According to a report by iMoney, Malaysia's gig economy was estimated to be worth around RM9.77 billion (approximately USD 2.3 billion) in 2019, with freelance work contributing substantially to this figure. This report highlighted the growing number of freelancers in the country across various sectors, including IT, digital marketing, creative services, and e-commerce.
Another report by the Malaysia Digital Economy Corporation (MDEC) noted that the digital economy in Malaysia, which encompasses freelancing among other sectors, contributed approximately 22.6% to the country's GDP in 2019. We do see a great shift of the younger generation who prefer to opt for freelancing jobs.
Here are 10 benefits of freelancing compared to a job
1. Flexibility
Freelancing offers unparalleled flexibility in terms of work hours, allowing individuals to set their own schedules and work when it suits them best.
2. Work-life balance
Freelancers have more control over their work-life balance, enabling them to allocate time for personal pursuits, family, and leisure activities.
3. Location independence
Freelancers can work from anywhere with an internet connection, whether it's from home, a coffee shop, or while traveling, providing greater freedom and mobility.
4. Diverse income streams
Freelancers have the opportunity to work with multiple clients simultaneously, diversifying their income streams and reducing dependency on a single employer.
5. Variety of projects
Freelancing exposes individuals to a wide range of projects and industries, allowing them to pursue work that aligns with their interests and skills.
6. Skill development
Freelancers are constantly challenged with new projects and clients, providing opportunities for continuous learning and skill development.
7. Higher earning potential
Freelancers can potentially earn more than traditional employees, as they have the ability to negotiate their rates and take on additional projects to increase their income.
8. Autonomy
Freelancers have greater autonomy over their work, allowing them to make decisions independently and take ownership of their projects from start to finish.
9. Tax advantages
Freelancers often have access to various tax deductions and benefits that can help reduce their taxable income, such as deducting home office expenses and business-related travel.
10. Personal fulfillment
Freelancing allows individuals to pursue work that aligns with their passions and values, leading to greater personal fulfillment and satisfaction in their careers.