Freelance vs FT Benefits advice
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- jimeeboy51
My friend is kind of stuck in a little pickle and would like to hear some advice and opinions. The option is a full-time position, coming from freelance, at an advertising agency.
They can accept and take a $20K+ pay cut, but get kick ass benefits or decline and possibly end my freelance stay at this agency and just continue the freelance hustle.
Keep in mind that they are single and have no kids or anyone else to support but themself.
For those that are familiar with this situation, please advise.
- rasko40
is your 'friend' also gay?
- jimeeboy510
is your 'friend' also gay?
rasko4
(Aug 20 06, 17:09)Unfortunantly for you, he is not. But seriously...lookin for some real responses...otherwise, fuck off.
- rasko40
your shitty attitude will serve you well, boy.
- jimeeboy510
you can dish a joke but you cant take one?
- rasko40
exactly.
- VectorMasked0
what a gay argument
- mrbee28280
[+1 ignore list]
- jaylarson0
what are the bennies? 401k? that in itself is often sooo worth it in the long run.
vacation?
health?
dental?would these things add up to what would be lost in the conversion to FT?
i am also going through this, and it may be worth it...
- jaylarson0
also...
RothIRA?
again, the bennies may outway the initial shock of -20k.
- alloyd0
I've been freelancing for almost 5 years now. I love it, I wouldn't change it for a FT unless it was something extremely good or if I got tired of freelancing. Extremely good as in a CTO or some exec job...that pays as good or better. I grew up poor as hell and w/o freelancing I wouldn't have been able to pay my tuition or buy a house having a low paying FT job.
I def would NOT take the FT with a 20K+ cut b/c of benefits. If he's gonna take that cut, why not just use that cut from freelance to just pay for better benefits? Great benefits don't cost 20K. My fiance is in HR and I'm sure she would say that the very most you could pay being single, would be around $600 a month...and that's still only around $7K a year. I could think of a lot of things to do with 13K. That could be a start to college tutition for one of his kids if he decides to have one.
Benefits from freelancing:
- You decide how much BS you want to take.
- You create your own hours.
- You decide how much money you want to make.
- Decide how many vacations you want to go on.
- Get a ton of connections.
- Work from home if you want.
- Wear what you want.
- You create your own ladder, you're building something that you made.There are some downsides to freelancing, of course. But the benefits far outweigh the downsides. To me at least. Freelancing isn't for everyone.
If I were him, I'd stick with the hustle. And if he has kids, then the security of a FT and the benefits that it has to offer might be a better choice. But until then, tell him to continue doing his thing. Seems like he's been doing very well for himself. Freelancing is what you make of it.
- rafalski0
"and possibly end my freelance stay"
you mean, your friend's?
I always thought benefits are there to make it harder for you to assess how much you are actually getting so you wouldn't be able to compare your salary with other offers. But that's me.
Are you working for them in-house now? If you don't mind working ft and this is your main client anyway, it might be a good idea to take it.
I wouldn't swallow the 20K cut though. Negotiate, my friend.
err.. or was it your friend? :)
- joyride0
agreed with the last 2, 20K is a big hit. Benefits don't cost that much. If they are trying to bring you in from freelance to FT then they are trying to save money. Most companies don't make that switch out of kindness. It must benefit them in some way.
But i'm sure they will pretty much force you/him to take it. Get your folio ready if you/he don't plan on taking it. Best to be ready
- gpop0
I suppose it depends if freelancing for the agnecy means working in their studio on a full time basis. Seems a hell of a lot of wage drop. Ever thought of going part time with them? that way you could get a salary and keep the money rolling in when and if.
Currently weighing up the odds of jacking in my freelance - or at least quietening it down for a couple of years and throwing myself back into an agency (if it's good enough).
I don't think I'd do well waking up early every frikin day but then I'm kinda eager to work with others again - I learnt so much working in agencies before.
tricky!
Maybe if I get some more work in the door this week I'll forget all about this! ;)
- tkmeister0
actually, 20k cut sounds just about right.
i am going through the same thing now.
here's how i broke it down.
health insurance:7-8k
401k(50%match):3-5k free cash
social security(they pay half): 3-4k
special city taxes(nyc freelancers who make over 50k):2-3k
education: 3k
other benefits: 2k
paid vacation: 3-4kit does add up. the key is to max out the 401k and get a match.