and even get new clients.

For example, if you want to buy a house but don’t have an income history that shows your ability to pay the mortgage on time every month even if your last employer paid you well you will not be able to purchase one without some sort of loan or mortgage approval in place.

For banks and other lenders (like employers) to see what kind of worker you are in terms of managing money responsibly, they need evidence that shows this information over time;

Freelancers do not have this type of historical data unless they’ve been working under someone else’s name all along!

If a borrower wants an unsecured loan such as a personal line of credit from his bank then he must show how much money he earns each month through online banking statements from past employers.

This means there are no more excuses when it comes down to having poor financial habits because everyone has access nowadays via smartphones.

The freelance economy is on the rise, reshaping the way we view work and careers. Discover the transformative power of freelancing and its potential to change the world in our eye-opening analysis on how the freelance economy is gonna change everything.

Conclusion

There are many pros and cons to being a freelancer. But, the great thing is that these can be dealt with if you put your mind to them and work on them. If you’re looking for a way to make some extra money in your free time, then freelancing is certainly something worth considering.

It’s a great option for people who have other jobs but still want to make some extra money. The best part about it is that you can do it from anywhere! With that in mind, what are some other reasons why someone would choose to become a freelancer?

They may have a regular job but want more freedom or flexibility than they get working full-time at an office; they might be tired of sitting around all day and would like something more active;

Maybe they just want more time with family and friends without having to commute back home every night after work (this could also mean working remotely for companies outside of their own country). Whatever the reason may be, there are plenty of benefits associated with being.

FAQs

What are the main advantages of freelancing?

Freelancing offers greater flexibility in choosing projects, the ability to work remotely, and the potential for higher earning potential.

What are the challenges of being a freelancer?

Freelancers may face irregular income, difficulty in securing clients, and the responsibility of managing their own taxes and benefits.

How do I find freelance job opportunities?

You can discover freelance job opportunities through online platforms, networking, and reaching out to potential clients directly.

Is freelancing suitable for everyone?

Freelancing is best suited for individuals who are self-motivated, adaptable, and comfortable with managing their own workload and business.

How can I ensure a successful freelancing career?

Building a strong portfolio, delivering high-quality work, maintaining professional relationships, and continuous self-improvement are key to a successful freelancing career.

Costantine Edward

Costantine Edward is a digital marketing expert, freelance writer, and entrepreneur who helps people attain financial freedom. I’ve been working in marketing since I was 18 years old and have managed to build a successful career doing what I love.