Learn more about moneyandinvestments with this collection
The importance of innovation
The power of perseverance
How to think big and take risks
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.
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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.
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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 accountan...
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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.
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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.
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Other curated ideas on this topic:
Fund Retirement Plans ASAP
When individuals earn money, their first responsibility is to pay current expenses such as rent or mortgage and food. Once these expenses have been covered, the next step should be to fund a retirement plan.
How much difference will funding a vehicle such as a Roth IRA early on in l...
Paying for retirement
- Try to save at least 15% of your paycheck for retirement.
- If you're able to save more, open a Roth IRA. You'll pay taxes on your contributions now, but your earnings will accumulate tax-free.
- Even if you haven't saved anything for your retirement, there's still time to bui...
Tax-advantaged accounts can help
You can take advantage of the tax-sheltered retirement accounts like 401(k)s and IRAs.
- If you qualify for a Roth IRA, use it. The Roth IRA will come back to you tax-free when you're older.
- If you contribute to a 401(k) account, at least 5 percent will be matched from your e...
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