In some industries, the number of gig economy workers is growing faster than the number of payroll employees. Working as a freelancer certainly does have its advantages, the biggest of which are flexibility, freedom, and the ability to experience variety in your work.
But if you find yourself staring at the walls of your cubicle, daydreaming about escaping the 9-to-5 and finding freedom as a freelancer, don’t overlook the perks you could be getting at your regular job, right now. It may not be so easy to leave these things behind.
1. Stable income
One of the biggest benefits of a regular 9-to-5 job is the steady paycheck. As a salaried employee, you can plan your budget based on a stable stream of income. As a freelancer, your income can vary significantly from one month to the next. A few slow weeks can throw your finances into disarray, so you’ll need to shift your entire budgeting strategy to make sure this doesn’t happen. (See also: The Smart Way to Budget on a Freelance Income)
2. 401(k) match
Many traditional employers offer matching contributions to 401(k) plans. In other words, when you make a contribution to your retirement fund out of each paycheck, your employer will also contribute something. This is free money, and can total thousands of dollars each year. In the gig economy, you won’t get this kind of assistance building your retirement fund. You’ll need to make efforts to save for retirement all on your own, such as with an IRA or solo 401(k). (See also: A Simple Guide to Retirement Plans for the Self-Employed)
3. Retirement counseling
Employers frequently offer training or educational programs to help workers plan their retirement investment strategy. Often, they’ll even provide free access to financial planners to answer questions. Freelancers are on their own to figure out the road to retirement, and consulting with financial pros will have to come out of your own pocket.
4. Health Savings Account
A valuable benefit that many people miss out on is participating in a…