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.
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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.