Should I quit my freelance job?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills

Should I quit my freelance job?

Postby sunnyday » Tue Jul 16, 2013 10:12 pm

I have a full-time W2 job and also do some work as a 1099 contractor. I'm happy with my hourly rate -- it's equal to my W2 salary divided by 1,000. I've worked for one company for 6 years and have a good relationship with them. However, the consistency of the work has been decreasing. This year I'm on pace to make 8% of my W2 job from them (only 4% of mine + my wife's salary). It's easy work but I don't like the feeling of being "on-call". I raised my freelance rate a decent amount at the beginning of the year, so it's probably a little quick to raise it again.
Right now I'm leaning towards giving my notice -- what's a good way to do so. I'll probably give 2-4 weeks and mention that I know of a person and a couple companies that may be interested in the work.
Or is there a better option to consider? Could I charge a monthly fee to be on call or something to raise the amount I'll make this year to make it worthwhile?
sunnyday
 
Posts: 1245
Joined: 16 Jul 2011

Re: Should I quit my freelance job?

Postby pennstater2005 » Tue Jul 16, 2013 10:27 pm

Do you have any desire to continue with this work? Do you need any of the income from this freelance job?
"The lack of money is the root of all evil." Mark Twain |
User avatar
pennstater2005
 
Posts: 919
Joined: 11 Apr 2012
Location: In front of a computer.

Re: Should I quit my freelance job?

Postby sunnyday » Tue Jul 16, 2013 10:50 pm

pennstater2005 wrote:Do you have any desire to continue with this work? Do you need any of the income from this freelance job?


No and no. So it seems like I should quit. I think part of it the feeling of security that the extra money gives, and the feeling that I'm giving up easy income. But I also value my time and a good work life balance
sunnyday
 
Posts: 1245
Joined: 16 Jul 2011


Return to Personal Finance (Not Investing)

Who is online

Users browsing this forum: aorin, imada84, leonidas, scone, summerwind, Yahoo [Bot] and 51 guests