Young Money: Pros And Cons Of Freelancing | CNBC
Summary
TLDRIn the 'Young Money' episode, the spotlight is on the rising trend of freelancing among Millennials. The video explores the benefits of freelancing, such as flexible work hours, the ability to work in various industries, and the potential for higher earnings. However, it also addresses the downsides, including the lack of job security, the challenge of maintaining work-life balance, and the need to manage personal benefits like healthcare and retirement. The episode advises freelancers to be diligent, find mentors, and have clear goals to succeed in this independent work environment.
Takeaways
- 🕒 Takeaway 1: Freelancing allows for flexible work hours, enabling individuals to work during their most productive times of the day.
- 🎨 Takeaway 2: Freelancers have the opportunity to work across various industries, providing a single service to multiple sectors.
- 🌙 Takeaway 3: The ability to dictate project creativity is a significant advantage of freelancing, giving professionals more control over their work.
- 🏗️ Takeaway 4: Building a name and gaining experience are essential for freelancers to establish themselves in the market.
- 💸 Takeaway 5: Freelancers must consider additional costs not covered by full-time employment, such as lunches, gym memberships, and healthcare.
- 👩💼 Takeaway 6: The lack of job security and the need to manage individual benefits can be downsides of freelancing compared to traditional employment.
- 💼 Takeaway 7: Freelancing requires diligent self-management, including finding mentors and setting clear professional goals.
- 🧘 Takeaway 8: The flexibility of freelancing can accommodate personal interests, such as attending a midday yoga class.
- 💡 Takeaway 9: The script emphasizes the importance of understanding the implications of freelancing before making the transition.
- 📈 Takeaway 10: Preparation and professional guidance are crucial for maintaining work-life balance and financial stability as a freelancer.
Q & A
What is the main topic discussed in the video script?
-The main topic discussed in the video script is the pros and cons of freelancing, particularly for Millennials, and the advice for those considering this career path.
Why is freelancing becoming popular among Millennials?
-Freelancing is becoming popular among Millennials due to its flexibility, the ability to work at preferred hours, and the opportunity to work across different industries.
What are some benefits of freelancing mentioned in the script?
-Some benefits of freelancing mentioned in the script include the ability to set one's own work hours, control over project creativity, and the opportunity to work in various industries.
What are some challenges faced by freelancers according to the script?
-Some challenges faced by freelancers include building a professional name, gaining experience, managing individual expenses such as lunch, gym membership, healthcare, and dealing with the lack of job security.
What advice is given to someone considering freelancing in the script?
-The advice given to someone considering freelancing is to exercise due diligence, find a mentor, and continuously work towards achieving their goals.
What are some of the perks that full-time employees might have that freelancers do not?
-Full-time employees might have perks such as paid lunches, gym memberships, and healthcare coverage, which freelancers need to arrange and pay for themselves.
How can freelancers ensure they don't get off-track professionally or financially?
-Freelancers can ensure they don't get off-track by understanding what's involved in freelancing, preparing for it, and maintaining a work-life balance.
What is the role of a mentor in the context of freelancing as suggested by the script?
-A mentor can provide guidance, share experiences, and help a freelancer navigate the challenges and opportunities in their career.
What is the potential downside of freelancing in terms of income?
-The potential downside of freelancing in terms of income is the lack of a steady paycheck and the need to manage one's finances carefully due to the variable nature of freelance work.
What is the importance of setting work hours when freelancing as mentioned in the script?
-Setting work hours is important for freelancers to maintain productivity and to ensure they are working during the times they feel most creative and productive.
How does the script suggest one can make more money as a freelancer?
-The script suggests that by offering a single service across different industries, a freelancer can potentially increase their income.
