5 Financial Questions to Ask Yourself Before Going Freelance
Curated from: inc.com
Ideas, facts & insights covering these topics:
5 ideas
·1.76K reads
18
Explore the World's Best Ideas
Join today and uncover 100+ curated journeys from 50+ topics. Unlock access to our mobile app with extensive features.
Where to live
As a freelancer today, you can work from anywhere.
New freelancers like to live in a city where it's easier to network or source new clients. They might like to choose somewhere where their money will go further, taking into account housing costs, tax rates, and freelancer ecosystems.
70
385 reads
Personal or Business Banking
Profits from your freelancing career can't simply be added into your personal bank account for the following reasons:
- Mixing personal and business finances can lead to an impossible task at tax season.
- You can be personally liable for lawsuits against your business.
- You'll fail to build business credit.
When you go freelance, open up a business checking account and get a business credit card.
82
294 reads
Accounting help
Keeping track of contracts, invoices, overdue payments, and tax can become a burden.
There are several low-cost and free accounting and business management software options to help you stay on top of your finances. During tax season, it may be useful to make use of a professional accountant.
71
464 reads
Retirement savings
As a freelancer, you are solely responsible for your retirement.
Ensure to budget for yourself in this regard. Opening up an IRA or Roth IRA seems to be the obvious step.
64
319 reads
Consider insurance costs
... before going freelance. Health insurance costs will likely mean private, high-deductible insurance plans through the Affordable Care Act.
You may also need liability insurance, depending on your field or your clients.
65
298 reads
IDEAS CURATED BY
Elena A.'s ideas are part of this journey:
Learn more about moneyandinvestments with this collection
The importance of innovation
The power of perseverance
How to think big and take risks
Related collections
Similar ideas
5 ideas
5 tips to get your freelance business up and running
blog.freelancersunion.org
4 ideas
Investing Tips for Married Couples
daveramsey.com
25 ideas
Best Countries With Digital Nomad & Remote Work Visas
expertvagabond.com
Read & Learn
20x Faster
without
deepstash
with
deepstash
with
deepstash
Personalized microlearning
—
100+ Learning Journeys
—
Access to 200,000+ ideas
—
Access to the mobile app
—
Unlimited idea saving
—
—
Unlimited history
—
—
Unlimited listening to ideas
—
—
Downloading & offline access
—
—
Supercharge your mind with one idea per day
Enter your email and spend 1 minute every day to learn something new.
I agree to receive email updates