The Pros and Cons of Being an Independent Contractor, Plus Type of Jobs

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From Get My Mom a Job, Michele Unangst discusses the pros and cons of being an independent contractor.  Michele writes:

The pros are being able to work your own hours which you can have a flexible schedule.  Depending on the company, you may also be able to choose the work you want to perform or not perform.  This is a great way to work at home if you want to work part time or work when it is convenient for you.

The major con, for people, is the fact that you are responsible for your own taxes.  You must be diligent enough to set aside money for your taxes.  Also you do not receive health benefits so you will need to obtain your own health insurance, if your spouse already has benefits then this will not be a concern.  Next you will need to have your own retirement savings plan because you will not have retirement benefits through the company.  If you take a sick day or vacation time, this is done without pay.  You will not have sick days or vacation days as you would if you were an employee of a company.

Ultimately you will need to determine if being an independent contractor is for you.  If you need or like having guaranteed and steady income, need health insurance, and like knowing that you have sick days and vacation time then being an independent contractor probably is not for you.  Another factor, if you need a schedule to adhere to or a boss to motivate you then you probably will not succeed at being an independent contractor.  On the other hand, if you are a self-starter and can schedule your day to complete everything that needs to be done then being an independent contractor may be for you.

Read the full story at The Pros and Cons of Being an Independent Contractor, Plus Type of Jobs – GMMAJ Blog

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