As someone who worked for a firm for many years, I have been self-employed for a while. The costs of self-employment are high:
- office space, maintenance, and insurances, including buying your own Disability
- work insecurity, erratic income, and no unemployment
- no paid vacations
- no splitting Social Sec and Medicare taxes with an employer - I pay 100% of it
- I find my own medical insurance and pay 100% of it
- Nobody contributes to my IRA except me
- no collegiality
With all that, it's understandable that most people prefer being employees. So what's the benefit?
Freedom. But freedom takes guts.