1 In 5 Freelancers Make $100,000+ In 2024—Here’s How They’re Doing It

Gabrielle Reese is a traveling freelance writer.

Last year, after eight months of consistent hard work, she achieved over $100,000 in earnings from her freelance work alone—with over half of that figure coming from just one major client, an airline that frequently commissions Reese to write destination guides and other content for their inflight magazine.

“I focus on providing personalized and in-depth travel content for my blog, Versed Traveler,” she says. “I also do freelance writing for major travel publications and brands.”

Reese is not the only one making waves in the freelance workspace. She is one of 27.7 million freelancers who are proudly full-time self-employed within the United States—an uptake of 6.5% compared with the same period last year.

According to a recent study by MBO Partners, there are currently over 72 million Americans who are freelancers—also termed independent workers according to the report—with 45 million of this figure being occasional or part-time freelancers, and nearly 60% of full-time freelance workers being Gen Z and Millennials.

“This 6.5% growth in full-time independents signals a clear rejection of the traditional employer-employee social contract,” said Miles Everson, CEO of MBO Partners. “The concept of stable benefits, job security, and mutual loyalty is unraveling. Our study found that 65% of full-time independent workers feel more secure in their careers, and their confidence is reflected in their decision to pursue autonomy and forge their own paths.”

The report also revealed that “34% of traditional jobholders fear losing their jobs, while 42% are considering a career change this year. In contrast, 65% of full-time independents feel more secure, and nearly 60% say their work aligns with their identity, compared to just 47% of traditional workers.”

This makes it apparent why freelancing, despite its inconsistencies and occasional uncertainty regarding pay and clients, is a much more preferable option than working in an employer/employee relationship.

But what is a more striking finding from the report is that out of those freelancers who are full-time self-employed, one in five are doing exceptionally well for themselves financially, earning $100,000 a year with their freelance work alone—and often working from home.

Additionally, due to the nature of their work and its flexibility aspect, there is no ceiling to their earnings, meaning that full-time freelance professionals can see themselves making in excess of $100,000 and running into several hundred thousand dollars a year.

An interesting observation from MBO’s report cites other factors that are making it easier for freelancers to make more money, including the fact that “AI has become a game changer, enhancing productivity and competitiveness, leading to a rise in six-figure earners.” Approximately 65% used AI tools this year, up from 37% in 2023.

“Additionally, thanks to platforms, marketplaces, and social media, the global reach of independent workers is expanding. In 2024, 31% reported providing services to customers outside the U.S., nearly triple the proportion from 2012,” the report continued.

But how exactly are freelancers making six figures?

How Freelancers Make Six Figures In 2024

Reese explains, “The key to my success has been building long-term relationships with clients, delivering high quality work, and maintaining a steady workflow.

“I keep costs low by working remotely and traveling often for inspiration. Living a location independent lifestyle has enabled me to earn a high salary as a freelancer. My advice for others is to find your niche, master your craft, build a portfolio of loyal clients, and keep your overhead low.”

Josh Cremer, a freelance graphic designer and marketing consultant, says he earned over $120,000 last year, which took him about seven to eight months of consistent work to reach this goal.

“I started my own agency eight years ago and built up a loyal client base over time through successful work and word-of-mouth. I charged $150 an hour for design and consulting services. Last year, I landed a major retainer contract with a Fortune 500 company which provided $80,000 upfront.”

Reflecting on the methods he used to achieve record revenue last year, Cremer said, “Diversifying services and offering both short and long-term work has allowed me to reach $100,000 and above. I track all client work to ensure maximum efficiency. Although demanding, the freedom of freelancing and the control over which projects I take on make the long hours worthwhile.”

Cremer encourages other aspiring freelancers, “With persistence and strategic growth, high earning potential is possible.”