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(Art Credit: Pedro Gomes) Working remotely gives you freedom over your office, schedule, and working habits. Naturally, remote work allows many people to have productive and profitable careers while prioritizing family, work-life balance, and keeping life "fun." However, remote working isn't always easy (even for people who love it!). Research from Qualtrics found that 44.4% of people working from home reported that their mental health has worsened since the outbreak of COVID-19. Of course, remote work isn't the only thing at play here, though many people cite it as a contributing factor. If you're one of those people, this article is for you. We will look at why remote work can harm your well-being and what to do about it. Negative impacts of remote workMany remote workers sleep, eat, work, and socialize on their own schedule — though this can sometimes have adverse side effects:
It's not that remote work is bad or harmful, but it can sometimes be challenging to cope with. When to seek professional helpIt's normal to go through rough periods in your life, and many people pass through these periods with self-care and support from loved ones. However, you should seek professional help from local mental health services if your mental health impacts your personal and professional lives. Alternatively (and perhaps more importantly), you should seek help if you feel you could benefit from it. Your mental health doesn't need to get to a certain point to be "bad enough" for professional help. It's always okay to reach out. Tips to improve mental health while working remotelyHere are some tips to help you improve your mental health and wellbeing while working from home: 1. Prioritize your health where possiblePrioritizing health and wellbeing can be tricky as it's easy to push it away for your schooling, career, and interpersonal relationships. However, putting yourself last is never wise, as it can put more on your plate than you can handle and leave you stressed and upset. Reflect on your needs and be honest about the things that would improve your quality of life. Do you need less restrictive deadlines? More time off? To log off earlier? Once you've reflected, take steps to make it happen over time. Additionally, practice the word "no" (or one of its alternatives). You aren't bad at your vocation if you can't perform a superhuman amount of work. Source: Acumen Connections 2. Seek support from friends and familyYour friends and family know you more intimately than anyone else. Naturally, they can be wonderful sources of hope and clarity during tough periods. Don't be afraid to reach out for support or simply a conversation. One in five people will experience mental illness in their lifetime, and everyone goes through struggles. Connecting with someone who can understand can help remove some of the "weight" you may carry and find joy. 3. Set clear boundaries and a daily routineYou often sleep, eat, and rest meters from your workspace when you work from home. This is very convenient in the morning but tricky at night. Setting clear boundaries can help you recharge and invest in yourself in your off-hours, as well as come to work productive and clear-headed. To set good personal boundaries, note the things that worsen your mental health. Perhaps that's working after dinner, answering emails in bed, or taking on extra tasks over the weekend. Write your boundaries down and work out to enforce them. You could try:
Then, give yourself a daily routine and write it down on a calendar, so it's easy to follow. You don't need to invest in a calendar — you can make one on Microsoft Excel. Finally, practice time budgeting. When you time budget, you prioritize the tasks that will help you the most, so you spend your time wisely. Here's an example of a time budget: Source: Right Attitudes 4. Craft a comfy home officeAs Jenni Prat from Portent told Brosix in an article about remote work: "don't underestimate the power your environment has on motivation and productivity." I couldn't have said it better. Crafting a space that supports you can improve your mental wellbeing by reducing strain, improving physical health, and lifting your mood. Here are some suggestions for a great space:
Of course, a good home office extends beyond your physical office space. Adopting good workplace habits (like setting goals, providing opportunities for connection, and building a rewarding hybrid culture) can help you create a healthy headspace for work. 5. Stay ActiveFinally, find an avenue that allows you to work through your feelings and reduce your stress levels. The right avenue for you is subjective, but many people like exercise, socializing with friends, learning a new skill, or engaging with a fulfilling hobby. Don't feel pressured to choose a "trendy" avenue. We all respond to different things. Additionally, schedule transition activities before and after work. Transition activities are exactly what they sound like — 5 - 10 minute activities that help you shift headspaces from "at work" to "at home." Great transition activities include stretching, guided meditation, knitting, drawing, playing an instrument, a short workout, journaling, or simply sitting and breathing. Protect your physical and mental health at workRemote work is fulfilling and life-changing for many people, but it comes with its own struggles. If you are struggling with mental health issues while working remotely, please seek professional help. Additionally, set boundaries, seek support from loved ones, and own your feelings. Your happiness and wellbeing are valuable things, and they are worth investing in. via Freelancers Union Blog https://blog.freelancersunion.org/2022/02/28/working-from-home-and-mental-health/
