Deciding whether to continue as a contractor or transition to a full-time position? It’s a classic professional dilemma with its own set of pros and cons.
I’ve been juggling these thoughts for a couple of months now, wrestling with whether to secure a permanent position, remain a consultant, or embrace a life of leisure and leisurely afternoons in the park. The learning curve has been steep; I’ve gained invaluable insights into marketing and analytics, a field I hadn’t needed to dabble in previously due to the organic growth of my site, Financial Samurai.
The fun part? Experimenting with marketing dollars, seeing if you can make that profitable $0.01 return on each dollar spent. I’m testing this with my site’s sole product, a book, which surprisingly contributes a tiny fraction to my overall income. Who knows? With a bit of focus, this could rise to 10-20% of my total revenue.
The crux of this post is to explore the trade-offs between money, time, freedom, and responsibility—factors many of us weigh in our careers. Here’s a dive into the benefits of each work style and a significant drawback of going full-time, with some final thoughts to wrap up.
Contractor or Full-Time: What’s Better?
As a contractor, I relish applying theoretical knowledge practically, much like a researcher in a lab. This dynamic is reminiscent of my time at business school—grueling hours but incredibly rewarding application of knowledge. Another year of this, and I’ll have deepened my expertise substantially.
# Growth and Learning
Working as a contractor for Personal Capital, I’ve directly contributed to the company’s growth. It’s rewarding to see tangible results like doubling the traffic on Daily Capital and witnessing high engagement on our posts. This role rekindles the pioneering spirit I had when starting Financial Samurai, but with better resources at my disposal now, it feels like I’m supercharged.
# The Intellectual Stimulus
Every day is a learning day, surrounded by smart folks from diverse fields. This exposure is a stark contrast to the isolation of working from home, where I felt I had plateaued in learning. Being in a startup shakes you out of your comfort zone and is incredibly fulfilling if you thrive in rich, intellectual environments.
# Financial Upsides
Let’s not overlook the financial perks. As someone who’s carved a living independently, receiving a steady paycheck is undeniably satisfying. Investing it back into a self-managed 401k or the stock market makes the effort even more worthwhile. Plus, the potential for stock options as a full-time employee is an enticing benefit, especially if the company grows significantly.
# Expanding Networks
The opportunity to network outside my usual circle is invaluable. Interactions with venture capitalists and C-suite executives open doors that were previously out of reach, laying a foundation for future ventures.
The Major Downside: Loss of Freedom
Switching to a full-time role significantly cuts down on personal freedom—a liberty I’ve cherished since leaving the corporate grind in 2012. The flexibility of contracting, like leaving the office early to avoid traffic, is something full-time employment can’t offer. Plus, full-time commitments would dilute my focus from Financial Samurai, a project that’s both a passion and a significant income source.
To Sum It Up
The allure of a full-time position, with its stability, benefits, and potential for equity, is strong. Yet, the freedom and variety of contracting, coupled with the satisfaction of entrepreneurship, present a compelling case. The ideal path might be a blend of both worlds—maintaining the freedom of contracting while engaging deeply in work that’s fulfilling and financially rewarding.
It’s a tough call and perhaps the decision isn’t to choose one over the other outright, but to find a balance that respects both my personal and professional growth aspirations. After all, why not have the best of both worlds if you can?
