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4 Financial Moves that you Should make to Stay Ahead


Freelancing in Gig Economy

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Unit Summary

4 financial moves that you should make to stay ahead:
  • Saving
  • Avoid loans
  • Keeping track of taxes with the help of a CPA
  • Insurance

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The world of freelancing comes with major insecurity. Taking care of your finances is an important consideration that can save you potential problems in the future. Freelancing work is often available in abundance but in the unforeseen circumstances that things slow down, there are some important tactics to keep in mind. Here are 4 financial moves that you should make to stay ahead:
  1. Saving
    • When you start creating a steady stream of income in the gig economy, it is time to consider putting a large portion of your income into a savings account. You can save to contribute to an emergency fund that you can use in times of need or you can begin a retirement fund.
  2. Avoid Loans
    • It isn’t clever to be using loans in times of uncertainty. Any kind of debt is not safe when you have not yet established a reliable freelancing career.
  3. Keeping track of taxes with the help of a CPA
    • Certified Professional Accountants can be hired to ensure that you are reporting your taxes in a legal fashion that is most beneficial to your financial situation. Understanding the benefits of hiring a professional accountant early can save you potential legal troubles down the road.
  4. Insurance
    • Re investing your profits in a strong freelancers insurance plan will give you the peace of mind when it comes to benefits that you may have missed out on from not having a traditional job. This will also help you to cover any unforeseen emergencies that may arise.
Keeping in mind the possibilities that may arise in the future will prove to be valuable. Although things may be going well at the moment, you won’t want to risk the hard work that you have put into freelancing. Keeping an eye on all of the possibilities will ensure that you stay ahead with added peace of mind.