Apurva Gururaj’s Post

As freelancers, we sell our time for money. AND IT IS SUCH A BAD IDEA. - It's not sustainable - Since our hours/efforts are directly tied to $$$, we may not actively consider taking time off. The work-life balance can be wonky. Because we want to work more hours so that it brings more money. - There's very little room for financial growth. (You can only double your rates so frequently and so many times in a given period. Increasing your charges itself is challenging if you don't have a lot of experience or street cred!) ... and there are numerous other problems. 👉 Being more proactive about personal finance, diversifying our incomes, and building wealth (not getting rich) is so so important in 2024. Earlier last year, I finished building my emergency fund. I started actively investing in index funds and equities a few years back. I never had any debt on me. So, it helped a lot in savings and investments. Now, while I feel decently layered financially, I am far from having multiple sources of income that are not tied to my time and perpetual efforts. Unless something happens and f$cks with my plans, I am working to: - Build digital products - Build no or low-code SaaS product - Build content assets that drive affiliate income (Feels weird and audacious to mention this publicly, but doing it for transparency and accountability!) This might take me months and years, even. But there are two goals here: - Build multiple sources of income - Detach how much I earn from how many hours I put into it (The biggest challenge I see for me is distractions.) If you're a freelancer, I really really hope you, too, think about diversifying your income streams and actively planning your personal finances. It’s essential for a stable (and happy) life no matter how the economic conditions are. Have a great week ahead. 💚 #freelancer #personalfinance

Hey LinkedIn community! 👋 As a proud freelancer navigating the dynamic landscape of the gig economy in the USA, I've learned that attention to detail and effective communication are paramount when it comes to financial matters, especially under a 1099 form. Currently facing some challenges with a company based in Europe, I want to highlight the importance of being on top of your financial game. 📊 Misinformation about tax processes and disorganized CPA companies can lead to a maze of confusion, impacting not just your earnings but also your peace of mind. Here are a few lessons I've learned that might resonate with fellow freelancers: 1️⃣ Double-Check Amounts: Always scrutinize the amounts you're invoicing and receiving. Mistakes can happen, but catching them early prevents larger issues down the road. 2️⃣ Stay in Constant Communication: Working across borders can introduce complexities. Ensure the company you're freelancing for is always in communication. This avoids misunderstandings and keeps everyone on the same page. 3️⃣ Be Your Financial Advocate: If you sense misinformation or disorganization on the part of the company or their CPA, don't hesitate to speak up. Your hard-earned money is at stake, and it's crucial to stand up for yourself. 4️⃣ Maintain Well-Organized Records: Keep meticulous records of your transactions, communications, and financial documents. This not only helps you stay organized but also provides a safety net in case issues arise. 5️⃣ Empower Yourself: If you're facing challenges, don't shy away from addressing them. Empower yourself with knowledge about tax processes, and be proactive in resolving any discrepancies. Freelancing is a rewarding journey, but it comes with its unique set of challenges. By staying vigilant, fostering effective communication, and standing up for our financial interests, we can navigate the freelancing landscape with confidence. 😀 Let's share our experiences and insights to empower each other in this vibrant and diverse community. 💼💡 #FreelanceLife #FinancialEmpowerment #1099Wisdom #CommunicationIsKey

There are 3 reasons why freelancers earn less than what they want. Two reasons are obvious: -> They don’t know how to price their service, so they end up charging much less -> They don’t ask for more. What if you ask for more and the client leaves! The third reason is interesting: --> They’re so busy working with low-paying clients that they don’t have the time to breathe, look outside that bubble, and actively seek high-paying clients. I call it the “low-paying client trap.” My friend started writing full-time a couple of years back. He works with clients who pay less—not by choice, of course. His way to earn more is to do more of the low-paying tasks that he has (aka finish more pieces of content every month). His equation is: If: xx hours = $xx Then: 2(xx) hours = 2($xx) It’s a mindset issue. He doesn’t actively think about earning more by finding better clients. Instead, he works more for his current clients who pay less. And when he does think about finding better clients, it’s passive. Because: - He doesn’t have time to take initiatives - He’d rather work for less and have a steady stream of income THAN risk not having income while searching for good clients This is a prevalent problem. I went through it myself early in my career. I worked for low-paying clients, feeling lucky to have work. When I wanted to earn more, I worked more hours. I rarely thought about finding better clients who paid more. And even when I tried, I didn’t have time. I was too busy with my current low-rewarding tasks. It’s a trap we don’t even realize keeps us from earning more every month. If you want better-paying clients, actively avoid low-paying ones. Progressively get rid of them. Make time to reduce your current workload and take active initiatives to find clients who pay what you want. It took me a while to learn this. And I still remind myself of this every time I am unhappy with my monthly earnings. - I hope you’re having a great week!! 🙂 #freelance

Freelancers face unique financial challenges, including irregular income streams and lack of benefits. This guide offers practical advice on budgeting, taxes, and saving strategies to achieve financial stability in the gig economy. Learn how to navigate the challenges and build a solid financial foundation for your freelance career. #savingsplan #gigeconomy #freelancefinance

Discover the Broad Impacts of Gig Economy Regulations on Small Businesses, Detailing the Potential Shifts in Costs, Operational Models, and the Fundamental Dynamics of Freelance Work. https://lnkd.in/dXQb--U3

