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The Psychological Trap of Freelancing

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Re: The Psychological Trap of Freelancing

#11

Post by rvwaveren »

mpweiher wrote: post #3

My approach so far is to: (a) charge a high rate (b) preferably charge for projects or (c) definitely only charge at full day granularity (d) leave some slack in the accounting, favouring the client The thing is that the client is not really paying you for your time, they are paying you for the value you can deliver. Time is a very rough analog, but so far seems the best that we can do and actually agree to. So the a…

I do roughly the same, and besides charging a high rate, I usually do only one project at the time for 2 - 6 months. With my clients I make a deal about my daily rate * number of days per week I will be working. I never charge more than that, except when I do a lot more work and then I communicate it in advance (or I foresee that the extra work is going over the amount of hours we agreed upon).

This is not applicable to every freelance job off course, but if you have the luxury of being able to charge a higher rate, you can make a decent living and enjoy your free time.

For years I was employed and worked 40-50 or more hours per week. I was devastating for my work/life balance, effectiveness at work and my happiness. Since I started freelancing a year and a half ago, I'm happier, work less and earn more. I spend more time with my kids and I am really (also mentally) present. I'm also in better shape (training for a marathon currently), and I'm more effective at work.

Re: The Psychological Trap of Freelancing

#12

Post by DanielBMarkham »

I've been freelancing my entire life. I feel this pain.

I don't think there's much advantage in trying to sort out work vs. life time. The problem is that by stating it this way, it always makes it into some kind of conflict. In fact, if your job and your life are so dissimilar that the concepts can't coexist in your mind, you have an additional problem not related to billing.

What might work is a kind of reverse budget. Decide how many hours you are willing to bill every week/month/quarter and stick to it. You can (and should) spend your time however you think it will help you as a person, but by limiting the amount of time you're willing to put other people's interest first, you sort out a lot of ethical conflicts that otherwise you might fall into.

I know that's easier said than done, especially when you're starting out. I remember many years of billing like a banshee.

I missed my oldest kids growing up. I regret that strategy. Like so many things in life, some folks end up figuring it out by the time it doesn't matter anymore.

Re: The Psychological Trap of Freelancing

#13

Post by rebuilder »

ddebernardy wrote: post #4

The problem described by the OP largely goes away when you stop charging by the hour.

I agree that it's better to get paid to finish a task than to spend time on a task. You have greater independence and, IMO, can provide greater value to the client. It does introduce new sources of stress, though: if you misestimate the scope or difficulty of the project, the financial burden can be sever and you have more responsibility for delivering on time. With experience, you do learn to both budget for unforeseen delays and make agreements beforehand that limit the scope of your responsibilities when, e.g., the client's spec evolves as the project goes forward.

Re: The Psychological Trap of Freelancing

#14

Post by ThomPete »

furyg3 wrote: post #9
atemerev wrote: post #2

I am a freelancer, and I chose this path specifically so I could work less, not more. For me, money is just the road to my personal and family enjoyment. If I can’t enjoy life while making money, what’s even the point of making it? The road to happiness seems obvious to me: charge more (and automate income), work less, have more free time.

I can really echo this way of thinking. I chose this role because I knew it was flexible (sometimes by choice, sometimes by chance), which means the downtime is built-into the price. I frequently (happily) take days off to be with my daughter, and can very much enjoy the downtime when a client needs to have me out for 4-5 hours instead of a full 8-10. The only time this thinking creeps in is when scheduling longer va…

My advice is that you find a freelance assistant who is good enough to take your directions but not necessarily able to think/do what you do.

That way you can delegate out some work while on vacation without taking too big a hit.

Re: The Psychological Trap of Freelancing

#15

Post by andysinclair »

JackPoach wrote: post #6
ddebernardy wrote: post #4

The problem described by the OP largely goes away when you stop charging by the hour.

Exactly. All you need to do is charge on 'per project basis'. But it's fare to say that not all freelancer can do this. There isn't really such thing as a 'freelancer'. A coder, a writer, a designer, a virtual assistant - these are entirely different lines of work.

It is better if you can charge on a 'per project basis' but only if you have spent time up front working on an accurate estimate and, more importantly, built in significant contingency into your price.

Often though this up front time working on an estimate can end up being for free, an opportunity cost really, if you don't win the project.

Re: The Psychological Trap of Freelancing

#17

Post by UweSchmidt »

On the other hand, equating time (especially work time) with money helps with making sense of what money is actually worth. These days every product category is full of well presented temptations in any price range.

The correct way to evaluate a 1000$ phone, a mechanical keyboard with custom keycaps, fantastic coffee machines and barbecues and car parts and designer handbags is to put them in relation to "how many hours do I have to work for this purchase".

Re: The Psychological Trap of Freelancing

#18

Post by baragiola »

I did freelance work for about 2 years and I didn't feel at all like the author.

To me associating time with money was helpful, but I wasn't thinking on it 24/7. I know that when I feel tired, the most productive thing to do is have some leisure time or simply go to sleep.

To me having a price tag on my time was helpful deciding what was worth waiting for. Trivial things like waiting for a bus or taking taxi, cooking vs take out, etc.

I guess it mostly depends on your priorities and how much money you make. People living on the day or the week maybe don't have the luxury to relax

Re: The Psychological Trap of Freelancing

#19

Post by skilled »

UweSchmidt wrote: post #17

On the other hand, equating time (especially work time) with money helps with making sense of what money is actually worth. These days every product category is full of well presented temptations in any price range. The correct way to evaluate a 1000$ phone, a mechanical keyboard with custom keycaps, fantastic coffee machines and barbecues and car parts and designer handbags is to put them in relation to "how many ho…

Your approach also helps to illuminate the day to day spending and associated habits. Rather than thinking in terms of a monthly paycheck, I can think in terms of, "How much money did I spend today and how much did I make?".

Re: The Psychological Trap of Freelancing

#20

Post by demircancelebi »

After freelancing for a few years, I decided that it was not making me happier, since:

- It is not possible to create significant wealth by freelancing

- I work on things I do not care. I want to think/spend time on important things

- Chasing down payments is stressful

- Finding new clients requires some effort

Therefore, I decided that it would be much healthier for me to get a job that pays well and not work as a freelancer.

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