myth #10 You will not be able to afford to take self employment vacations

It is a common misconception that owners of home based businesses can not afford to take self employment vacations. Contrary to popular belief, with proper planning and good fiscal planning self-employed individuals have a lot more flexibility in the timing and length of vacations that they can take. Employees generally have a limited amount of vacation available to them and get paid for vacation in one of two ways. Hourly employees often receive their vacation pay as an additional percentage on every paycheck, whereas salaried employees are often paid their salary as usual during their time off. Similar to hourly employees, contractors should include vacation pay in their hourly rates or job bids. While market rates and competing bids will sometimes determine the profit you make, there is some flexibility in the rates you charge and there are many factors to consider when setting your rates.



MY TAKE: My personal experience has been that successful self-employed individuals must choose between the money they would make during a time period and their desire to have time off. I have prioritized having time away from full-time contracts periodically over the money I could earn during that time. It allows me to try out my own ideas and fully recharge before starting a new project.

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