You can outsource the day-to-day accounting for your business, but you will need to take active responsibility for your financial future.

Jill Fopiano, president and CEO at O’Brien Wealth Partners, advises: “While freelance work offers the benefits of flexibility and ownership of your own schedule, there are a few personal financial challenges that are part of the package.

“First, you won’t have the benefit of any employer-sponsored retirement plan, so you need to have the self-discipline to build your own retirement savings. Second, you won’t receive company-sponsored insurance benefits such as medical or disability insurance, and these policies can be expensive to purchase on your own. Finally, you need to make sure you have an adequate ‘rainy day’ fund that will pay for a few months of your expenses in the event something unexpected happens or work dries up.”

Thinking of freelancing? Ask yourself these 10 questions before you take the plunge