Freelance Finance

Last week we did some traveling, sharing the Freelance Finance System with some new friends and acquaintances. One question that came up often: Will people really be disciplined enough to save money this way? The question is rooted in the notion that people are by nature bad savers, that they will routinely spend their cash […]

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The problems that arise with money and the freelance life are often ones of organization. If you set up your financial accounts properly, your financial goals will be right in front of you every time you check your finances. The way I see it, every independent worker should have at least FOUR bank accounts:
1. The […]

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We hear it all the time: “I’m young. Why should I save for retirement now?” Here’s the short answer: Because the power of compound interest works in your favor the more years your money sits in the bank, growing. If you start saving 15 percent of your income in your twenties, you will be a […]

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Personal finance for freelancers is a tricky topic for many reasons, perhaps the most obvious of which is that our work lives—and the erratic payments that often go along with it—look a lot different than most people’s. Saving for retirement is a must for anyone who doesn’t want to spend their golden years panicked about […]

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Paying yourself first is the cardinal rule of all income-earners, whether you are a self-employed freelancer or not. As you may have noticed, Mire and I like to call this feeding the monkey. Suppose you decide to save 15 percent of your income. Save it as follows: 10 percent to a retirement account, and 5 […]

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When I first went freelance, I took the advice of a friend who had been doing this longer than I had. As each check came in, she socked away a third (roughly 30 percent) in a separate account intended for taxes. Each quarter, when she needed to pay her estimated taxes, she dipped into the […]

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Your savings will only grow if you establish a savings plan and stick to it religiously. Employed folks have 401k’s and other options that allow them to pay themselves first, before they get their hands on their money. This reduces the chance that they will spend it before they save it. A self-employed person can […]

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