New Study Shows The Hidden Riches of Self-Employment

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Have you considered taking the plunge into self-employment? 

Do you wonder if working for yourself is worth all the effort and risk? 

It’s a popular question that people ask, particularly ones who have reservations about making such a significant change. 

But what if we told you that money isn’t always the key to unlocking happiness in life and work?

Research has found that self-employed workers earn less but experience more satisfaction with their high quality of life, better work/life balance, and lower stress levels. 

Today, we will delve deep into understanding whether money is everything when finding joy and success as an entrepreneur!

#1. Approximately 16.2 Million are Self-Employed In the U.S.

In the United States alone, there are approximately 16.2 million self-employed people. 

That’s a staggering number and an impressive feat for those brave enough to take the steps toward independence. 

But what drives them? 

The answer may surprise you; most don’t do it for money. 

In fact, many will earn less than if they were employed by someone else.

#2. Self-Employed Reports A Greater Work/Life Balance

One of the main reasons so many people are choosing to become self-employed is that they report having a much better work/life balance. 

This allows them to exercise more control over their daily lives and pursue activities or hobbies outside of their business that bring them joy.

#3. 17% Would Not Change Their Self-Employment Status

The most telling statistic is that according to a survey by The Freelance Circle, 17% of self-employed people would not switch back to being employed even if offered higher pay. 

This statistic shows many self-employed workers’ dedication and commitment to their entrepreneurial pursuits.

#4. 95% of Employed Would Change Careers

Meanwhile, the survey also showed that 95% of employed people would choose to become self-employed for better work-life balance and higher income. 

This indicates that many choose to become self-employed because they want to have more control over their lives and be able to pursue activities or hobbies outside of work that bring them joy.

#5. Self-Employed Workers Earn 56% Less On Average

While location plays a role in earnings, self-employed workers earn 56% less on average than full-time workers. 

This is likely because many self-employed workers are starting businesses without having much experience or resources available for funding and marketing their products or services.

Nevertheless, despite these challenges, many people remain committed to their entrepreneurial pursuits and continue to work hard to create a successful business.

#6. Both Have Had Equal Pay Increases In The Past 5 years

Wages for self-employed individuals and the general workforce have increased noticeably over the last five years. 

While self-employed workers have experienced a growth rate of 13%, their counterparts in traditional employment have seen a slightly higher increase of 14%. 

This trend highlights the overall positive trajectory regarding earning potential for individuals in various work arrangements.

#7. Location Matters

While the average national salary increase is similar across the country, self-employed workers in Utah experienced a significant surge with a remarkable 55% increase. 

In contrast, their traditionally employed counterparts only received a comparatively modest rise of 20%. 

This discrepancy highlights the notable disparity in wage growth between these two groups. 

It emphasizes the potentially lucrative opportunities available to self-employed individuals in Utah and other parts of the country.

#8. 1 in 3 Self-Employed Workers are Unhappy With Their Income

A recent survey conducted on a sample size of 2000 self-employed workers found that approximately 1 in 3 individuals expressed a desire for higher income levels. 

Additionally, the survey revealed that only 13% of participants reported being highly dissatisfied with their current financial situation. 

These findings highlight the varying perspectives and aspirations within the self-employed workforce.

#9. Better Pay Does Not Equal a Happier Life

Recent surveys have revealed an intriguing finding: Four out of 10 self-employed individuals have expressed happiness or great satisfaction with their current employment status. 

Conversely, among the employed workforce, it is disheartening that as many as one in three workers reported feeling unhappy or even very unhappy about their employment situation.

These insights shed light on the complexities and varied experiences within work and career choices.

#10. You’re The Boss

One of self-employment’s most appealing advantages is its unparalleled flexibility.

Being your own boss provides unrivaled workflow control, from the freedom to set your working hours to the autonomy to decide when to take time off. 

This flexibility allows many self-employed individuals to strike a harmonious balance between their professional and personal lives, fostering greater satisfaction and overall well-being.

#11. The Three Main Incentives

Self-employment has various benefits that resonate with a wide range of workers. 

Three main reasons drive individuals towards this career path. 

Firstly, the satisfaction of being your own boss appeals to 26% of people, as it provides autonomy and control over decision-making. 

Secondly, the flexibility of self-employment is valued by 16% of workers, offering better work-life balance and schedule control. 

Lastly, 16% of workers cite working independently as a top perk, allowing them to utilize their unique skills and expertise.

#12. Income Is Still Number One

Aside from the perks and flexibility of their work, workers across various fields share a common concern: their income. 

It becomes a pivotal factor when individuals contemplate transitioning to a self-employed status as they weigh the benefits of fewer working hours against potential fluctuations in earnings.

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But many of us are unaware that the best returns are by investing in ourselves. When we improve ourselves, we have the ability to earn a lot more money, which makes it easier to become filthy rich.

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Live A Life Of Unlimited Wealth

It’s important to stop every once in a while and appreciate the things you have in life.

And with a different perspective, you may find you are far wealthier than you ever imagined.

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Time vs. Money

We all exchange time for money, but few of us stop to think about if our time is better spent doing the things we love instead of taking care of chores.

If you learn to stop thinking of things costing money and think instead of what you get in terms of time for paying for things, you could be much happier.

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How To Have Stealth Wealth

When we think of the wealthy, we think of big homes and flashy cars. But many millionaires have stealth wealth.

This means you would never know they are rich by looking at them. The benefit? People leave them alone.

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The findings of this study can be found here.