Although the freelance lifestyle gives you more freedom, the flip side of that is uncertainty. When you’re a freelancer, everything about your job – who you work for, what you’re doing, how much you make, and even whether you have work at all – can change on almost a daily basis. Until you start working for yourself, you don’t realize how much you’ve become used to a set, comfortable routine.

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Here are some of the challenges freelancers face that nine-to-fivers don’t:

Uncertain Income. When you work for yourself, you don’t have a regular paycheck coming in. Pretty much every freelancer goes through dry spells with little work, or even no work at all – and if you don’t have savings or an emergency fund to fall back on, then no work means no money to pay your bills. However, even when you hold a steady job, there’s no such thing as absolute job security, since pretty much anyone can become a victim of downsizing. The main difference is that freelancers experience the ups and downs between having plenty of work and having no work more frequently.
No Benefits. Most salaried jobs give you more than a paycheck – they also provide benefits, most notably health insurance. Thanks to the Affordable Care Act, freelance workers at least have a way to get health insurance on their own and can’t be denied coverage, even if they have preexisting conditions. However, they also have to pay the full premium themselves, while many nine-to-fivers have a big chunk of that cost covered by their employers. So making the transition from full-time to freelance means making a big adjustment to your budget.
Extra Taxes. When you work for a regular employer, you and your employer split the cost of your Social Security and Medicare payroll taxes. As a freelancer, you’re on the hook for the whole amount: 15.3% right off the top of each paycheck for Social Security, and another 2.9% for Medicare. Moreover, since you no longer have your taxes deducted straight from your paycheck, you have to pay your estimated taxes four times a year in quarterly installments, instead of just “doing your taxes” once a year in April. And figuring out how much to pay isn’t always easy, since it’s based on the total amount you make over the course of the year – which is impossible to know for sure when the year’s not even half over.