I've been living out of freelance video-editing / motion graphics (and teaching) for almost 4 years now, and it's pretty exhausting...
Sure, on average I work only like 10-15 days per month, which is great. And since I'm pretty experienced, I do get paid well. But all those other days aren't (just) shitposting on the Codex, sleeping and derping around - you're constantly on the lookout for work, visiting or calling people to "network", worried about the economical crisis, studying at home, doing boring shit that pays little, etc...
And the inconsistency kills anyone. In my first year as freelancer, I scored like 5 consecutive months of frequent, well-paid work. I was riding on cash, traveled, bought a PS3, gave money to every kickstarter I thought cool, etc. Then the market shifted... and I couldn't land a single good contract for 4 months. First month is "forced vacations, lol!", second one gets uncomfortable, third one you're desperately hitting all your contacts, at the fourth you've cut all expenses, learned how live by cooking the cheapest stuff on the supermarket every day and are depressed on how you failed and will probably need to move back to the country-side. (Luckily, I've endured it).
Then there's shit like insane crunches, egotrips, stress, lack of benefits, kids trying to break in by selling their work for 1/10 of the price, shady companies asking for you to pirate stuff, delayed payments, etc... seriously, I'd say only about half of my employers paid on time. All the others involved delays, countless phone calls & emails, personal visits, legal threats, bounced checks...
Once myself and three other freelancers only got paid over $1500 after weeks of delay because one of the guys threatened to key the expensive car of the manager. Freelancers have no one to stand for them, they are always the weakest link of a chain, and any financial issue the project has will always hit them.
I'm thankful for the money I made, but I'm extremely eager to leave that life behind next month.