Today is the first day of 2012 that I am actually working (if you can call it working). Thats right for the last 72 days or about ten weeks I have been enjoying the sun of the Australian summer. I have not even looked at any charts, have barley been following any financial press and have completely been out of the market. I feel completely refreshed and relaxed and am ready to make 2012 a productive and profitable year.

When You Work for Yourself: You Have The Best & Worst Boss In The World

When you work for yourself discipline is one of the most important qualities you will require. As I sit here tapping on these keys I look out my window and it is a beautiful sunny day. It is very tempting for me to head down the beach go for a walk and then a swim. However when you work for yourself it is important to put work at the top of your TODO list. I can always head down to the beach after I have got this blog post and my programming work for the day done.

“We reap what we sow”

When You Work for Yourself: You Set Your Own Hours

I am lucky that the core component of my earnings can be completed at any hour of the day. As I am not required to work 9-5 this gives me the freedom to do other things during typical business hours. The fact that I don’t have to commute also gives me more time to work on personal projects. If I have a Doctors appointment or want to catch up with people I can just do it, no need to ask for time off. The only downfall is close to project deadlines or milestones I sometimes find myself staring at my monitor at 2AM.

When You Work for Yourself: There are No Hard Earning Constraints

When you work for yourself you can make as little or as much as you want (within reason). When you work for someone else, you will usually be paid on an hourly rate basis. Usually your hourly rate will be set and will only be adjusted at the end of financial year. This means employees can at most earn there hourly rate, ignoring commissions and performance bonuses. Conversely I can negotiate my project fee based upon the relative complexity of a given project. Basically when you work for yourself the earning potential is far greater then if you work for someone else. There is however a downside risk that needs to be considered when working for yourself.

When You Work for Yourself: You can Take Extended Holidays

This brings me to the greatest benefit you gain when you work for yourself time off. At the start of this your I needed to take some time out and focus on my health, if I had a 9-5 job this would not have been possible. In between projects I can take time out to read, relax, work in the garden and enjoy life. Off course when I do take time out I am relying solely on my passive income streams. I have found whenever I return from my mini breaks I am far more refreshed and invigorated.