Money Mythbusters: Should you go freelance or work full-time?

Rose Carmelle Lacuata, ABS-CBN News

Posted at Jul 21 2016 01:38 PM | Updated as of Jul 22 2016 03:31 AM

Though there is continuous growth in the number of freelancers, there are still many who prefer the security that a stable job can give.

Whether you are a fresh graduate or planning on shifting careers, it is important to weigh your options.

Here some of the advantages and disadvantages of being a freelancer and a salaried employee.

By definition, freelancers are those who are self-employed and who work for a variety of clients.

On the other hand, salaried employees are those who work full-time for a single company with a contract and a regular paycheck.

Among the advantages of freelancing is having flexible time, having the freedom to choose the kind of work you want to do, and having little involvement in office politics.

Being a regular employee, on the other hand, provides stability and security, company benefits, regular pay, and easier management of tax obligations.

However, as a freelancer, you are on your own. You have to file and pay your taxes regularly, you have to arrange and pay your own health insurance and other government benefits like SSS, Philhealth and Pag-Ibig, things that salaried employees do not worry about.

Unlike freelancers, having fixed hours and lack of flexibility hinder salaried employees to earn more than their monthly income.

Whether you choose to be a freelancer or a salaried employee, it is important to make sure that you have a clear set of goals that you will follow, regardless of the path you choose to take.

- On the Money, ANC, July 18, 2016