We all want financial freedom, the freedom to do whatever we want, travel wherever and whenever we want, and not have to worry about money.

Amidst the rise of the creator and gig economy, social media influencers have been selling the idea of leaving your 9-to-5 job, becoming your own boss, and building passive income streams.

My curiosity led me to start a freelance graphic design business as a design student for a few years.

While it offered the freedom to set my own schedule and choose my own projects, it also came with its own set of challenges.

Often people jump into freelancing with the thought of making money on their own time and not having to report to someone.

However, just as with any business, there is much more to consider than simply quitting cold turkey and “doing what you love”.

It’s also important to recognize that freelancing is not a universally better choice than full-time employment. We often don’t fully consider what’s best for our individual needs and circumstances.

While freelancing can be a rewarding and fulfilling career choice, it’s not for everyone.

Here are some common beliefs about freelancing and my thoughts about them.

1. You decide how much money you make

It’s true, as a freelancer, you get to set your own rates and charge as much money as you want. There is no ceiling to how much you can earn.

But many people don’t think about how long it will take you to ramp up to a significant income level.

Freelancers often don’t earn much in the first few years of working, and may even need to work a part-time job to supplement their income.

Unless you’re a god in your field, your rates still need to be aligned with the rest of the market.

With a lack of business experience, it’s difficult to build up a portfolio of clients and land enough projects to pay for your living expenses, let alone earn a six-figure income.

My thoughts:

Yes, you can charge any rate you want, but ultimately, your ability to land clients will determine how much money you make.

2. You can work whenever you want

No more waking up at 9 am and sitting in a chair until 5 pm. Freelancers get to set their own schedules.

But in case you forgot, those client deadlines will hit you like a truck if you start to slack off.

In a full-time job, if you miss a deadline, the consequences usually aren’t that serious. Maybe your manager gives you a warning, but you’re back to work on Monday.

With client work, more time spent on a project means more money that the client has to pay you, so usually, their timelines are a lot stricter.

If your fees are project-based, then you might be lucky to finish a project early.

Or scope creep might end up stretching the project double over time. Now nobody’s happy.

My thoughts:

No one is watching you clock in and clock out, but your time will be ruled by your clients.

3. You can work on projects that you love

Freelancers have the option to look for projects that they want to work on. This means not having to put up with dreaded BS work and only accepting your dream clients.

In reality, you won’t always have the liberty to pick and choose who you sign with.

When it comes down to keeping your lights on and bills paid, you’ll take on any client willing to write you a cheque.

Once you build an impressive enough portfolio and have a constant backlog of projects to work on, you can start to be picky with your clients.

But until then, it’s either work with what you have or go find another 9-to-5 job.

My thoughts:

Unless you’re a seasoned pro, you likely won’t land your dream projects.

4. You get unlimited vacation days

As a freelancer, you don’t need approval from your boss to take a vacation. You just book a flight and get on it.

That sounds like true freedom. Or is it?

If you’re not working, no one is paying you.

Unlike full-time employees who get employer-sponsored healthcare packages, paid vacation days and retirement plans, freelancers have to take care of their benefits on their own.

My thoughts:

Have fun taking three months off to travel South East Asia. It’s coming out of your pocket.

Freelancing is like being an actor

Actors go through a very similar journey.

Auditioning for roles.

Building experience.

Not knowing when the next paycheque will come.

But that’s why the success rate is something like 2% of actors can actually make a living.

Freelancing can still be a fulfilling career choice if you’re up for the challenge. It can offer some level of freedom and endless opportunities.

Just don’t expect all rainbows and unicorns.

Plan ahead and get ready to grind.