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If you make quarterly estimated tax payments to the Internal Revenue Service (IRS), you probably determined at the beginning of the year how much you should pay each quarter. However, as a self-employed person or independent contractor, your income and expenses during the year may not turn out exactly as planned. You may be having a banner year and need to increase your quarterly payments. Or your business may be taking longer to get up to speed than you hoped. In that case, you may not need to pay as much after all. Ideally, you should pay at least enough income tax every quarter to avoid penalties and interest for underpayment of estimated tax. It’s best to get as close as possible to the right amount, so you owe little or no tax when you file next year. You also don’t want to pay too much that you let the IRS hold your money at zero percent interest for twelve months. If you estimate your quarterly tax liability very carefully, you may need to pay a slightly different dollar amount each quarter. Should I tell the IRS if I want to pay a different amount? Some people worry what the IRS will think if their payments differ from one quarter to the next. But, you don’t need to notify the IRS if you plan to adjust your payment. You don’t even need to tell them how much you plan to pay. It’s simply up to you to send in the right amount for your situation. The IRS doesn’t give a lot of attention to your quarterly payments until you file your annual return the following year. That’s when they look at your annual income, your total tax due, and the amounts you paid each quarter to determine if you submitted enough estimated tax. How do I know I’m paying the right amount of estimated tax payments? To make sure you pay the right amount of estimated taxes, you must keep up with your bookkeeping every quarter – not just at the end of the year. If you track your business income and expenses, it’s easy to estimate your tax liability and the correct payment for each quarter. Better yet, when you keep up with your bookkeeping for tax purposes, you have vital information about your business available to help you make good business decisions all year. How can I make quarterly estimated tax payments easier? Most self-employed people will agree – the hardest part of making estimated tax payments is coming up with the money to pay them. Consider setting money aside for estimated tax payments in a separate account as you earn income. Can I get money back if I overpaid one quarter? It doesn’t matter if you pay too much or too little one quarter; you can’t get the money back from the IRS until you file your tax return. That’s one reason why it’s so important to get your estimated tax payments right. You may have a better use for that money now – not next year. If you overpay one quarter, you may be able to skip the following estimated tax payment altogether. Your minimum quarterly payments to avoid a penalty are cumulative. In other words, if you paid enough in the first quarter to cover both the first and second quarters, you won’t be penalized for not sending a second-quarter payment. If you or your spouse also earn income as employees, and you have overpaid your quarterly estimated taxes, you may want to file a new Form W-4. Doing so can help temporarily reduce your income tax withholding to make up for the excess payments. But, don’t forget to adjust your Form W-4 back to normal when necessary. via Freelancers Union Blog https://blog.freelancersunion.org/2022/02/25/guide-to-adjusting-your-self-employed-estimated-tax-payments-2/
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At Freelancers Union, one of our top priorities has been to advocate for the proliferation of the Freelance Isn’t Free Act across the country. Last week, we joined our freelance and labor partners across New York State in Albany to announce the introduction of a statewide Freelance isn’t Free Act, Bill S8359, which would expand non-payment protections for freelancers across the state of New York. We are proud and excited to bring a version of New York City’s landmark law to the rest of New York. This is the first step toward securing legal rights and protections for freelancers in all of New York State.In a study led by our organization, 71% of freelancers have reported having to deal with client non-payment. With the statewide Freelance Isn’t Free Law, independent workers across New York will have the rights to a written contract, timely and full payment, and protection from retaliation. The law would empower a city or state agency to enforce it, and has real consequences for violations of these rights, including statutory damages, double damages, injunctive relief, and attorneys’ fees and costs. Not paying a freelancer is wage theft, plain and simple.Unscrupulous clients get away with it because