The first thing you need to do if you want to be a freelance developer is to set your rate. You can figure out the minimum rate you need to charge ...
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Thanks for your article!
This is really important especially for people who think about going self-employed. I personally decided right after university to not go self-employed. Mostly because I’m lazy (you covered the self-marketing). But from time to time I meet people who “make lot more money” than I do. But this is always pre-tax and pre-expenses.
To really compare the financial result you need to subtract all expenses and then calculate an hourly income which includes all time you spend on the job whatsoever.
Obviously, there are some non-financial aspects that could lead to the decision for or against, but before that, you need to do the math.
The result is often surprising and comparable to employment salaries.
In Germany for example, it’s also pretty hard to get a house loan as self-employed and even if you do, you get worse rates than employees.
Thanks for writing about some of the hidden costs of being a freelance web developer.
Note: It looks like the introduction is repeated in the
Vacation and Holiday Paysection.Thank you for letting me know!
i go with;
65% for taxes, business related expenses, savings
35% personal monthly income
*included in the 65% are savings for holidays and x-mas/bonus salary
What is your setup?
Hey, Kevin. Here's my setup:
The applicability of most of this is ONE country, though.
Honest question: what's different outside the US besides the need for health insurance?
I'd have assumed that the other factors remain about the same in other Global North countries, or perhaps anywhere. I suppose the tax impact of going Indy works out differently in some other parts of the world.