This, but also don't underestimate the personal satisfaction of "eating what you kill". I feel far less alienated from my labor than I did as an FTE. When I get a tough new task, I get excited thinking of those hours piling up. My reward is directly tied to my efforts and success in a way it never was before, and that has improved my quality of life tremendously.
I love that expression and mere words cannot describe the sense of satisfaction one gets when the sale is made and the checks are cashed. It’s not for everybody. Honestly, it’s not for most either. But if you do pull it off, the feeling is fantastic.
I have been working for 15+ years as consultant and contractor for a SP500 company and I have several friends that are FTE there. Over the years I realized I'm much more motivated and overall happier with the work I do than they are - at the same company and in similar positions.
I'm also much more productive because my only measure of success is the quality of the output of my work. If it isn't good, then my contract will not get renewed. So I have to produce something of value 100% of the time which keeps me in check at all times.
In their case there's politics, promotions, new roles, new bosses, performance reviews and so on.
The saying "eating what you kill" really resonates. Thanks for that.