Have you always dreamed of working from home or working for yourself? If so, you’re not alone – there are more entrepreneurs who call themselves their own boss than ever before. The following considers some of the major benefits of working for yourself (keep in mind there are some disadvantages too, which we will discuss later this week):
You Understand How Much Your Work Is Worth
When you are a self-employed individual, you are not going to make an hourly paycheck or a regularly salary; rather, you will only get paid what you put into your job. This can help you to appreciate the value of money, as well as your own self-worth.
Tax-Deferred Retirement Savings
There are a few tax benefits to being self-employed, too, like the fact that you can open a simplified employee pension plan (SEP IRA) and contribute 25 percent of your self-employment income up to $53,000 per year. (As a note, you also get to deduct any business expenses when you file your income tax return).
Controlling Your Own Schedule, Process, and Output
Perhaps the biggest draw for many who are self-employed is the idea that they can control their own schedule, process and output without anyone else breathing down their shoulder. Again, you get to work as much or as little as you like, knowing that the latter probably won’t yield great returns. You also can control your own creativity and business strategy.
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