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In August 2007, I left my job as managing editor at a national newsstand magazine and decided to become a freelancer. It had always been my dream to be a freelance writer: To me, that meant you had really made it as a writer.

For the year 2008, it looks like my income will be at or slightly above my salary at the corporate job I left in August 2007. However, don't let that be a benchmark because I'm blessed to have two former magazine employers (where I was an editor) as clients. This is where I get the bulk of my work from (former employers where I served as an editor).

Even with these advantages, there are times when my work load either slows down to one or no stories. Then again, I often have five stories working at the same time, and I've had to actually turn down business. It's called "the ebb and flow" of the freelance life. You'll have nothing to do; then suddenly everything is due tomorrow. If you like routine, this is not the lifestyle for you. If you can go with the flow and adapt quickly to changing circumstances, you are cut out to be a freelance writer. You also have to be a good writer, of course. It helps to have been an editor since you'll know what editors are looking for in their writers.

As a freelance writer, you will discover the joy of time freedom. I go to the gym and go grocery shopping during the day when very few people are there, take an afternoon off when I want to, do laundry during an interview and my dog is much happier now that I am home. During busy times, however, I am usually at my computer all day and well into the night. Fortunately, I love what I do so the line between work and play is blurred. I can spend hours doing research for stories.

There are some drawbacks, however, to the freelance life. Unlike corporate jobs-where you get a direct-deposited paycheck every two weeks like clockwork-when you freelance, you sit around and wait for the check to arrive in the mail. Sometimes you have to wait a while. Some clients have "net 30" terms, meaning they don't pay until 30 days after you submit your invoice. This means you do all the work, write the story, submit it and wait 30 days to be paid for your work. Different than the corporate world, isn't it? So save some money-at least $3,000 and preferably $6,000-before you start. Bills come regularly; clients' checks do not.

Then there are the taxes. You will need to hire a CPA when tax time comes around. Remember how your employer deducted your taxes for you so you actually got money

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