they know that freelancers work alone, without the legal rights afforded to employees.From Buffalo, to Rochester, the Hudson Valley to Long Island, freelancers would be able to file a complaint with the Department of Labor to collect payment thanks to the legislation sponsored by Assembly member Harry B Bronson and Senator Andrew Gounardes. Passing this law will be a major victory for the hundreds of thousands of freelancers who are the backbone of the state’s economy. But In order for the bill to become law, it has to pass through the labor committee of both the State Assembly and the State Senate, voted by both bodies and lastly signed by the governor. Right now, the most important tool we have is your voice.Legislators need to hear the true stories directly from freelancers who have suffered because of nonpayment to fully understand the scope of the issue. It’s time to speak up! Find your assemblymember here, your state senator here, and click here for a sample script (for both writing and by phone) to tell your representatives. If you are interested in working with us directly to make this law a reality, either by providing a testimonial or helping to organize your freelance peers, please reach out directly to [email protected]. If you’d like to submit a written comment or send an email to your councilmember, you can use the below script as a model. New Yorkers are also invited to share stories of how Freelance Isn’t Free has helped them. Press coverage for the legislation can be found below: via Freelancers Union Blog https://blog.freelancersunion.org/2022/02/24/freelance-isnt-free-act-in-new-york-state/
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This post is sponsored by our partner Lili. (Art Credit: Kathryn Sheldon) If you’re starting your own business or looking to grow your business, having a good credit score can be critical. It determines your ability to get financing, as well as the interest rate you receive. Improving your credit score might seem like a daunting task, but the better your credit score, the more access to financing you’ll have available and the better your interest rates will be. Your credit score ranges from 350 to 850 and is generally calculated using 5 categories of information, each with varying weights. These include the following:
Unfortunately, for many of us, our credit scores simply aren’t where we’d like them to be. Whatever the reason, there are steps you can take to improve or repair your credit. Here are five steps you can take right now. Get a Copy of Your Credit ReportsYou can’t take action on your credit if you don’t know where you stand. The first thing you should do is get a copy of your credit report from each of the three major credit reporting agencies (TransUnion, Experian, and Equifax). Under federal law, you’re entitled to receive one free copy of your credit report per year from each credit reporting agency at www.annualcreditreport.com. It’s important to note that getting your credit report will not give you your credit score. However, free apps like Credit Karma, Credit Sesame, and WalletHub will give you a general idea of what your credit score looks like. Dispute Any Errors On Your Credit ReportAfter you receive your credit report, you should carefully review it to determine that everything in it is accurate. While major errors aren’t common, they can happen. And if you see any errors on your credit report – even minor ones – it’s worth disputing or correcting them. The sooner you fix any errors, the easier it’ll be to improve or repair your credit. You can typically dispute errors online at the credit reporting agency’s website or you can send a letter to the credit reporting agency to let them know of the error. Be sure to submit any documentation you have to support your dispute. Another option is to use an automated service like Dovly, which can dispute errors on your behalf. You can find more information about how to dispute errors on your credit report from the Federal Trade Commission website. Pay Late and Past-Due AccountsYour payment history is the most important factor that makes up your credit score. This makes logical sense – lenders want to be sure that they’ll get paid back and a history of on-time payments shows that you can do that. If you want to improve your credit score, you need to catch up on any late payments. There are two things you can do to get caught up – spend less than you earn and do whatever you can to earn more income. Creating a budget is a great strategy you can use to help you spend less than you earn. Figure out how much you make each month. Determine what you need to spend each month. And use the remainder to pay down debt. After you’ve created a budget, consider picking up a side hustle to improve your income. There are a lot of ways to earn extra money these days. Here are a few ideas to consider. The great thing about side hustling is that every dollar you earn from your side hustle can go towards paying down your debt. If you do these two things – create a budget and earn more income by picking up a side hustle – you’ll be well on your way to improving your financial standing. Improve Your Credit Utilization RatioThe second most important factor of your credit score is your credit utilization ratio. To a lender, the more credit you are using, the