There are many different pros and cons associated with being self-employed. From being able to achieve a great work-life balance to making their own hours, people who are self-employed can enjoy freedoms that many other employed people cannot. That being said, there are certain downsides that come with being self-employed that can sometimes be difficult to deal with. From long hours to no benefits, to often unpredictable and fluctuating pay, there is no doubting that being self-employed or owning a small business has its fair share of downsides. There are also many other different variables that come into play when someone is self-employed, including income, expenses, taxes, difficulties in applying for a quick home equity loan or a first mortgage, and more.
People Who Are Self-Employed Make Their Own Hours
Perhaps one of the best things about being self-employed is that people who work for themselves can make their own hours. This is ideal for people who do not like the monotony and repetitiveness of a 9-5 life and have other responsibilities that they need to accommodate into their schedule during the day.
They Do What They Love to Do
People who are self-employed are doing what they love to do and what they are passionate about. They have the advantage of being their own boss and don’t have to answer to anyone. Somebody who is self-employed can take pride in knowing they aren’t making money for anyone else but themselves while using their skill and talents for something they are passionate about.
They Work Where They Want
People who are self-employed can work from home, in acoffee shop, on the beach, or wherever else they feel comfortable working. All that most people who are self-employed need are a mobile phone, laptop, and an internet connection.
Although people who are self-employed can make their own work hours, the downside to this is that there can be very long work hours involved, especially when someone is first starting their business.
People who are self-employed don’t have the luxury of work benefits like insurance, retirement plans, sick leave, paid vacation, and more
Those who are self-employed have very little stability in their jobs. There may be days and weeks where they are overwhelmed with work, and there may be weeks where they have no work at all. This results in fluctuating income and irregular pay which can become stressful and hard to deal with. There is also no guarantee of work, and if someone doesn’t put the effort into finding clients and working, they don’t make money.
Applying for a Loan or Mortgage
People who are self-employed technically do not have a way of proving their income. This can make it difficult for them to apply for a loan or home equity mortgage, especially if they are just starting out their business. Luckily, there are many different options that a person who works for themselves can consider when applying for a loan, including a no income mortgage or loan.
Contact us Today to Learn More
There are certain eligibility requirements to qualify for a no income loan. If you are self-employed and are struggling to get approved for a mortgage or loan and want to find out more about the eligibility requirements for a no income mortgage, contact us today. We offer some of the best mortgage rates in Toronto and can help you get a loan — whether it is your 2nd, or even 3rd mortgage. You can also learn more about no income loans here.