I've been self employed for about 5 years now, and it's great. There are distinct disadvantages to it for sure, no unemployment checks when work slows down, no safety net, or medical and dental, but I'm fully addicted to it. Being around all these construction workers who spend too much time evaluating each others work and pushing and pulling for position so that Winter lay offs don't hit them again, hearing the stories about lost houses and watching my foreman attempt to "privilege" me with a few more weeks worth of work... a day before my "lay off" was to happen, not knowing I had already lined up a sweet job paying twice as much.
I get a kick out of the fact that I'm this anarchist/socialist at heart and I'm a better capitalist in rough times than my anti-commie coworkers.
It comes down to this, live well bellow your means, don't buy a house and new car at the limits of your budget, otherwise somebody will end up owning you, and discarding you when they've drained the last of your blood. My dad at this point owns the mortgage on four houses, two are sold and one will be rented out, he drives a rusty 20 year old Toyota truck.