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Becoming Self-Employed: Making a Living Without a Job and Living the Life You Love

Updated on March 9, 2015

Regardless of the economy, becoming self-employed appeals to many people. Even people who are currently employed often dream about quitting their job and working as their own boss.

The problem is that many employees are not fulfilled in their jobs. Most workers are often stressed out. Some are burned out and very unhappy.

What's even worse is that having a job is no longer as secure as it used to be.

Remember the stock market crash in 2000? Millions of people lost their jobs during that terrible time. During the most recent housing market crash and global economic meltdown, millions of people lost their jobs again.

For people who are still unemployed or under-employed after many months or years of looking for a job, making a living without a job can be a lifesaver. Unemployment can have devastating effects on mental and physical health.

Clearly, the best way to have a secure future is to build financial independence for yourself and your loved ones. By becoming self-employed and building your own wealth, you can take charge of your own economic recovery and financial security.

By Becoming Self-Employed, You Can Have More Quality Time With Your Loved Ones

Financial Rewards and Psychological Benefits of Self-Employment

In addition to financial rewards, self-employment has many psychological benefits:

  • You can take some time off whenever you want -- for as long as you want.
  • You can stop dealing with office politics.
  • You can stop commuting to work and avoid dealing with traffic jams.
  • You can achieve work-life balance and spend more time with your loved ones.
  • You can get out of the 9-5 rat race and reduce your stress.

“No matter what you do in the rat race, success is not guaranteed, but if you do nothing... failure is.” ~ Paul Ulasien, author of The Corporate Rat Race: The Rats Are Winning."

What can be far more important than financial and psychological rewards are the life-saving health benefits associated with self-employment. Becoming self-employed can dramatically reduce your stress and your risk for heart disease as well as other stress-related diseases.

Did you know that there is an increased incidence of a heart attack in the morning hours? The highest incidence of heart attack onset occurs from 6 am to noon. At 9 am -- when it peaks -- there's a three-fold increase in the frequency of heart attacks compared with the lowest frequency which occurs at 11 pm.

Is it just coincidence that most heart attacks occur when most people are starting their workday at 9 am? Maybe it is, but studies have shown that daily stressors in life can have a profound effect on the heart -- sometimes with deadly consequences.

Many of the risk factors for heart disease can be modified; so, many heart attacks can be prevented by living a healthy lifestyle.

Self-Employed Mom Working At Home

Self-Employment Can Offer Emotional Rewards As Well As Financial and Spiritual Abundance

Compared to traditional employment, self-employment offers greater flexibility in terms of work hours. This flexibility can lead to more free time as well as better quality of time available to spend with loved ones. In turn, this can lead to more meaningful relationships and greater happiness.

Even if you don't make a fortune as an entrepreneur, it can bring enough financial abundance to achieve contentment as well as freedom from financial stress and worry.

The emotional freedom you can get with self-employment coupled with financial and spiritual abundance can help you live a happier, healthier and richer, more satisfying life.

Do you want to learn how you can start making a living without a job? Click link to learn how to earn income from the Internet -- using free tools.

What do you think? Please share your comments.

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    • htodd profile image

      htodd 6 years ago from United States

      That's really great ,Self employment and being your own boss is really great

    • Eiddwen profile image

      Eiddwen 7 years ago from Wales

      Enjoyed your hub thanks

    • Cheeky Girl profile image

      Cassandra Mantis 7 years ago from UK and Nerujenia

      Hey Allie! Congrats on your 10,000 views Award! Wooohooo! Take care!

    • profile image

      iluvceleb 7 years ago

      Nice article. I agree that there are benefits of having a freelancing job or being self-employed.

    • allie8020 profile image

      Allie Mendoza 7 years ago from San Francisco Bay Area, California

      Thanks for your comments, Jill!

      I'm sorry for the late reply to your question. I have been sick for the last few days and have not been able to do much hubtivity.

      There is really no difference between being self-employed and owning a business without any employees.

      Actually, any money-making activity online is a form of self-employment or home-based business. At the end of the year, some companies will mail you a 1099 for filing your taxes. For example, Google might send you a 1099 for your Adsense earnings if it's over $600(?) for the year. I'm not sure if it's a lot more than $600, but I'm too sick to get up and check.

