There’s a lot of myth out in the world about what it’s like to be a freelancer. When you first get started, you may even be influenced by it. Even though you know you want to be your own boss, set your own work schedule, and work on things that light you up, it’s hard not to be influenced by the doom and gloom that can surround freelancer finances. People will say it’s not sustainable or you can’t make enough money, but a lot of freelancers will tell you that they find it to be very lucrative. As with anything, it’s what you make of it. So, it’s entirely possible for you to build wealth and reach your financial goals by going freelance.
If you’re already a freelancer and you’re wondering how to do it, or you’re thinking of going freelance and you want to get started on the right foot, you’ve come to the right place. In this blog post, we’re going to take a look at exactly what it takes to be prosperous as a freelancer.
Be Intentional About What You Want to Create
The first thing you need to do here is make sure that you’re very intentional with your freelance career. If you go into it worrying if it will be sustainable or only accepting crumbs here and there, you won’t be in the right mindset. Instead, you need to be very intentional with your actions and ensure that you’re pitching for the work, making connections, and bringing in projects at the right rates.
Put Financial Goals in Place and Take Aligned Action
One thing that will help you to be more intentional is to have financial goals. Really get clear on what you want to achieve financially. It might be setting an income goal or even what you want to do with your income. Here, you definitely need to make sure that you’re planning for retirement and maxing out your 401(k). If you have children, you may want to save for their future and even get a college fund started. Here, make sure that you’re aware of the RESP contribution catch up rules to help you get the most out of your savings. As a freelancer, you’re also an entrepreneur–meaning you can totally drive your financial life forward, building wealth as you go.
Set Yourself Up for Success
If there’s one thing that can help you to get in the zone here, it’s ensuring that you’re set up for success. Holding yourself accountable and being productive is a huge part of being a successful freelancer. While the nature of freelance life is often a huge attraction to many would-be entrepreneurs, if you want to be a six or seven-figure earner, you need the right setup. Having a schedule, using productivity apps, and even networking can often be the key to getting ahead and building wealth.
Create Multiple Sources of Income Along the Way
Finally, you also need to make sure that you spread your oats! Having all of your eggs in one basket can certainly limit you as a freelancer. Many wealthy people attribute their success to having multiple sources of income. So rather than just relying on one client or even one type of freelance work, it’s okay to spread out. Freelancing for clients, consulting, creating passive income, and even launching products could be just what you need to build wealth and reach your financial goals.