more risk they face that you won’t be able to pay them back. To determine your credit utilization ratio, take the amount of available credit you have and divide it by the amount of credit you are currently using. For example, if you have $10,000 of available credit and have a $5,000 balance, your credit utilization ratio would be 50%. A high credit utilization ratio can have a dramatic impact on your credit score. Indeed, it’s almost as important as your history of on-time payments. That means a high credit utilization ratio can hurt your credit score in almost the same manner as making late payments! If you can, try to reduce your balance on your credit cards to improve your credit utilization ratio. Lenders typically prefer a credit utilization ratio under 30%. So, if you have $10,000 of available credit, it’s best to keep your outstanding balance below $3,000. Pay All Bills On Time Going ForwardAs previously stated, your payment history is the most important factor when it comes to your credit score. That means if you want to repair your credit, you need to keep paying your bills on time. There’s no way around this. Creating a budget and picking up a side hustle (or two) are two surefire ways to make sure you have enough money to make on-time payments. In addition, make sure you know when your bills are due. If you’re comfortable with it, setting up auto-pay for all of your bills is a great way to make sure you never miss a payment. Otherwise, be sure to set reminders so you never forget. Final ThoughtsYour credit score is really important. If you have a better credit score, you’ll get lower rates on things like car loans, mortgages, and personal loans. Your credit score can even play a role when it comes to employment or housing. Whether it’s right or not, employers and landlords often look at your credit score to determine whether you’ll be a good employee or tenant. If this all feels overwhelming, start small with a trusted credit repair app like Dovly. Apps like Dovly can help boost your score with an automated credit repair engine that tracks, manages, and fixes credit scores. Dovly has a 92% success rate turning credit scores the right way round so you can get back to expanding your business without the burden of bad credit. The things you need to do to improve or repair your credit aren’t a secret. If you pay your bills on time and keep your credit utilization low, you’ll be well on your way to a better credit score. via Freelancers Union Blog https://blog.freelancersunion.org/2022/02/23/5-steps-freelancers-can-take-to-improve-or-repair-their-credit-2/
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(Art Credit: Andrea Hernandez) If you haven’t been keeping tabs on all of the tax news over the past few months, this rounds up will bring you up to speed—and help you keep track of the changes that will have the most impact on your freelance business. 1) Student loan interest will be forgiven, through 2025. If you are a freelancer with student debt, the passage of the American Recovery Act in March 2021 brought you some good news: all student loan forgiveness and discharges became tax-free on the Federal level, regardless of loan type or program. This eliminated the previous burden for some repayment plans where borrowers had to worry about paying significant taxes on the amounts they owed. This issue is now cleared through 2025. It is important to be aware that state taxes may still apply to your student loan forgiveness, and every state varies with its tax treatment of student loan forgiveness. 2) Tax reporting regulations are becoming even more rigorous. The Biden administration is putting in place measures (and money) to fund the IRS to do more proactive tax collection with the objective of narrowing the gap between what people owe and what they actually pay. 3) The IRS will focus on revenue beyond traditional W-2 and 1099 income taxes. If approved by Congress, the Biden administration’s budget plan will double the size of the IRS workforce, which has been seriously reduced over the past several years. The funding is supposed to focus on higher-income earners whose income is derived or supplemented by less transparent means such as rental income, cryptocurrency transactions, businesses using payment platforms such as Venmo, and holdings in foreign bank accounts. 4) R & D tax credits will also be under the tax deduction microscope. With billions of dollars being deducted from business taxes through the research and development tax credit, it is understandable why this credit is drawing increased scrutiny. This makes it critical to ensure you are claiming valid expenses if you are going to use this credit. Some key points:
If you are not sure if the expenses you are claiming qualify for the R & D tax credit, seek the opinion of a tax professional who can help ensure you claim any R&D tax credit for which you are eligible. These are some of the key changes on the radar for the 2022 tax year and beyond. As you finish filing your 2021 taxes, it is important to track new regulations and reporting requirements so you can leverage tax advantages and minimize adverse tax actions. If you have not already worked with a tax professional to do tax planning for your freelance business, 2022 might be the year where it makes the most sense to do so. via Freelancers Union Blog https://blog.freelancersunion.org/2022/02/21/freelance-tax-tips-for-the-2022-tax-year/