      If you're responsible to pay taxes, it usually means you can get some tax deductions for your online business or home business-related activities -- please check with your tax professional for more information.

      I hope that helps...

      :) Allie

    • profile image

      Jill 7 years ago

      Hi, This may sound like a dumb question, but is there a difference to being self employed then owning a busniess with no employees??

    • allie8020 profile image

      Allie Mendoza 8 years ago from San Francisco Bay Area, California

      Thank you for your comments, Cristina!

      Good for you! More people should do what you're doing. Freelance work for US-based companies or individuals is especially good for people in other countries. The conversion rate is great for one dollar to pesos and some other currencies. Freelancing can be lucrative for people who know what they're doing and those who are willing to learn.

      Maraming salamat!

      :) Allie

    • cristina327 profile image

      Maria Cristina Aquino Santander 8 years ago from Manila

      Great hub very encouraging. I am a freelancer and I enjoy working my own phase and time.I prefer this lifestyle than being tied to an 8 to 5 job. I tried working an 8-hour job routine but I always resign, I don't like the lifestyle, very stressful and I have no much freedom. I like the lifestyle of a freelancer, I have freedom and less stress.

    • allie8020 profile image

      Allie Mendoza 8 years ago from San Francisco Bay Area, California

      Hi Cassy!

      Yeah... it's a shame. Millions of people do not have a choice, but to make a living without a job.

      If you're lucky to have a job, you can combine it with self-employment. I think the safest way to become self-employed is to start by doing it part-time or in your spare time -- while working in a traditional job. That way, you have the security of having money for your needs while going after riskier, but bigger rewards.

      Thanks for your comments, Cassy!

      :) Allie

    • Cheeky Girl profile image

      Cassandra Mantis 8 years ago from UK and Nerujenia

      Wow! Making a living without a job must be tough, and yet some people have to do it. Living the life you love is something we all aspire to. We all strive for that. I agree about the flexibility thing totally. I'm a PA and have to work for others for my living, but I think about the freedom of self-employment a lot, and the more rewarding responsibilities too. Great hub! : )

    • allie8020 profile image

      Allie Mendoza 8 years ago from San Francisco Bay Area, California

      Thanks for your comment, CollegeCareerLife! Most people think that jobs can provide them a secure future, but the evidence suggests otherwise. It's not just getting fired or getting laid off that creates problems. You can also stay employed and have your hours cut drastically; so, you're under-employed and probably still don't earn enough to cover all your needs. Let's not forget that those who are "lucky" enough to retire from a long-term job will have to live on about 40% of their previous income after their retirement. I think they call it the 40/40/40 plan -- you work 40 hours a week for 40 years and then you can have about 40% of your previous income after retirement. One hopes that most retirees have saved enough to supplement their retirement income. Sadly, that is not usually the case. Most seniors are in poverty or are still working. Of course, it's not going to be easy to become self-employed. But, once you become established, you can have a lot more security, freedom and flexibility in your life. It's not easy, but totally worth it.

    • profile image

      collegecareerlife 8 years ago

      You made an excellent point that working for an employer isn't really as secure as people believe. Self-employment actually seems like a safe choice. Even if you lose some income, you'll never completely lose your job when working for yourself.

    • allie8020 profile image

      Allie Mendoza 8 years ago from San Francisco Bay Area, California

      Hi Tim-tim, You're welcome and thank you for the comment. You're right! Self-employment can be rewarding if you're successful in what you're doing. Failure happens often especially when the entrepreneur is just starting out, but it can be a huge learning experience. And with every attempt, you can be a lot closer to doing what you love doing and financial success. Failure doesn't have to be permanent unless one decides to quit.

    • tim-tim profile image

      Priscilla Chan 8 years ago from Normal, Illinois

      Self employed can be rewarding if you are sucessful in what you are doing. Although there are some drawback with that, such as no health insurance, working long hours, etc. It all depends on what you are doing. It can also fail. Nothing is secured anymore. Thanks for hub.