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Shifting from Full-Time to Freelance Work
Understanding the Landscape
Freelance Growth: The freelance workforce in the U.S. grew by 22% from 2019 to 2021, reaching 59 million people (Upwork, 2021).
Earnings Potential: 60% of freelancers reported earning more than they did in their previous full-time jobs (Freelancers Union, 2020).
Motivations for Transition
Flexibility: 80% of freelancers cite the desire for flexible work schedules as a key motivator (Upwork, 2021).
Autonomy: 70% of freelancers value the autonomy and control over their work that freelancing offers (MBO Partners, 2020).
Challenges and Strategies
Income Stability: 55% of freelancers express concerns about the unpredictability of income (Freelancers Union, 2020).
Strategy: Build a financial buffer, diversify client base, and use project management tools to streamline workflow and ensure steady income.
Benefits and Security: Freelancers lack traditional employment benefits like health insurance and retirement plans, which 60% of freelancers consider a significant drawback (MBO Partners, 2020).
Strategy: Research and invest in private health insurance plans, set up individual retirement accounts (IRAs), and explore freelance unions for additional support.