Deliberate Freelancer

#9: The Money Lessons I’ve Learned the Hard Way

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What kind of money personality do you have? This is important to know as you handle your finances for your freelance business. DELIBERATE FREELANCER SHOW NOTES My budgeting goes all the way back to childhood and my $2 allowance. Hear about my huge money confession and tax mistake. I immediately implemented two things to prevent that mistake in the future: I take 30% of my monthly income and place it into an online savings account that is earmarked only for taxes. You have to spend money to make money. If you are the only one in your business, two things are going to happen: You are eventually going to reach your capacity. There are only so many hours in the day, and if you are doing everything, eventually you’re going to come to the end of what you can do. Short of raising all your rates all the time, your business is not going to earn more money. Embrace the economic concept of opportunity cost: Opportunity cost is when you have a situation with more than one choice. You make a choice and go a particular rou