"Being self-employed can be a financial rollercoaster. You trade the stability of a regular paycheck for the potential of financial freedom, but that freedom comes with its own set of stressors—like not knowing if the next client or project will be enough to cover the bills."
~ Sara Blakely
When you think about being your own boss, freedom and flexibility probably top the list of perks that come to mind. And don’t get me wrong - those are incredible benefits. But behind the scenes, there is a side to self-employment that doesn't get much attention, and it can be downright stressful. My husband and I have been navigating this road together, running a growing real estate business, and let me tell you, the financial realities hit hard.
Let’s talk about expenses. When we close a deal, people might assume those commission checks are going straight into our “fun fund.” The truth? Those funds are already spoken for. They go straight to business expenses - marketing, office supplies, technology, and don’t forget taxes. The small amount that remains? If we're lucky, it covers our personal bills. The days of a steady paycheck with benefits seem like a lifetime ago.
One of the biggest adjustments for me has been healthcare costs. Coming from a corporate job with solid benefits, I didn’t think twice about going to the doctor. Need an appointment? Done. Co-pay? Minimal. Now, those same visits are a whole different ball game. For example, I’m vigilant about my annual dermatologist visits because of a family history of skin cancer. In the past, I’d pay a $35 co-pay and be on my way. This year? $393...for a 10 minute, preventative skin assessment! Let that sink in. It’s disheartening to work so hard, pay a mountain of taxes, and still feel like you have to think twice about going to the doctor unless it's absolutely necessary.
If you’re dreaming about leaving your corporate job for the world of self-employment, these are the realities you need to weigh. Healthcare is just one example, but it's a big one. Especially now, when mainstream media and politicians are taking shots at realtor commissions, these financial pressures are more intense than ever. I won't go down that rabbit hole, but trust me, it’s tough.
Have you felt this too? For those of you already walking the self-employed path, what’s been your biggest surprise? How do you handle the financial stress? It’s easy to romanticize the idea of working for yourself, but the reality is that every freedom comes with its own set of trade-offs. The key is figuring out if those trade-offs are worth it for you. We are in it for the long haul, but it is definitely not for the faint of heart.
