The salary vs freelance comparison has been a debate for some years now. For a long time, the traditional 9-5 job structure was the norm. You go to work, get paid at the end of the month, and that’s it.
However, the rise of freelancing over the years has shifted this narrative. Many people are beginning to step away from structured work environments to seek more flexible opportunities.
But the question roaming in your mind, along with that of 1000 other people, still remains: Which is better, especially when it comes to income?
Therefore, we’ll dive into these two income options, what they mean, their advantages and disadvantages and which one would be best suited for you.
By the end of this post, you’ll realize if your 9-5 job is best for you or if freelancing is the path you should look into.
Who Is A Salary Earner?
A salary earner is someone who works for a company or an organization and gets paid a fixed amount, usually at the end of the month.
This individual resumes work at a fixed time, closes at a fixed time and keeps the company’s rules and regulations. Let’s look at the advantages and disadvantages of being a salary earner.
Advantages of being a salary earner- Salary vs freelance income
In Nigeria, where job stability is often a priority for many, working a 9-5 job makes it possible.
Stable income
Knowing what to expect at the end of every month makes it easier to budget your expenses without worrying about fluctuating incomes. In other words, a traditional work provides comfort, knowing what to expect at the end of the month.
Structured routine
A 9-5 job helps you to build a structured routine, which promotes consistency. Moreover, having a structured routine builds discipline in an individual.
Opportunity to network and build relationships
A 9-5 job allows you to meet people from different backgrounds. These could be in the form of employers, colleagues and customers. Furthermore, these connections can lead to friendships or better opportunities.
Disadvantages of being a salary earner
While working in a traditional setting provides job security, let’s look at the challenges or the cons of being a full-time employee.
Fixed income
As a full-time employee, you’re subject to a fixed salary. Whether the cost of transportation, feeding or living goes up, your income remains fixed.
Rigid work schedule
Full-time employment makes it almost impossible to pursue side projects. Most times, this depends on your organization and their work schedule. Over time, this can make you feel like you’re just working to maintain a routine instead of actually growing.
Limited freedom
With full-time employment, your freedom to take time off or travel is usually limited to a few weeks in a year. In other words, this means that going on spontaneous trips or taking time off to deal with your personal issues is usually not possible. You don’t have the freedom to fix your work times, your employer does.
Who Is A Freelancer?
A freelancer is a self-employed individual who offers services to businesses or individuals and gets paid per contract.
Freelancing in Nigeria is growing fast. From writers to designers and virtual assistants, people are beginning to turn their skills into a stream of income.
Let’s look at the advantages and disadvantages of being a freelancer.
Advantages of being a freelancer
Flexibility
As a freelancer, you have the freedom to choose the types of work you want, create a schedule that works best for you, and also the freedom to choose who you want to work with.
Unlimited income
There is no base pay for a freelancer. You can decide to work with multiple clients and get paid.
Room for expansion
Freelancing creates multiple opportunities to work with different clients in different countries and industries. This helps you to gain experience, upskill and grow at your own pace.
Disadvantages of being a freelancer
Inconsistent income.
Working as a freelancer doesn’t guarantee steady pay. You can be swimming in money this season and finding it almost impossible to feed well in another season. There is no stability when it comes to freelancing.
Isolation
Working from home sounds great, but it can feel really lonely at times. There are no colleagues to chat with, have a little office drama with or even gist about the latest happenings in the country.
Salary vs freelance income: A comparison
Most people get confused about which one to go for, especially when it comes to the income. Like we already mentioned, an employed person earns a fixed amount of money monthly. Whether the company is making a profit or not, the pay is steady—unless reviewed.
The stability that comes with it is one of the reasons many Nigerians stick to their jobs. Working a full-time job creates security and makes it easy to budget for your expenses.
On the other hand, as a freelancer, your earning potential is solely dependent on you. In essence, how much you earn depends on your marketing skills and how well you do your job. Freelancing creates room to grow, take up multiple roles at the same time and explore different work options.
Some freelancers earn more than full-time employees, and some full-time employees earn more than freelancers.
It’s not a one-way street.
Full-time vs freelancing: Which is better?
Honestly, it all comes down to what suits you as an individual. If you prefer structure, stability, and security, a job is probably the way to go. But if you have the ability to market yourself, crave more income potential, or enjoy the creative freedom and flexibility, freelancing might be a better fit. It really depends on factors like your personality and income goals.
That said, you don’t have to choose just one. If you’ve got a 9-5, you can always take up freelancing on the side. If you’re a freelancer struggling to make enough income, you can explore a 9-5 job.
And if you’re a fresh graduate unsure about your path, here’s my advice: Don’t limit yourself. Stay open to full-time jobs, freelancing, or even a combination of both.
Conclusion- Salary Vs Freelance Income
The salary vs freelance income comparison goes way beyond just the money. There’s a lot to consider before making a solid decision. Read through the post, bookmark it, and use it as a reference guide to help you take a stand. Whatever path you choose, just remember—success in either one takes hard work, dedication, and a mindset that’s ready to learn and adapt.
