Nearly two years ago I found myself unemployed and looking for a way to bring some money into my household. After talking to a friend about my job search, she suggested that I try my hand at freelance writing. I've always had a passion for writing, so I decided to give it a try, and have done fairly well, but there are some definite drawbacks. These are some of the financial pitfalls I've discovered as a freelance writer.
No medical benefits
Everyone knows how important medical insurance is, and how one illness can destroy your finances if you are without it. As a freelance writer I have no access to the medical benefits I once enjoyed when I worked for a company. Luckily, my husband's company offers decent medical coverage, so we aren't left without the protection we need; however, if that wasn't the case I would have to reconsider my choice of pursuing a full-time writing career.
Loss of income
In any job there is a chance you will be left high and dry financially when your position is no longer needed, and freelance writers are no different. In fact, writers may suffer this fate more than others. In my short time as a freelance writer, I have already lost a regular job that I thought I could count on, and their worst part was it was without warning. Losing that income left me scrambling to find extra work to make up the difference. I now know that my regular assignments can (and will likely be) pulled with little notice, and because of that my husband and I do not include my income into our budget.
No paid time off
One big misconception about freelance work is that the people in these lines of work can choose when they work and can take time off without consequences; however, that simply isn't the case. As a freelance writer I have clients I work for and they expect me to meet my deadlines or they will find someone else to do the work. I do not get vacation days or have paid sick days, so if I have a deadline and I'm sick, I either do the work or lose the money attached to that assignment and possibly my client too.
My work as a freelance writer has been very beneficial for my family's finances, and I'm grateful for that, but it takes time to become accustomed to the pitfalls that come along with it.
*Note: This was written by a Yahoo! contributor. Do you have a personal finance story that you'd like to share? Sign up with the Yahoo! Contributor Network to start publishing your own finance articles.More from this contributor: First Person: Surviving a Temporary Layoff