Alex Williams

Every 3 months (quarterly), the Quebec/Canadian government obliges me to make an income statement and pay taxes on my earnings. For me, it’s a good thing because it allows me to keep track of my spending and evaluate if I need to work my ass off a bit more.

In my opinion, freelancing is a blessing and a LOT better than working for a big company. When money is an issue (it usually is), it’s much better to think twice before jumping ship.

Below, I’ve enumerated my REAL financial numbers as a freelancer since January 1, 2007. I know it might seem crazy for someone to post that kind of information, but I hope it will shed some light on the REALITY of freelancing.

The numbers (in CAD)

First Quarter (January 07 to March 07)

- Gross Income: $7392.45

Second Quarter (April 07 to June 07)

- Gross Income: $5,999.47

Total after 6 months: $13391.92

Expenses

My expenses are roughly $1000 per quarter + startup costs ($3000). That’s pretty low and I like it that way.

What does that mean?

It sure beats working +40 hours per week and spending 2 hours commuting to/from work.

Could I have made more? Yes! OBVIOUSLY! But I choose to come to the office only a few days per week, and work less than 6 hours each day. I choose to have lunch at different delicious restaurants every day. I choose to walk or rollerblade to the office. I choose to be my own boss and make my own decisions.

The difference between freelancing and having a ‘job’ is that your efforts DIRECTLY affect the amount of money you will make. The key word is “choice”. Being able to decide for yourself is one of the greatest benefits.

If you’re thinking of getting into freelancing, make sure you can survive with very little (in the beginning). Make sure you have a good set of contacts and keep your rates up.

Final notes

I have a rental property which generates more income for me, and it was not included in the numbers above. Without it, I don’t think I would have survived this long. If you plan on becoming a freelancer, you should have sufficient funds to support yourself for the first few months. If money is an issue, then working hard will help you get it.

Ultimately, it all depends on you.

Cheers!