💸Thriving on a Sporadic Income: A Freelancer's Guide Pay week has come and gone for some while many freelancers are still waiting for promised pay. Others know this end of month is going to be lean. While we all hope to catch the golden goose (read: retainers), it doesn’t always happen. Are we doomed to a life of lack? I think not. 💡Here's how you can improve your chances to thrive financially on a sporadic income: 1️⃣ Always be in the market for work. Talk about what you do to everyone and anyone who cares to listen—whether it's decor, design, or playing bass. Utilize social media, in-person interactions, and all the in-betweens. Being constantly in the market for work prevents complacency and increases your chances of landing more short-term gigs. 2️⃣ Budget. It sounds counterintuitive to plan on an unpredictable income, but it’s crucial. Predictable expenses like rent, utilities, travel, meals, and communication should be written down. Knowing your monthly needs helps you quote appropriately for work and seek out additional opportunities to meet those expenses. 3️⃣ Set aside money in times of plenty. Now that you know your monthly needs, separate and save money when you have an abundance. An emergency fund provides a buffer for leaner months while you seek your next gig. 4️⃣ Skill up. Learn related skills to diversify your offerings. If you’re in events, consider ushering. If you're an instrumentalist, learn DJing. Writers can benefit from skills like social media management or editing. A diverse skill set increases your chances of landing more work. 5️⃣ Consider building a team or outsourcing. When work exceeds your capacity, acting as a middleman can help you earn more. Understand client requirements, bill them, then outsource for less. Quality checks are essential since your reputation is on the line. Teaching a group of people your skills can also enable you to handle multiple projects simultaneously. 6️⃣ Ask for referrals. After a job well done, ask your clients for referrals. Satisfied clients often know others who need your services and can help expand your network. These strategies have worked for me, but this is by no means a comprehensive list. I hope you find them helpful. Have more tips? Leave them in the comments to help someone else thrive. --- Feel free to reach out if you have any questions or need further insights! Image by Mc Guzman

Be like Julia Ponder 🤩 Here is how 👇 With the rising living costs, independent contractors and gig workers are taking the heat. Here is what Julia Ponder did to help her freelancer Rewarded the freelancer with something that matters! Lifetime deal from MyGigsters 🎁 On average, accounting tools (that are too complex for a freelancer) cost around $250 - $400 annually. They trap users with lower starter fees (for a few months) and trap them with ever-increasing SAAS fees. At MyGigsters, we decided to challenge the status-quo. Our entire platform (features listed below 👇) will be available for a lifetime for just $49. Here is what you can do now, EOFY 🙏 If you are engaging independent contractors, freelancers and gig workers - showcase your recognition with a lifetime reward. Believe me, they will appreciate your gesture and continue to stay engaged. 🤝 If you know of a business that could benefit from this opportunity, please share this message or tag them here. 📣 P.S. - if you buy more than 50 seats, we have a special discount that will blow your mind. Special shoutout to Julia Ponder for supporting us. Thanks #reward #independentcontractor #gigeconomy #freelancers #smallbusiness

sorry for my words . 1. **Income Instability**: Freelancers often face fluctuating income levels, with profitable months followed by lean periods. This lack of a steady paycheck can be stressful and difficult to manage for those who need consistent financial stability. 2. **Self-Management**: Freelancing requires a high degree of self-discipline and a diverse skill set. Freelancers must stay productive without a structured work environment and handle all business operations, such as marketing and administration, which can be overwhelming. 3. **Isolation and Work-Life Balance**: Working alone can lead to feelings of isolation, and the flexible nature of freelancing can blur the boundaries between personal time and work time, making it challenging to maintain a healthy work-life balance. 4. **Lack of Benefits**: Unlike traditional employment, freelancers must independently source and fund benefits such as health insurance, retirement plans, and paid leave, which can be costly and complex. 5. **Client Acquisition and Market Competition**: Finding and retaining clients requires effective networking and marketing skills. Freelancers also face significant competition in saturated markets, making it difficult to secure consistent work and build a stable client base.

Did you know that many full-time freelancers are now earning as much as, or even more than, they did in their previous salaried positions? 💰 Our recent "Freelancing in Europe, 2024" study reveals intriguing trends in the freelance economy and how professionals are adapting to change and prosper. Take Sara Arévalo, a seasoned Accounting and Tax Consultant from Spain. We asked her about the financial trajectory of her work over the past year. Despite the challenges posed by recent economic shifts, Sara successfully increased her daily rates. Interestingly, this rate hike hasn't deterred clients. In fact, Sara has seen a surge in project requests. “The longer I’ve run my freelancing business, the more credibility and confidence I’ve earned with my clients. Now that I’m getting more project requests than ever before, prioritizing clients who are willing to pay higher rates has naturally shifted my daily rates upward.” Curious about how other freelancers are navigating these dynamic economic times and scaling their earnings? Click here to dive deeper into our Freelancing in Europe 2024 report: https://okt.to/FyoSXu

🚀 Attention, tech-savvy moms! Are you tired of juggling the demands of traditional 9-to-5 jobs and missing out on precious family moments? It's time to explore the world of online freelancing, where flexibility meets financial freedom. Imagine a career where you're in control—no commute, no salary caps, just endless possibilities to turn your skills into profit. Whether you’re a coding whiz or a digital marketing guru, freelancing empowers you to build a business around your life, not the other way around. ✨ Ready to take the leap? Follow me https://lnkd.in/d8AStpmq for more tips and insights on making freelancing work for you, and share this with fellow moms who deserve the same freedom and success! 💪 #FreelancingMoms #DigitalNomad #WorkLifeBalance #WomenInTech #FreelanceLife