Freelancing work, and work from home jobs like running a blogging business affords us the opportunity to have a lot more freedom than we can with a traditional 9-5 job. This explains the huge growth of the gig and freelance job market. Millions of people across the world have left the rat race, opting for location-independent jobs that allow them to design the lives they desire.
We get to choose our own hours, and spend precious time with our kids while still making a living and contributing to household income. Some people have become millionaires through this business model. But that level of success, though highly publicized, isn’t how blogging is for a lot of people. The financial implications of working from home cause strain for a lot of people.
As bloggers, we have to let go of traditional employment benefits, and pay for these things out of our own pockets. As much as work as we know it has changed, financial and banking models are creeping slowly towards helping freelancers and bloggers have more financial stability. Frankly, it’s not happening fast enough. That’s why it’s so important for bloggers to be really good with their finances, so we can whether all the conditions of getting a business off the ground. Financial management can truly make or break us, and it’s too important to be left to chance.
But in my experience, I’ve found that there’s a lot more things bloggers have to pay attention to for their lives to be financially stable. It isn’t just about taxes and having a rainy day fund, it’s about thinking of a lot of other things that might come up as you’re getting on your feet. Blogging businesses don’t become successful immediately, they take time as you’re figuring out money making strategies and perfecting your products. You don’t want to be under financial pressure in this phase, and it’s important for us to do all we can to lay the right groundwork. These are the 3 things I wish more bloggers and freelancers new about when it comes to money and finances.
A Financial Buffer
A successful blog isn’t built in a day, a week and perhaps even a few months, and this is the same with a freelance writing career. You might get a great client one month, and be looking for the next one for two months after that. You need to have money for that. That means saving for all your living expenses as far ahead as possible so that you’re not desperate for more work or for money from your blog to start rolling in. Not having this buffer puts you at risk of financial ruin and significant stress.
A Plan for Big Windfalls
The thing about freelancing and online writing is it can have extreme highs and lows. People talk a lot about having a financial plan for rainy days, but what about when you get a big windfall? Very often, if we don’t have that in place, money comes in and goes out, and it feels like we don’t know where it went. So take the time to actually think about what you would do if your blog earned you a lot of money. What investments would you make, how can you use that money to make a better future and what nice thing can you for yourself? They key thing is your plan has to be specific. That way you will put that money to good use and you won’t just blow it recklessly.
A Plan for Legal Representation
Life is full of surprises and not all of them are good. Freelance workers and bloggers don’t often have access to great legal representation for when things go wrong. I think it leaves us at a great disadvantage when we get into a dispute with a client, don’t get paid on time, or worst case scenario get into an accident. In that case, you might need a the services of a firm like Schwartzapfel personal injury attorneys. In other cases you might need a tax attorney, or even a defense attorney. This is something you have to be prepared for so you’re not blindsided.
Life as a blogger is different to life as an employee, and while there are many benefits, the drawback is you have to make plans on your own when it comes to finances. Don’t just focus on the standard things people talk about, the more circumstances we plan for, the better this amazing job will be.