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(Art Credit: Karen Fischer) Podcasting is a popular medium for all kinds of niches – gaming, politics, social issues, the works. If something interests you, then you would tune in for a podcast, right? But what if… you were the podcaster? What if you can spend a half-hour, or more than an hour, talking about something that you like? Then you can be a podcaster! In this quick guide, we’ll show you 7 tips on starting a podcast. In this way, you can not only talk about your favorite thing but also inspire others to talk about it. Let’s dive right in! Define “Podcast” “Before creating a podcast, you should be able to define ‘podcast’ first,” says Frank Carter, a writer at Lia Help and Essayroo. “Whether you choose to podcast as a job, or just want to do it for fun, your podcast should be based on your definition of it. In other words, you’re asking yourself what success means to you.” Know Why You’re Making A Podcast As part of defining “podcast,” you should also know why you’re creating a podcast. In other words, have a theme. What is it that you like to talk about? What is your niche? What do you like doing for a living? As you can see, the possibilities are endless! Find A Good Balance Now that you have a theme and reason for being, your podcast should have a good balance. That means having a good dose of the following:
Having a good balance of these things can help you run your podcast well. Have Great Guests People love to hear the opinions of other people in your niche – and so do you. No matter what your niche is, you’ll need to bring in the right people on your podcast. For example, if your podcast revolves around data science, you can bring in a fellow coder or a data analyst onto your show. Or, if your podcast revolves around health living, then invite a dietitian or a wellness expert onto your show. Your audience wants to learn from additional experts in your niche. Promote Your Podcast Now that you’ve made a few episodes on your podcast, it’s time to promote! How you promote your podcast is vital. Here are some effective ways to promote your podcast:
Promotion is extremely important if you want more listeners to tune in. Be SEO-Friendly “Search engine optimization is vital in today’s online landscape,” says Darla Samuelson, a business writer at OXEssays and Eliteassignmenthelp. “That means that having the right keywords in the title and subtitle of your podcast is essential. You’ll also need to add the right keywords in the description and metadata of your podcast. In this way, your podcast will be found easier when listeners type in your podcast in the search engine bar.” Practice Consistency Finally, be consistent with your podcast. Like everything else in life, consistency is key. Since you plan on making your podcast work for you (even as a hobby), it’s important to plan episodes, make them, and then promote them. One of the best ways to practice consistency is to create a schedule. A schedule allows you to plan your episodes, upload them, and how often to repeat the cycle. Conclusion As you can see, podcasting can be a great job or hobby to take up. No matter who you are, and what you do, creating a podcast can help you not only enjoy what you do, but to also connect with those who like the same niche as you. Plus, you’ll be inspired to share your wisdom with others who are just starting out in the niche or podcasting. By following this quick guide, you can either make a living podcasting, or just do it for the fun of it. With more and more podcasting being accessible these days, it’s time to get your niche – your ideas and opinions – into the public sphere. Remember: The magic starts with the niche – What do you like to talk about? So, start your podcasting venture today! Emily Henry is a writer and editor. via Freelancers Union Blog https://blog.freelancersunion.org/2022/02/17/quick-guide-on-starting-a-podcast-7-tips/
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(Art Credit: Pedro Gomes) This post is sponsored by our partner Lili. As inflation rises in the United States, a financial blind spot known as the money illusion is becoming increasingly important. Put simply, people tend to think in nominal dollars—the actual amount of money spent or earned—and not real dollars, which is the purchasing power of your money after taking inflation into account. For freelancers and gig workers, the money illusion can flip profits into losses. A simple rule of thumb makes it easy to understand the powerful effects of inflation over time. Take 72 and divide it by the annual inflation rate, which is currently 4%. The resulting number tells you how many years it takes to cut your purchasing power in half. For instance, given the current inflation rate, in eighteen years (72/4) your current revenues will only be worth half as much. To see if you’re at risk from the money illusion, try to answer the following question developed by Eldar Shafir, Peter Diamond and Amos Tversky. The question goes like this: Adam, Ben and Carl each received an inheritance of $200,000 and bought a house. Each of them sold the house a year after buying it. Economic conditions were different in each case.
