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Type of Freelancing and Financial planning

The number of people performing contract or freelance work in the United States increased by 2 million from the previous year to 59 million. It is critical for folks who are new to freelancing to secure their finances. It is also essential  to know type of freelancing that you want to do.

The way you see your freelance career  and type of freelancing that you want to do will influence how you plan your finances. The more time you expect to be on your own, the more of these steps you should take. Having the correct technique will assist safeguard your financial picture, depending on why you become a freelancer and what your long-term goals are.

Freelancing as  last resort

For many people, freelancing is a last resort. This type of freelancing instead of viewing it as a leisure activity, it is a means of protecting one’s cash till the first or next employment opportunity occurs. If you find yourself in this scenario, you must find a means to cover your expenditures while still having enough free time to look for a full-time job.

Look for ways to reduce expenses, such as reducing the amount of streaming channels or other subscriptions. You can always resume these costs if you have the full-time job.

Currently love freelancing, but  open to other opportunities

Others see freelancing as a way to get out of a poor circumstance or employment while they figure out what they want to do with the rest of their lives. About one-in-five people who resort to full-time freelancing do so to get out of a difficult situation.

This person is unsure whether their freelance career will last a few months or years. Because of this uncertainty, they must begin operating as though they intend to continue contracting for the foreseeable future. Building an emergency fund is necessary to provide security.

Building an emergency fund might safeguard you if certain months of work are slower than others. When working a regular nine-to-five job, having three to six months of expenses saved up in an emergency fund can provide the security you require. You won’t have to worry about taking a horrible position if you have this, allowing you to focus on what you genuinely want to do.

This is my career, I’m sticking with it

This flexibility has advantages, such as the ability to determine your own timetable. There are several substantial drawbacks, such as a lack of paid time off. Building an emergency fund, on the other hand, can ensure that you are protected if certain months of work are slower than others. Furthermore, it keeps you from returning to a lousy work since you’re worried about running out of money.

Source : Forbes

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About Skyhigh.Vip

Skyhigh.Vip is a global institutional investor with a vast interest in Arts / Construction / Education / Business Services / E-Sports and various other growth industries.

Several of its popular portfolios include GO Chambers which is the world’s largest business chamber listing provider with over 30,000 active chambers as its members.

Flexgigzz is the Asia leading marketplace for freelancers service and together with SOHO Learning Hub which is an online platform for short courses and both of them aims to be the number one provider in Asia. For growth industries such as E-Sport Authority which is dedicated to providing independent media coverage to all E-Sport News related from around the world and for the art world.

 

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