I don't agree with the pay cut part, but with everything else? 100%.

I learned this when I first jumped into freelance / contract work with hourly billing - I can command a decent rate for my experience, but overtime costs my employer more than they're willing to pay (so they avoid it) and I can manage my workload based on a combination of employer needs and personal needs so my work-life balance has become my own responsibility.

The best part? Work can be great sometimes, and can also suck sometimes, but being my own boss means that I have the space I need to work on my own projects and level up in the skills that interest me while still being present to spend quality time with my family.

Now that I've been doing this for a while, I can't help feeling like salaried employment is an artifact of a bygone era...