Is Freelance Writing Lucrative?

I received a question last week that I’d like to share with you:

I recently got word that my job will soon become eliminated. I am also a writer and considering going freelance but thought I’d ask you first, is it lucrative?

And I mean lucrative in the way of money, not free time or freedom.

I admit, I had to think about my answer to this question for a while. Most of the freelance writers I know — successful or otherwise — looked at freelancing for an opportunity to be more flexible or a host of other reasons.

This is my answer:

Freelancing can be very lucrative — I know a few freelancers who have hit six figures. But I also know freelancers who earn barely minimum wage. It is a matter — mostly — of how disciplined you are. If you can keep yourself on track, you can make money.

That said, it does take a while to build up a reliable income. It can take several months to get on your feet. I’d never recommend switching if you have financial commitments that significantly outweigh your savings. It can be done, but it’s very difficult.

The most lucrative field of freelance writing these days seems to be copy writing. Many magazines seem to be cutting down on the numbers of articles they buy, but every company still wants copy for their websites, brochures, etc.

Is there any thing I should have added? Let me know in the comments.

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