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10-07-2018
Article by: Nipapan Poonsatiansap CFP® Independent Financial Planner
Before we start with freelance financial planning, let’s us first familiarize ourselves with “freelance” or “independent” career.
There are many definitions for “freelance”. Here, we will define “freelance” as self-employed who owned and managed their own work and absence of employer or monthly salary from employer. A freelancer may have an operation team of less than 5 people and the income is not limited to margin of business operation. The unlimited income depends on skills and knowledge an individual or simply put, they receive the amount of perceived value of their work.
Being a self-employed means responsible for the business in all facets if it would fail or become successful. As a profession, they have to accept the outcome none the less. Hence, managing work schedule, appropriate financial plan and discipline are crucial for the success of every freelancer and independent career.
On the last note, being a freelancer or a self-employed gives you autonomy but the freedom requires a good financial planning. A robust financial planning acts like a Life Compass to tackle potential financial challenges caused from leaking money (no savings despite high income). Therefore, enjoy a carefree freelance lifestyle with a sound financial planning.