Should You Join 64 Million Americans in Freelancing? Discover the Financial Considerations Before Taking the Leap
Saturday, 9 March 2024, 13:30
The Rise of Freelancing in the U.S.
Freelancing has become a popular work solution, with 38% of the U.S. workforce freelancing in 2023. Upwork's Freelance Forward 2023 study revealed that 64 million Americans freelanced, contributing $1.27 trillion to the economy.
Generational Trends in Freelancing
- Gen Z: 52% of Gen Z workers freelanced in 2023.
- Millennials: 44% of millennials participated in freelance work.
Financial Considerations for Freelancers
- Emergency savings: Build a strong emergency fund before freelancing.
- Taxes: Prepare to pay taxes and make quarterly estimated payments.
- Benefit costs: Consider funding benefits independently as a freelancer.
Freelancing can be empowering with flexibility over schedules and projects, but requires careful financial planning to navigate income fluctuations and costs.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.