I felt I was reading about myself– your dad was a man after my own heart.

Thanks for the suggestion and I see what you’re driving at.

Without going into too much detail though, if I do what I do best and do it most efficiently (80/20 rule and all that) then my income is going to — has — hit a plateau.

My income is much higher than someone doing the equivalent in-house, for the reasons you state, but there’s only so far you can go with it.

I could move into other areas, but that’s a different career really.

In contrast, if I’d stayed on a career path inside a company, eventually I’d have ended up working in a management role where I’d have managed people like me for twice the cash of my role in staff, or say 25% more than I’m earning now.

That could have moved on to a position on a board or whatever, ratcheting up the income again. That’s not going to happen out here in the wild west of freelancing.

What I can do of course is use my freedom to build up other revenue streams. My Monevator blog for instance started as a hobby but it eventually could start delivering some sort of income, if I had say the success of Jason here. I think my site is probably too niche though (the site is much more about investing etc, whereas it seems to be the money saving and get out of debt ones that thrive – perhaps more people at that stage of their lives read blogs?)

Anyway, this is all getting off topic for this post. But thanks again.

I have to say again thanks to everyone who took a moment to jot down their thoughts on my article – much appreciated!

That’s how I see it… I have NO NEED to make more

Good post overall. I really liked it. There is just one part that stood out as bizarre:

“It’s true I’ve probably capped my earning potential by deciding not to follow the carrot of an ever-higher salary up the career ladder.”

Do you really believe this? If so, I’d encourage you to find a better belief to replace it. Maybe:

“I choose to work less and enjoy my life more, but I know I can make just as much money as those who spend their entire lives in a cubicle (if not more!)”

Being a freelancer shouldn’t limit your income. In fact, by creating products based on your work, it should potentially multiply your income. But you have to change the belief that you’ve “capped your earning potential” first.

-Erica

You learned a lot of good things from your dad. Not worrying too much about impressing others, living within your means and knowing that money is just a tool are valuable lessons for anyone to know.

I agree we’re in a different world now, but perhaps we can carry the wisdom of previous generations forward if we choose?

As for other people’s parents – not my place to comment, but I think most of us learn something from our parents one way or another. Maybe one day I’ll share a few tips from my mum.