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Freelancing, also known as the gig economy, involves working as an independent contractor rather than a traditional employee. Freelancers take on short-term jobs, or "gigs," for various clients, often managing their own schedules and work. This type of employment offers flexibility but lacks the benefits of steady employment, such as health insurance, retirement contributions, and a predictable paycheck.123

Individuals in the gig economy are responsible for their own taxes and must budget carefully due to variable income. While it provides opportunities for extra income and specialized work, it can also lead to job insecurity and a lack of traditional worker protections.32

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