Who got the best deal? Who got the worst deal? According to the research, the most popular answer is that Carl got the best deal and Adam did the worst. Carl, after all, got highest sales price in nominal dollars. However, in real dollars, these answers are backwards. Carl did the worst—he lost 2% of his money to inflation—and Adam did the best. In fact, Adam was the only one who made a profit in real dollars. If, like most people, you thought Carl got the best deal, you should be especially careful when making long-term financial decisions right now. Let’s review the specific ways the money illusion can impact freelancers. 1. RevenuesGiven rising inflation, it’s important for freelancers to think about how to increase their revenues to keep pace. Consider a therapist with many long-term clients. Therapists are often hesitant to raise prices on these clients due to status quo bias, which is our preference to keep things as they are. Unfortunately, in a period of rising inflation, that can create a growing disconnect between what they charge clients and the revenue they need to maintain their lifestyle. If the therapist is feeling the pinch of rising prices, they should raise their own prices to keep pace, even on their long-term clients. This will help them avoid a much larger price increase in the future, which could feel unfair to clients. Of course, inflation is not the only factor determining the price increases of freelancers. A designer who just won a major award for a campaign she designed for Apple shouldn’t limit her price increases to the inflation rate. Rather, she should consider supply and demand more generally. 2. CostsConsider a roofer working on a new roof: if they’d made a bid on a project in March 2020, the cost of lumber was around $785 for 1000 board feet. However, if the project took a few months to get started, those same 1000 feet would cost nearly $1700, or more than twice as much! If the roofer failed to insert a clause for material price increases in his bid, he might end up losing money on the job. In periods of high price uncertainty, it’s important to protect yourself from rising prices in case of project delays. 3. ProtectionImagine an entrepreneur running a pop-up restaurant or cloud kitchen. The owner was responsible enough to get insurance, but failed to increase her coverage to keep pace with inflation. As a result, when a pick-up worker slipped on a wet floor and broke his leg, the medical coverage was no longer sufficient. It was only able to cover half of the hospital bills, forcing the entrepreneur to take out expensive loans to cover the rest. Given rising prices, business owners should review their insurance coverage on an annual basis. 4. Personalized InflationDifferent freelancers are impacted differently by inflation. The roofer experienced surging lumber prices in the summer—prices for wood have since come down—but drivers are dealing with much higher gas prices in the fall and winter. Given these disparities, it’s important for freelancers to consider their own inflation risk. They should look at pricing trends for their largest expenses, whether it’s lumber, gas or cleaning supplies. Based on this personalized approach to inflation, they should then develop a strategy for dealing with these increased costs. In the US, we don’t see inflation, at least in our daily lives, which makes it easy to ignore. But if you fail to account for inflation in your business, you’re much more likely to feel its impact. Given their limited safety net, freelancers are especially vulnerable to the money illusion, which is why you should take steps to deal with inflation before it’s too late. via Freelancers Union Blog https://blog.freelancersunion.org/2022/02/16/what-freelancers-need-to-know-about-inflation-2/
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(Art Credit: Karen Fischer) Let's say you've been unexpectedly laid off from your company or you find yourself unemployed because the business is downsizing. Let's face it, being laid off is no walk in the park. It feels like an outright rejection of you and your skills. No matter how many times your friends and family tell you that it’s not your fault, there's a nagging feeling at the back of your mind asking if you'd have avoided the layoff, had you done things differently. To add insult to injury, you open LinkedIn and see all your peers growing in their careers and you feel a sense of defeat and purposelessness. However, don't despair. This could actually be a blessing in disguise if you're not pressed financially. Here are some of the benefits of being unemployed. You no longer have a bossYou are your own boss now. You have the freedom and you are the sole deciding authority of your career. Were you unfulfilled in your earlier job? You can upskill yourself and change your career path. You no longer have to work on things you don't likeAny job has its mundane moments where you have to grind it out. Being unemployed gives you freedom from meetings that you hate to go do and parts of your work that dislike. You find all the time to learnDid you always want to learn a new skill? Lack of time, while you were working full time, is no longer an excuse. You have all the time to learn what you want to, on your own terms and time. You can work on interesting side projectsHave you been putting off the side projects that matter to you for someday in the future? With your newly found time, you can restart them again and make your life more fun. You can develop a new mindsetForget working for someone else. You can start your own projects and carve out your own success as a freelancer. You can network with people in the industry you want to get into. Once you build your reputation as a freelancer, the jobs you always wanted will come looking for you. Many people stay in jobs that they hate, just for the paycheck. A paycheck is important, but in the long run, developing your skills and finding work that you are meaningfully engaged in is more important. If the freelancing path is not for you, if you think it might take more time than you'd like, or if you have financial commitments that require you to find a job immediately, you can network and find a new job. Whatever might be your situation, unemployment is just a roadblock, not the end of the road. Make good use of this time and start fresh. Good luck to you! via Freelancers Union Blog https://blog.freelancersunion.org/2022/02/14/why-finding-yourself-unemployed-may-be-a-good-thing/
