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The Psychological Trap of Freelancing

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Re: The Psychological Trap of Freelancing

#21

Post by notahacker »

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…

It's also arguably even better for evaluating whether it's worth trying to spent time trying to get a $20 discount...

Re: The Psychological Trap of Freelancing

#22

Post by blazespin »

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…

Yeah, exactly. Maybe we could all just stop spending less money, then we'd have more time. There's a well known correlation between people who make more money, tend to feel the need to spend it[1].

1. https://www.quora.com/Do-most-people-spend-more-when-they-ma...

Re: The Psychological Trap of Freelancing

#23

Post by jstewartmobile »

"People who attach dollar signs to their time — or “value time like money” — tend to be overwhelmingly less happy than those who don’t, because their nonworking hours suddenly seem less important. “Free” time gets tainted with guilt because there’s a cost associated with it."

Of course this comes from a psychology department, where people get accredited to start their own state-licensed soma dispensaries.

Is the purpose of life really to "be happy"?

When I have worked, and have charged for my time--regardless of the billing unit--I may not have been happy while doing the work, but have--far more often than not--been very proud of the result. Value was created for both the customer and myself, and the experience from each project is ammo in the clip toward the next win. And even when the result has been disappointing--still even more ammo in the clip.

Or, I could get my "happy" from Netflix and quartely trips to Disney World, then visit the psychiatrist to get my Zoloft prescription to deaden that inner-voice mocking me for wasting the hours that we only get so many of.

Re: The Psychological Trap of Freelancing

#24

Post by Chris2048 »

notahacker wrote: post #21
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…

It's also arguably even better for evaluating whether it's worth trying to spent time trying to get a $20 discount...

Discounts/ loyalty cards need to be treated the same. Some aren't even worth finding in your wallet for the measly discounts they give. Many just exist to prevent you comparing prices elsewhere.

Re: The Psychological Trap of Freelancing

#25

Post by pault »

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…

This is why I don't pay much attention to small discounts, especially when it requires handing over your PII. Also, a half day's work for a custom keycap set is a no-brainer. :)

Re: The Psychological Trap of Freelancing

#27

Post by herewego »

demircancelebi wrote: post #20

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 f…

> It is not possible to create significant wealth by freelancing

You aren’t charging enough.

Re: The Psychological Trap of Freelancing

#28

Post by photoguy112 »

I went from hourly, to per project, to weekly billings. When I charged hourly I ended up working A LOT more than 9-5. Per project work was good but I ended up losing a lot of prospects in the quote. Since many of my projects ran into the 20-40k range, my closing rate was 1/10 (already pre-screened, what I deemed as high quality prospects). This made me feel like crap. Instead of per project, I decided to increase the rate, so now a project may be 30-50k+, figure out how many weeks it may take me to complete it (rough idea, but this is not important) and then divide into a weekly rate. What ended up happening is me tripling my hourly rate and invoicing weekly. This was game changing for closing leads, now my rate is probably 8/10. You get all the benefits of having to work a lot less but charging a lot more. I will be honest, some days I feel like shit (who doesn't) and I don't work at all. I don't feel bad because on the days that I feel fantastic I get into the zone and knock out a TON of work and usually get ahead. Client sees progress weekly and they are happy. It helps them that they don't have to pay a ton of money in 2-3 payments and can spread it over the course of months.

In terms of happiness, freelancing definitely comes in flavors. There is the grunt work, the highly paid freelancer, the consultant and the product-based business until you go full startup or large company. I have seen all tiers. Currently I am a step short of having my own product while I figure out what that will be. You definitely need business acumen and people skills to succeed in the consultant stage. For product business you gotta go a step beyond that and either do really well as a consultant to bootstrap, or just work your ass off to get it going. My advice for anyone in freelancing now, who does not have people skills and gets latched onto hourly work, you may want to reconsider your choices. Freelancing can be highly stressful and demoralizing, unless you take the steps to go into consulting or beyond. It's a ladder, just like your corporate gig, you gotta do the work to move up or suffer where you are stuck.

Re: The Psychological Trap of Freelancing

#29

Post by pault »

demircancelebi wrote: post #20

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 f…

Have you considered going hourly with a staffing agency? A senior developer can charge a three figure hourly rate and if you aren't known in the industry an agency can place you at companies that can afford to keep you working full time. I've always gone above and beyond at my salaried jobs because I find the work gratifying, and I've been thrilled being able to charge for those extra hours. I doubled my yearly income when I started contracting. Providing your own benefits can be stressful and cost more when your employer isn't subsidizing it, but if you are making over $200k/year medical insurance is a relatively minor expense.

Re: The Psychological Trap of Freelancing

#30

Post by stdbrouw »

jstewartmobile wrote: post #23

" People who attach dollar signs to their time — or “value time like money” — tend to be overwhelmingly less happy than those who don’t, because their nonworking hours suddenly seem less important. “Free” time gets tainted with guilt because there’s a cost associated with it. " Of course this comes from a psychology department, where people get accredited to start their own state-licensed soma dispensaries. Is the pu…

You're reading way more into that quote than what it actually says. "Happiness" in this context is not in-the-moment satisfaction of primal urges, it's about how you feel about your life in general, which includes what you describe as pride in your work.
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