Which are you? 

Today you have a contract, and you have employee status. More companies are going with contracts because they do not have to pay benefits, but hours are also not confirmed. Working on a contract most of the time means your control your hours. I would always recommend that you perform a contract for a second job, especially for public speaking, workshop creation, life coaching, etc.

Contractor: Most jobs are contracted today because companies don't want to pay health benefits, and a contract acts as security for them because they can let you go. Alternatively, as a contractor, you can make a lot of money because there is no regulation on how much you can work. You also can have "flex work," and your employer pays you in whole. However, this is not stable unless you work with other companies, as this ebbs and flows. So if you have debt, you will need to work for others or get a 9-5.

There is also an illusory contractor position where you are an employee, and you can not negotiate your price but have flex work and no benefits. Again, depending on who you are, this can be lucrative, especially at an agency or a clinic. The only thing is that you can not control your pay.

Employee: As an employee, you get job security, so your hours are what they are. Overtime does not exist anymore. You now get lieu time. But you get your salary or your income based on hours. This is "slave labour," as you are helping other people get rich. You generally have no control over what you make as it is a scale. You did get benefits, but you will typically end up in debt. That being said, some people like this because of security. I am here to tell you that it does not exist. One thing covid has shown everyone is companies will go under, policies will change, and you will generally be out of work. I think this is safe if you have a debt to pay while you work on your development. But gone are the days when this was what people wanted, "The corner office."