TL;DR : Is freelancing better than a regular job? Neither. Each has its benefits and downfalls. You need to pick what’s suitable for you. Nobody can do that for you, as you only know what are you like and dislikes.
Does it give more freedom? more time?
I have worked on a regular job for 15+ years. I quit by job in 2013 and became a freelancer. I will not go back to a regular job, because I like the freedom and flexibility to choose what to work on when to work (at least some aspect of it).
But do I regret working for 15+ yrs in a regular job? Never – because it has made me what I am. I wouldn’t have learnt/ grown to this level without the experience that I received from working with a team/client/seniors/escalation/appreciation
Is it hard to make ends meet?
A regular 9-5 job definitely will give you better income. Where Freelancing you start small(sometimes even free) and slowly improve your experience/clients – which results in better income.
Both Jobs are good, I would always suggest that every freelancer should work on a regular job for at least a couple of years. Once they are stable financially they should venture the freelancing world. Because, once you are financially stable you can take risk of leaving your job and starting on your own. Depending on your skills and drive you can take at least 1 month to 6 months to get a project as a freelancer.
Originally answered @ http://www.quora.com/Is-freelancing-better-than-a-regular-job/answer/Sheeba-Abraham