Freelancer, independent contractor, self-employed – call it what you will, but the truth is the same: not being an employee can be extra hard work. Indeed, when you’re an employee, you have a pretty good idea of what your income stream will be, regardless of productivity. As an independent worker, on the other hand, you have to work really hard to increase your earnings, and being lazy or unproductive will never pay off. That being said, here are some financial tips and suggestions from Forbes that can help freelancers maximize money management:
Don’t Be Afraid to Invest a Little (If It Will Pay Off)
When you’re first starting out as a freelancer, parting with money can be very stressful, and may even be impossible if you’re not earning anything. However, sometimes, in order to make money, you’ll have to spend money. If you believe that investing in courses, a degree, or another “in” could pay off, don’t hold back just because of the cost.
Figure Out How to Do the Most in the Least Amount of Time
The first year as an independent contractor, doing a single project may take you hours, days, or weeks (depending on what you’re doing). As your skill set progresses over time however and you become more comfortable and competent, you should be able to perform the same task/complete the same project in less time; if you’re not, you’re making a mistake when it comes to maximizing your efficiency. Keep in mind that just because you’re doing things faster doesn’t mean you should sell yourself short in terms of income. As such, consider a per project charge instead of an hourly charge; this way, the faster and more efficiently you work, the more you’ll make.
What would other tips for improving your finances as an independent contractor that you’d add to this list?
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