A little-known fact is that you should expect to bring in more money as a freelancer than you would as an on-staff employee. So, not only do you get all of the control and freedom that comes with freelancing, but you make more on top of it!
In today’s episode of the Freelance Success Framework podcast, Nicki and Kate breakdown how and why freelancers have a higher income than those who choose to work on-staff.
Looking for closed captioning or a transcript? Watch the episode on YouTube!
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A Sneak Peek at the Episode
[0:52] Kate jumps right in and explains that freelancers make much more than they would on-staff. Then, Nicki talks about the misconception around on-staff benefits.
[3:20] Nicki shares that there are people out there who will say they made more on-staff than freelance and explains that these people, unfortunately, are undercharging for their services.
[4:17] Kate and Nicki move on to the next point about how to build your own benefits. All of the perks of an on-staff job can be recreated and built into your freelance business.
[8:00] A huge benefit for freelancers is that things like healthcare and business expenses are deductible from your taxes at the end of the year, as Kate notes. You can save a lot of money through tax breaks that are only available to you as a freelancer.
[9:06] Some people shy away from freelancing because they think they have to pay more in taxes; this is simply not true. The only difference in your taxes is that instead of a business taking them out before you’re paid, you take them out yourself after you are paid.
[10:32] Kate names some of the many deductions you can take advantage of to reduce your taxable income as a freelancer. Speaking with a tax professional can help you find more deductions you’re eligible for.
[16:27] Our hosts recap the key points of this episode and reiterate that you will make more as a freelancer than on staff…and then some!
Ep. 7: Who Actually Hires Freelancers?
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About the Freelance Success Framework Limited Series Podcast
Let’s demystify how you can start and scale a wildly successful freelance business of your own! The Freelance Success Framework limited podcast series is 11 short, info-packed episodes that answer some of the most common freelancing questions, bust through the biggest myths, and prove that it’s 100% possible for YOU to make a great living as a freelancer.
Whether you want to freelance full-time, part-time, or as a side hustle—from your kitchen table or from a beach in Bali—the best place to get started is right here. Hosts Nicki Krawczyk and Kate Sitarz have a combined 30+ years of successful freelance experience, working with multi-billion-dollar companies, solopreneurs, and every size business in between.