Comment by hajile

I started out freelancing.

You have to spend large amounts of time finding clients and being a salesman as you sell yourself and your services to them.

Once you do that, you have to prove that you're the person you promised. Unfortunately, most clients reaching out to freelancers are very....difficult.

After you've done the job, you have to be your own accountant and billing department. I should mention here that collecting from a lot of clients is often a frustrating endeavor and you will almost certainly be scammed at least once (at which point you have to do the math on handing most of your profits over to a lawyer and risking getting a bad reputation as a legal risk).

Because you're contracting, you are on the hook for higher taxes than normal to cover stuff like social security. Unless you are getting bottom-dollar insurance (the stuff with a $10,000+ deductible where you still get bankrupted if your medical bills are bad), you are probably paying tens of thousands in health insurance.

Want holidays, vacation, or just a day off? That means you are missing a paycheck (at least missing a bunch of billable hours) and may have upset clients. If you need to make $100,000 at a corporate job, then you'll need to charge at least $150,000. If you want to work a normal 2,000hr/yr, then you are going to have to sell your client on $75/hr while they're seeing $25/hr or less from some overseas "talent".

Also don't forget that lots of the highest-paying jobs aren't open to freelancers. Even if you contract, you'll be going through an agency charging big money then giving you a tiny fraction of what they take in.

After I got married and had kids, I was busy enough without running a business. I want to spend time with my kids while they are still kids. I may make less as a FTE, but I work a lot fewer hours and have way less work stress.