5 financial benefits of going freelance

Hey guys,

I for one get pretty fed up of the misconception that freelancer are all poor, pyjama-clad hippies forever chasing invoices and struggling to make ends meet.

So I thought today I would write something a little different, about all the financial benefits of going freelance.

To some, going freelance is the ultimate goals. Maybe you’re a writer, a marketer, a designer, or any other professional that can make it alone? Then it’s highly likely that you’ve thought about going freelance before.

Maybe it’s something that you’ve always wanted, and that you’re still working for, but that you’re even a little bit afraid of? Because being your own boss can be a bit intimidating – along with the idea of working alone.

When you know that it’s just you and the work, and that you’re solely responsible for making money, leaving a job with guaranteed pay is scary. But, it doesn’t have to be. In fact, going freelance and being your own boss can change your life. It can also change your finances. Let’s take a look at five ways that your finances are different when you’re freelance.

1. You’re In Control

One thing that puts people off is being in charge. Because now you have to actively go out there and ask for money. You need to pitch yourself and look for gigs. Nothing is guaranteed. And this is the first way that money works differently – you have no fixed income.

2. Opportunities Are Endless

And the best thing about being in control? You get to earn more. Yes, that’s right, you have options here. You’re not stuck to a set salary. It can seem like a security, but being employed also gives you a ceiling. But when you’re freelance or self-employed, you can go out there and chase down a whole bunch of income options that allow you to really increase your earnings each year.

3. You Have To Prove Yourself

However, you do have to be aware that you often have to jump through more hoops as a freelancer to get finance. So if you’re thinking of saving for a mortgage and hiring conveyancing solicitors and buying a house, you need to be prepared. You need the money and the tax returns! It’s not easy, but if you work hard and prepare, you can make this work out for you – especially if you’ve saved for it!

4. You Have To Allocate Money For Tax

But also, you don’t pay tax automatically. Rather than it just being paid by your employer and you not seeing it, you will find that you have to allocate the money to one side yourself and then pay your tax bill yearly or quarterly or however you set it up. It important to be aware of this.

5. You Get Good At Finance!

And finally, even if you think that you’re not all that good with money and that you suck as a financier, after going freelance, that all changes. In fact, finance become your best friend. Because you’re i control and you’re constantly pushing your income and keeping an eye on the numbers – so you pick a few things up. Even if you have an accountant! And the more you care about nailing the number, the better you get. So if you want to change your finances for the better, maybe going freelance could be a great thing for you.

Thanks for reading,

Hannah x

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