Building Financial Wealth as a Freelancer

Freelancers have the luxury of working from home on their time schedule. They can work early in the morning or choose to work later in the day, whatever is more convenient. The reason many people now opt to work from home versus the traditional office environment is the freedom it provides. Your child has a midday concert, you’re there. You have to go to the doctors, you can schedule an appointment during the day. However, there is a cost for freedom. You will have months of feast and months of famine. The good news is that with the right planning you can continue to work from home and enjoy a bright financial future.

Borrowing Money During the Droughts

The ultimate goal of a freelancer is to maintain a steady flow of money. Unfortunately, this can take several years to achieve. During the droughts, it can be difficult to secure the necessary funds to pay your monthly bills. Traditional banks view freelancers as high risk, due to their unpredictable income. Thankfully, there are other lenders, such as a no credit check loan, that will grant you a small short-term loan. This will help tie you over financially until your next project.

Advertising Your Business

Self-employment puts the onus of finding new business squarely on your shoulders. A successful marketing campaign is a must for any business. Having a website will give your business credibility. It’s also in your best interest to have a presence on social media sites. These sites attract millions of people daily, and placing an ad that takes them to your website will help improve your chances of improving sales. Another method of advertising is to pitch a canopy tent at the local fair with your company name and logo. As people walk around they will stop to take a look at what products you sell and the services provided. 

Securing Your Retirement 

Creating a budget is a must for a freelancer. Without it, you won’t be able to pay your bills, take a vacation, or have money for retirement. The good news is that you can plan ahead. Investing in a private 401K or a Roth IRA will fund your retirement and allow you to enjoy a good quality of life. If you’re not sure where to invest your money, you can seek the help of a financial advisor. Companies like Betterment have financial planners on staff to answer your questions. 

Eliminate Debt

Everyone has some debt. You may have a mortgage, a car payment and a couple of credit cards. However, as a freelancer, the cash flow is never the same. You’ll have lucrative months and months without income. As a result, you need to focus on reducing your debt. One way is to avoid racking up thousands of dollars on a credit card for frivolous items. If there’s something you want, save up for it and then pay cash. The benefit of doing things is no additional bill and you own it. 

Finding Ways to Save Money

Working from home will automatically save you money. You don’t have the commute, lunches and coffee expenses and you don’t need to buy new clothes. Since you’re at home you can prepare dinners for the week and dedicate one day to running errands. In addition, you can look for sales on your groceries and essentials and use coupons when possible. You should also contact the cable company and your cell phone carrier to make sure you’re getting the best prices. Bundling services such as your insurance to include autos, homeowners, and life will also reduce your bills. 
Working from home comes with many perks. However, there are also difficult financial times. In order to sustain a good quality of life, it’s important to tuck away money for tomorrow and find ways to get more out of your money.

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