Some may argue that with so many companies struggling just to keep their heads above water now that the bang is out of the Big Web Boom, full-time work is no more secure than the freelance lifestyle. But before you unplug that feeding tube once and for all, ask yourself if you really have what it takes: The Ability to Go with the Flow.

Many people fantasize that the freelance existence is a life of luxury, one where you can set your own hours (read: play late, sleep late) and take time off whenever you feel like it ("Ah, the beaches are lovely this time of year!"). In reality, however, it's difficult to enjoy the feast when you should be planning for famine. The perfect vacation is one where you totally and utterly forget about work. But when there's no job to forget and no definite work to come back to, you can never completely relax. As you lie sunning and mai-tai-ing the days away, there's always that undercurrent of worry: Is this the last of my money? Should I be home, tightening my belt, pressing palms, kissing babies, and brown-nosing around until I scare up some work?

Unless you're blessed with a que sera sera mentality or you get lucky and have work lined up, indefinite time off is always a strain. It may start with a giddy, co-ed-puts-spring-break-on-her-Visa party, but after, say, three months, you're living on the streets. Or (oh god) with your parents.

A Money Mind

If you're the kind of person who spends whatever you have and more, then the freelance lifestyle may get you into all kinds of trouble.

Not only do you need a squirrel-like ability to save for the lean times, you also have to plan ahead for the dreaded T-Day on April 15. Companies generally don't deduct taxes from a freelancer's paychecks. They just hand over the whole gross tamale and leave it up to you to deduct the state taxes, federal taxes, Social Security payment, etc. This also means no health or dental care for you and no juicy 401(k) to cushion your golden years.

So you have to set aside dough every month for health care and, if you're smart, money for your retirement. You also have to put aside money for tax time or, depending on how much you pull in, make quarterly payments. Based on the nature of your work and your income, you can deduct some expenses (save those receipts!), but what you can and can't deduct are separated by a thin, blurry line.

If you're good with totally confusing and contradictory information, you could figure out things for yourself: The IRS and the Small Business Administration offer all kinds of bewildering stuff for you to sift through. You can also get some free small-business advice from the Counselors to America's Small Businesses, Quicken's small business site, the Business-Owner's Toolkit, or the Contract Employee's Handbook.

Still, figuring out things like your estimated tax, health care, and long-term financial planning can be a full-time job all on its own. And that's exactly what you're hoping to avoid as a freelancer.

While it's smart to learn what you can on your own, if you're really smart, you'll get some professional help, at least for the first year. Good accountants do more than your taxes, they also give you advice: Not only can they help you understand the difference between an IRA and a Roth IRA, but they can teach you the correct way to submit and track invoices and give you info about local business registration requirements. (Watch out: Some cities carry hefty fines for people caught doing business without a license.) Accountants can cost you something fierce -- mine usually charges US$150-$300 to do my taxes, depending on how many hours it takes for him to sift through all my crumpled receipts. But if they're good, they'll save more money than they cost. Plus they're tax-deductible. If possible, get one that comes recommended. At the very least, get one that's certified.

Office Supplies

Do you have all the toys you need to do the voodoo that you need to do as a productive freelancer? The laptop? The cellphone? The PDA? The printer? The fax machine? The copy machine? Unless you're willing to spend an unhealthy amount of time at Kinko's, you'll have to get your mitts on most, if not all, of this stuff.

Plug in and Play-fulness

Can you jump right in between the swinging jump ropes, understand immediately what problems lie before you and what their solutions need to be, and then jump right out without skipping a beat? Since it's often the freelancer's job to leap into things mid-flow, you need to be flexible enough to work well with a wide variety of companies, situations, and people without the benefit of context.

Friends Indeed

Most people hire freelancers based on word of mouth, so often it's not what but who you know that gets you the work. That's why so many people wait to begin freelancing until after they've held down full-time positions at enough companies to establish a reputation and make friends in the business. If you try freelancing right out of school, you could be in for a miserable life of cold calls.

Chutzpah

A successful freelancer needs to have one hell of a lot of drive. Rather than graze on the same patch of grass every day from 9 to 5, you have to go out hunting for your livelihood. Can you stomach self promotion? Does the thought of saying "here's my card" make you feel like a weaselly used-car salesman? If you can't do the hustle, then maybe you need to get off the dance floor.

About The Author. Evany Thomas is Webmonkey's managing editor. On her planet, the cake is plentiful, and finger monkeys are constantly singing the Mork & Mindy theme song.