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(Art Credit: Andrea Hernandez) Most people believe that being employed by someone else is the most stable and consistent way to provide for themselves and their families. That’s one of the main reasons that the vast majority of Americans work for other people. Even side-hustlers think their day jobs provide stability, with part-time freelancers citing “worries about income predictability” as the number one reason they keep their day jobs. We’ve been sold a myth, “Self-employment is risky. Let someone else take care of you.” I’m not saying working for yourself isn’t risky; it is, but if you think traditional employment scenarios are less risky, you’re wrong. In 2020 the U.S. economy lost 22 million jobs between February and April. To put that in perspective, more than twice as many jobs were lost between March and April 2020 as were lost during the entire Great Recession. Because of the way benefits are traditionally structured in America, this also left millions of people without health coverage in the wake of a global pandemic. A year later, unprecedented numbers of people are quitting their jobs to find more money, flexibility, and meaning. Many of those people are considering freelancing, and the market is ripe for finding work as a freelancer. As the traditional workforce becomes more remote, employers are more likely to hire independent workers. With the world economy moving toward a more blended workforce, freelancers, especially full-time freelancers, are more in-demand than ever before. Independent workers are at the cutting edge of the future economy and are better prepared to manage volatile markets and circumstances. Freelancers can build diverse, resilient income streams and business models that protect them from uncertainty, whereas people who count on one employer for 100% of their income are inherently vulnerable. Take it from Nassim Nicholas Taleb, “The three most harmful addictions are heroin, carbohydrates, and a monthly salary.” Here’s why freelancing is inherently more secure and sustainable than a “regular” job. Employment perks aren’t what they used to beWorker pay, protections, and benefits have been eroding for decades. Previous generations could count on benefits, including pensions in many cases, which meant that they’d be taken care of after they put in their time. Higher relative income also meant that a middle-class salary could pay for a middle-class life, which is becoming impossible for many today with income levels not keeping up with the cost of living. A huge caveat here is that income and benefits have never been equitable (or adequate) for vast segments of the population, including people of color, women, and low-wage workers — a trend that is only increasing. Self-employment, and freelancing, in particular, gives individuals the power to get paid what they deserve and define worth and wealth for themselves, with 62% of freelancers making the same or more than they would for a traditional employer. Diversification decreases riskPutting all of your eggs in one basket has never been a good idea. So why is the conventional assumption that putting all of your employment eggs in one basket (controlled by someone else) is a good way to create sustainable income? The average freelancer has at least three clients, with some having a lot more. That means that if they lose one client, they’re not losing their entire income, they’re losing just a fraction of it. Many freelancers also have more passive income streams like courses and off-the-shelf packages. These offerings further diversify their income, making revenue more secure and stable. When you lose a “regular” job, you lose everythingWhen you work for yourself, you have to secure your benefits. This can feel like a risk, and there’s much more that needs to be done to ensure that freelancers, gig workers, and other contractors have access to affordable benefits, but this also means that benefits follow the freelancer. Instead of worrying about a lack of insurance when you leave a job, you now have steady access to benefits no matter who you work for or how much you work. You can fire a client; you can’t fire your bossThe built-in resilience that comes with being a freelancer not only means our income is more secure, it also means we have more flexibility to do what we want with people we actually like working with. When you’re dependent on one employer for all of your income, you put up with a lot more because you have no choice. Money is a form of power, and when you get all of your money from one source, that source has a tremendous amount of power over you. Having a diverse set of income streams, including steady clients and passive income, means freelancers spread out the power dynamics and the risk. We can walk away from clients who are hard to work with, knowing it is not our only source of income. Diversified, decentralized forms of work are inherently more chaos-proof than traditional employment scenarios. If the last two years have taught us one thing, it is that we all need to be a bit more prepared for chaos. As traditional employment scenarios come up short in terms of pay, benefits, flexibility, autonomy, and fulfillment, the freelance economy becomes more and more attractive to young people entering the workforce for the first time and experienced professionals who are no longer getting what they need from their 9–5. I say join us. Working for myself gave me a degree of freedom, satisfaction, and wealth that I never had working for someone else. Is it always easy? No. Working for yourself comes with its own set of risks and rewards. For me, the risks have outweighed the rewards, and I have also hustled hard to make it work. But even in those moments when things are uncertain, I know that I made the right decision because I can’t imagine ever going back to a “regular” job. No one can give you stability; you have to build it yourself from the ground up. via Freelancers Union Blog https://blog.freelancersunion.org/2022/02/10/side-hustlers-freelancing-is-more-secure-than-your-day-job/