Outlines
😀 The Pros and Cons of Freelancing
The video script discusses the growing popularity of freelancing, especially among Millennials, and explores the benefits and challenges faced by freelancers. It features insights from individuals working in a WeWork office in New York. The benefits highlighted include flexible work hours, the ability to work creatively on various projects across different industries, and the freedom to choose when to work. However, the script also addresses the downsides, such as the need to establish a reputation, the lack of job security, the responsibility to manage one's own benefits like healthcare and retirement, and the effort required to maintain a work-life balance. Advice for aspiring freelancers includes persisting with their endeavors, finding a mentor, and setting clear goals for what they wish to achieve. The video concludes with a call to action for viewers to subscribe to the channel for more financial advice.
Mindmap
Keywords
💡Freelancing
💡Millennials
💡WeWork
💡Productivity
💡Creativity
💡Industry
💡Job Security
💡Work-Life Balance
💡Healthcare Coverage
💡Retirement Account
💡Mentor
💡Financial Questions
💡CNBC
Highlights
Freelancing is becoming increasingly popular, especially among Millennials.
Freelancers can dictate their own work hours, such as coming in later and working later in the evening.
Freelancing allows for creativity and flexibility in project execution.
Freelancers have the opportunity to work across different industries.
Freelancing requires building a personal brand and gaining experience.
Freelancers face challenges such as managing expenses not covered by full-time employment, like lunch, gym, and healthcare.
Freelancers must handle individual administrative tasks like healthcare and retirement accounts.
Advice for freelancers includes maintaining diligence, finding a mentor, and setting clear goals.
The possibility of earning more money is an attractive aspect of freelancing.
Freelancing offers the flexibility to manage personal time, such as attending a midday yoga class.
Lack of job security and maintaining work-life balance are downsides of freelancing.
Preparing for the challenges of freelancing can help avoid getting off-track professionally or financially.
CNBC's Young Money channel provides financial information to help viewers be smarter with their finances.
The channel encourages viewers to subscribe for more financial insights.
CNBC's original series, Young Money Tech, and other shows like Mad Money are part of the channel's offerings.
Stay updated with the latest financial news from CNBC.
Transcripts
thanks so much for watching young money
be sure to keep commenting with your
financial questions below and I'll
feature them in a future episode here's
this one Bing a freelancer is becoming
more and more popular especially for
Millennials we visited a wework office
space here in New York where freelancers
can run on a space to hear more about
the upside and downside of freelancing
what would you say are some of the
benefits or pros of freelancing I can
come in a little later and I tend to
work later in the evening because that's
more when I feel that I'm most
productive get to dictate the the
creativity of the project freelancing
lets you kind of step into a bunch of
different industries and provide them a
single service what about some of the
the negative aspects of it you have to
build your name get some experience
behind you there's a lot of things with
a pay-for that you don't think about
when you're not a full-time employees a
lot of places pay for lunch they pay for
your gym maybe for your healthcare you
have to not only pay for all these
things but you have to deal with all
these things individually you have to
give advice to a freelancer or someone
considering freelance single with heavy
diligence just keep at it finding a
mentor ask yourself what is it you would
want to achieve differently sure the
possibility of making more money making
your own hours and the flexibility to
find time for our yoga class midday can
be attractive but the lack of job
security the challenge of maintaining a
work-life balance and the effort to set
up health care coverage and a retirement
account can turn some people off but
knowing what's involved before you make
the leap and preparing for it can help
so that you don't get off-track
professionally or financially
hey YouTube fans I'm Landon dowdy from
CNBC thanks so much for checking out our
channel here you'll find videos packed
with all the info that you need to be
smarter about your finances be sure and
subscribe by clicking right here and
click on all the videos around me to see
CNBC's original series Young Money Tech
bet Cramer's Mad Money and all the
latest from CNBC
浏览更多相关视频
How freelancing actually changed my life as a developer
How To Earn $250 per Hour on Freelance! | FULL GUIDE
How Working Remotely Will Change More Than Work
Middle Class in Germany | Germany move hona chahiye ke nahi | Salary Comparison
How is the current job market in Ireland 🙄 | Whether to come Ireland in 2024 ? Pros and Cons 👍
8 August 2024
5.0 / 5 (0 votes)