Today, everyone seems to be trying to quit their day jobs.
I don’t have anything against ditching the 9-to-5 — I spent 12 years without a regular day job.
You don’t have to jump on the bandwagon just because dumping the day job is the latest trend, though. The reality is that there are plenty of reasons to keep your day job.
Before you quit your traditional job to pursue the dream of freelancing, stop and consider the reasons behind this move — and realize that you might be better off sticking it out in the rat race.
Perks of full-time employment
After a decade of paying for individual health insurance with my freelance income, my then-husband finally got a salaried job with benefits. Until I had access to work benefits, I severely underestimated how awesome they are.
Some of the perks that come with full-time employment can include:
- Employer-subsidized health insurance: Your employer picks up part of the tab for your health insurance. Once you experience the difference, it’s hard to get excited about paying for individual coverage again.
Plus, because your portion of the premium comes out of your paycheck before you see the money, it doesn’t really hurt that much.
- Employer-sponsored retirement plan: Never underestimate the power of an employer’s 401k match. Having an employer help you enroll in a retirement plan is a great step toward investing and building wealth for the future. If your company offers to match a portion of your contribution, you get free money to boot.
- Childcare stipend: Not every job comes with a childcare stipend, but you can find some companies that offer one (or even have a daycare center on-site).
- Gym stipend: Way back in the day a company I worked for had an arrangement with a local gym to pay for employee memberships. I got to work out for free whenever I wanted.
- Education stipend: You might be able to take advantage of continuing education opportunities and classes, billed to your employer. In some cases, employers are willing to pay off your student loans, too.
There are plenty of other perks at a traditional job, depending on your employer. Maybe you get to drive a company car, you’re issued a smartphone, or your work campus offers meals prepared by an in-house chef.
Whatever full-time employment benefits you’re offered, take stock of them and see how much they save you each year.
Regular hours and job security
Not everyone prefers the uncertainty that can come with running your own business or working on a freelance basis.
I love the freelance lifestyle because freedom and flexibility are very important to me. However, I know plenty of people who like the idea of clocking in, clocking out, and leaving work behind each day. There’s no shame in that game.
There’s a lot to be said for regular hours and an expectation of reasonable job security. You know when the paycheck is coming, and you know how much you’ll earn.
When you leave your day job behind, you don’t always make the same amount of money from month to month. It can be stressful if you aren’t financially ready for the uncertainty.
Full-time employment has the advantage of allowing you a little more certainty in your financial situation. Sticking with it can be a smart play for you.
Even if you have a side gig, there’s nothing wrong with using it for extra cash while maintaining the stability of your day job. In fact, that can be a good idea, since it’s almost always smart to diversify your income streams.
Do you like your job?
Finally, there’s no reason to quit full-time employment if you like your job. Are you doing something meaningful that you love? Keep that job.
Start a side gig if you want extra money, but don’t feel like you have to grow it into something that can replace your regular job if you enjoy what you do for your 9-to-5.
Plus, what if you lose your passion for your side gig? Many of us start side businesses out of passion, but once it becomes your job instead of your money-making hobby it can stop being so fun.
You don’t want to lose your passion. If you like your day job and you enjoy earning money with your side gig, there’s no reason to quit just because it’s trendy to “escape” the bonds of a regular job.
Telecommuting changes what makes a real job
Thanks to technology, it’s possible to have the best of both worlds. Working for a remote company can give you freedom and flexibility while still providing the perks of a traditional job.
In some careers, it’s possible to earn a regular paycheck with benefits and still avoid the rat race. With a little searching, you can find a company that offers the right balance of flexibility and steady benefits.
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 6.97% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at email@example.com, or call 888-601-2801 for more information on ourstudent loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
APR stands for “Annual Percentage Rate.” Rates listed include a 0.25% EFT discount, for automatic payments made from a checking or savings account. Interest rates as of 11/8/2018. Rates subject to change.
Variable rate options consist of a range from 3.27% per year to 6.09% per year for a 5-year term, 4.64% per year to 6.14% per year for a 7-year term, 4.69% per year to 6.19% per year for a 10-year term, 4.94% per year to 6.44% per year for a 15-year term, or 5.19% per year to 6.69% per year for a 20-year term, with no origination fees. APR is subject to increase after consummation. The variable interest rate will change on the first day of every month (“Change Date”) if the Current Index changes. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes. The variable interest rates are calculated by adding a margin ranging from 0.98% to 3.80% for the 5-year term loan, 2.35% to 3.85% for the 7-year term loan, 2.40% to 3.90% for the 10-year term loan, 2.65% to 4.15% for the 15-year term loan, and 2.90% to 4.40% for the 20-year term loan, respectively, to the 1-month LIBOR index published on the 25th day of each month immediately preceding each “Change Date,” as defined above, rounded to two decimal places, with no origination fees. If the 25th day of the month is not a business day or is a US federal holiday, the reference date will be the most recent date preceding the 25th day of the month that is a business day. The monthly payment for a sample $10,000 loan at a range of 3.27% per year to 6.09% per year for a 5-year term would be from $180.89 to $193.75. The monthly payment for a sample $10,000 loan at a range of 4.64% per year to 6.14% per year for a 7-year term would be from $139.65 to $146.76. The monthly payment for a sample $10,000 loan at a range of 4.69% per year to 6.19% per year for a 10-year term would be from $104.56 to $111.98. The monthly payment for a sample $10,000 loan at a range of 4.94% per year to 6.44% per year for a 15-year term would be from $78.77 to $86.78. The monthly payment for a sample $10,000 loan at a range of 5.19% per year to 6.69% per year for a 20-year term would be from $67.05 to $75.68.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
3 Important Disclosures for SoFi.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.
All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.28% effective October 10, 2018.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.24% – 7.24%3||Undergrad & Graduate|
|2.47% – 6.97%1||Undergrad & Graduate|
|2.51% – 8.09%4||Undergrad & Graduate|
|3.02% – 6.44%2||Undergrad & Graduate|
|2.69% – 7.21%5||Undergrad & Graduate|
|2.79% – 8.39%6||Undergrad & Graduate|