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(Art Credit: Pedro Gomes) Thinking of heading into freelance project management? You’re not alone. The U.S. is predicted to see 90 million freelancers by 2028 — a 20 million increase since 2022. And the truth is, becoming a freelance project manager is one of the most rewarding choices you could ever make. From designing your own schedule to scaling your business as you fit, freelance project managers have more control over their day-to-day. If you’re considering heading into freelance project management, you’ve come to the right place. In this 2022 guide to freelance project management, we’ll take a closer look at best practices, tools, and habits you can start implementing right away. Standardize processes and design workflowsThe best advice we could ever give you as a freelance project manager is to employ processes and workflows that support every aspect of your business. Having a system in place for everything you do promotes efficiency more than any other practice you could implement. Here are some additional benefits you gain when you have pristine workflows:
To make the most out of this tip, we recommend:
Taking advantage of the best software tools transforms your business into a well-oiled machine. From communicating with stakeholders to accessing a high-level overview of your projects, software tools can support your entire business. Here are some software tools we recommend integrating into your business in 2022. Work OSUse a Work OS as your main project work hub. If possible, try to find a Work OS that integrates with the rest of the tools on this list. We also recommend choosing one that offers team collaboration tools (i.e., the ability to assign tasks and communicate with others) and project management tools (i.e., templates, columns, and timeline features). ClickUp and monday.com are great picks. Billing, budgeting, and bookkeeping toolUse a financial tool, like FreshBooks, to bill clients, keep track of invoices, budget for projects, and keep your books in order. Resource tracking toolsStay ahead of your resource usage with resource tracking tools like TimeCamp. Marketing softwareStandardize your outreach efforts with marketing software. Choose tools that align with your specific marketing goals. For instance, you might need a tool for email marketing and another for social media marketing. Check out ActiveCampaign and Buffer for this. Calendar booking toolUse a calendar booking tool like Calendly to schedule meetings, automate reminders, and invite clients to book a time with you. Meeting toolA meeting tool like Google Hangouts or Zoom can help you conduct meetings with clients and stakeholders. Lock arms with people who are smarter than youIf you’re brainstorming with the top members in your mastermind group or hiring a project coordinator who has a decade more experience than you do, you’re on the right track. Partnering with people who are smarter than you means your business will have better resources and more expertise. You’ll also find it easier and faster to scale your business because you’re supported by people who know best. To take advantage of this tip, we recommend:
Employ secure remote work practicesIf you’re working with a team or outsourcing tasks for a project, use tools to facilitate secure remote work and protect your data from landing in the wrong hands. Here are some ways to employ secure remote work practices:
Learn the importance of data transformationProject management requires sorting through copious amounts of data and organizing it as best you can. To make the most out of this data, we recommend learning what data transformation is — and how to translate that information into actionable tasks. According to Fivetran: “As it applies to data analytics, transformation means restructuring data to fit a destination, converting fields as necessary, and enriching the raw data to make it more useful.” Not only does data management help you become more efficient, but it can also help you:
Have a dedicated workspaceWhether you’re a digital nomad who switches countries every three months or you still live in your hometown, having a dedicated workspace can give your business a sense of grounding. Your workspace can be as simple as a desk in the corner of your bedroom, or you can go as far as joining a coworking space. If you feel like splurging, consider buying or renting office space. Prioritize work-life balanceWorking for yourself can mean ultimate freedom. But if you struggle with poor work-life balance, you may also struggle to:
To build resilience, prevent burnout, and establish a healthy work-life balance, we recommend:
Wrap upBecoming a freelance project manager is one of the most rewarding choices you could ever make. From having flexibility over your schedule to growing your business as you see fit, freelance project managers have ultimate freedom. If you’re thinking of heading into freelance project management, we hope the tips we shared today will help you reach your goals. As a refresher, here’s a quick recap of the tips we shared:
Looking for more free resources for freelancers? Head to our blog and read to your heart’s content. via Freelancers Union Blog https://blog.freelancersunion.org/2022/02/09/the-2022-guide-to-freelance-project-management-and-how-it-works/ |
AuthorI have 5+ years experience working as a medical transcriptionist. When I am not working, I enjoy sports like playing basketball or judo. I love making friends and connections. Archives
April 2023
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