No matter what you do for a living and how you do it, there are going to be ups and downs in it. This was the case for nearly everyone I have ever talked about this kind of thing. I love coding and I aspire to be an outstanding developer someday but I still complain occasionally about how frustrating it is to fix some bugs in my code coupled the fact that I am self-taught. Anyways, thanks to stack overflow. It’s very realistic to say that you can love what you do and still complain about your situation sometimes. Because of that, I will outline the pros and cons of both being employed and being self-employed.
In simple words, being employed means you are on a payroll either salary or hourly work rate of the company or business you are serving. In most cases, the income is usually fixed. There are times you will have a bad day at work and do less and there are also times where you will put in much effort and produce more for the company you are working for.
Your manager might notice your increase in performance and will consider rewarding you with a bonus or pay raise. You will have to obey the rules and regulations of the company and therefore, you are being limited to certain actions. A good example is dress code for work where you will have to be on specific outfits. There is security in knowing that a particular amount of money will come in at the end of the day, week or month depending on the agreement. However, when the company is running at a loss, it can be risky because there is a high chance of being fired or replaced with someone they think can deliver better playing your role.
Being self-employed means you are in business for yourself and in some cases, you will have to play the role of both the employer and the employee. Being self-employed gives you room to earn higher depending on the type of business you are running and provided you are providing enough value to your customers.
You are your own boss and therefore have the freedom to work anytime of the day and anywhere in cases where the business is built online. The downside for being self-employed is that there might be little or no profit when starting out or on a long run. It takes a lot of patience to keep going especially when your business is a type of business that has several competitors. You will have to learn to take responsibility and be held accountable for everything as an entrepreneur.
If you are someone that values your freedom and will not be pissed off when there are little profits or running at some losses, try being self-employed. If you are able to follow the dos and don’ts of an organization to endure you have steady income to cater for your needs, then there is no need trying to quit your job. But why not try both?
If you are listening to this podcast, you should be very grateful that you are lucky to be in this era where one run have a side hustle or own a business and still have a steady paycheck coming in as an hourly rate or coming in every month. I know a good number of people who are doing exactly that right now and this goes a long way towards creating financial independence. I talked about active income and passive income which is much related to this episode and you will have a great time listening too.
