Can You Become Financially Free By Becoming Self-Employed

[Mika]

You might hear a lot of people discussing financial independence. You might even hear them say they choose to become self-employed because they will become financially free. They also state that they want to become freelancers in order to achieve financial independence. Their belief is based on the fact that when you are self-employed, you can choose your employer, you can choose your own job, you can choose your own work schedule, you can reject the job you don’t like

People perceive financial independence as the ability to work and earn without being dictated and ordered by another person. While being financially independent means you can work on your, being self-employed does not make you financially free. When you are self-employed, you will have to obey the rules set by your employers and clients. You do not have the liberty to reject jobs because rejecting this job means you might not have another task to work on immediately.

 

[moonchild]

This is true to be honest, with all what's going on nowadays, everybody wants to be on a freelance platform and make bucks with the illusion of working for themselves, but it's basically just a job in disguise.

I read about a formula online a long time ago on what business can make you really financially free, it was coined by MJ Demarco, the name of the framework is
CENTS, what that means is

C control
E Entry
N Need
T Time
S Scale

You have to have Control on what you do, and also Entry to your marketplace or industry should be hard for competitors, there should be Need for your business and Time for executing that idea or business has to be right and the last one is, you should be able to Scale your business to automation or should run without you efficiently.

Any business lacking this model is actually a Job in disguise, there are exceptions though.

 

[Shaf]

One of the reasons people tend to think of self employment as financial independence is because of the image that is regularly portrayed by the media and bloggers. It is true that self employment is the backbone of being financially free, since you don't depend on anyone to control how much you earn and when you do.

It is however only one part of financial freedom. Others include careful financial planning and making wise investments especially those that offer passive income which means you can retire early but still live without financial constraints at all.

Having a job can be draining too, both physically and mentally, thus we all tend to dream of avoiding that especially when the job affects your freedom.

Being financially free is something that takes so much time, only a few truly achieve it. Anyone can start working towards it though, and it's important we let people know that the earlier they start, the better for their plans.

 

[Etini]

I would start my post with a story about my friend. Let's call her J. J had always known work to be all about paid employment. Coming from a struggling family, she started working at an early age. She has taught in many private schools with nothing to show. She has two kids though and raising the kids with her husband has been a big challenge because of the paucity of funds. Fast forward to April, someone introduced J to the honey business. At the time, the school she was teaching at was on holiday. She ran the business throughout the holidays and what she saw amazed her. She could finish selling 10 liters of honey in 3 days and see her profit. Her profit for a week was double her monthly salary. When school resumed, they called her. She asked me for advice. I told her not to go back to the job. Today, she has gained stature in the business. She is cashing out steadily with her business.
I hope I have answered your question.