Another key factor which will give you an edge over the competition is your ability to master the art of discipline. As we stated earlier in this book, those freelancers who have the most discipline will become the most successful. Regardless of how much innate talent you may have, if you don't have sufficient amounts of discipline, you won't become a master of your chosen trade. Discipline means that you must do things when you know they should be done, and most important of all, you must not allow your success to go to your head.
Many freelancers, once earning lucrative amounts of money from their chosen trade, will then begin spending money frivolously. However, this is contrary to the strategy that we teach in in the UIF. While there is nothing wrong with treating yourself every once and awhile, spending your money haphazardly is a disastrous mistake, and will hamper your long term success. Remember the formula which we talked about earlier in this book, which is employee > self employed > investor. In order to become rich, you must make the transition from self employed to investor.
Many people who read the last sentence, who may be making a six figure salary working as self employed freelancers, may scoff at this statement. Many of these people will reason that they're already making a high salary, and there is little reason for them to waste time becoming an investor. However, these people don't get it. They don't understand the nature of being self employed, and even though it is better than being an employee, it still has its own risks. The biggest risk of being self employed is that the self employed freelancer, who is the business, may become unable to work.
This could be due to illness, injury, or any other number of factors. Regardless, the fact of the matter is that your income will be cut the moment you stop working. Being a freelancer is a lot like being a boxer or fighter; if you win a lot of fights, and knock out a lot of people, you will be paid a hefty purse for each fight, the highest purse being earned if you become the champion. But the moment you meet your match, or you're unable to continue fighting due to injury, you won't be paid any more money, because boxers who don't fight don't get paid.
Many fighters, who live an extravagant lifestyle, and who fail to invest their money, often end up spending all the money they've earned throughout their career, and they often have to return to the ring when they older and in decreased shape. This analogy is equal to what can happen to any freelancer, regardless of whether you're a programmer, SEO consultant, lawyer, or doctor. Once you're unable to continue in your line of work, your income stops.
At the same time, if you're an investor, and you've wisely invested your money in investments that pay positive cash flow, your money will continue to work for you, regardless of whether you work or not. This is why we recommend transitioning from freelancer to investor, because this is the path which leads to both financial freedom and security. To become truly rich, you must get your money to work for you. In order for your money to work for you, you must have the capital to invest. Having the discipline to handle your money properly is the key which will allow this to happen. When you handle your money properly, you will also be able to continue your education and get access to the latest tools which you will need for your freelance career. These tools will allow you to compete effectively against the competition.
In the world of freelancing, you will often encounter those who are workaholics, and those who don't work enough. You don't want to fall under either of these categories. The workaholic is the type of guy who is always working. He spends at least 95% of his time working. He loves his work, and he is addicted to it. However, this addiction often causes the relationships that he has with his friends and family to crumble, since he has little time for them. This individual needs to work a bit less, and spend more time enjoying life.
The second type of individual is a person who is the exact opposite of the first type; they often spend too little time working. He or she would rather relax and play. While there is nothing wrong with relaxing and enjoying yourself, you cannot succeed as a freelance if you're spending too little time working. As a freelancer, one rule of thumb to keep in mind is that the less you work, the less you're paid. Another key factor which separates the freelancer from the employee is the number of hours they work per week. In general, while the typical employee works approximately 40 hours a week, the average freelancer works a minimum of 50 hours per week.
It isn't unusual for freelancers and other self employed individuals to work more than 60 hours per week. When you're first starting out in the transition period, you will probably need to spend this much time looking for clients. At this point, finding a job should be your full time job. If you're the type of person who doesn't feel comfortable working this many hours, then you will probably want to consider remaining an employee, since self employment is much more taxing in terms of the amount of hours that must be put in.
Putting in a lot of hours is not only necessary for you to rapidly build a client network and make lots of money, but it is also necessary in order for you to increase your level of skill. The more time you spend working in the field, the sharper your skills will become, and as your skills increase, your salary will increase as well.