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Fitness professionals are reticent to talk about money. Part of this is because it’s a topic we’re not taught. Ever. I don’t recall the “Financial Savviness” or “SEP IRA” chapter in my NSCA textbook. Too, partly, I think we’ve been programmed to think that we’re “selling out” if we bring up money or that we’d like to make more of it. Fit pros are just supposed to shut-up, work long hours, and take pride in the grind. That and apparently create the facade of wealth by posting lots of shirtless or arms crossed pictures next to sports cars on Instagram…? Nevertheless, finances is a dearth topic in the fitness industry and something that should garner more of our attention. To that end, I’ll hand things over to fitness financial expert, Billy Hofacker, who chimes in today with the first of THREE installments of a series I believe will help a lot of people. Enjoy! Coach and Grow RichIf you’re like me, you got into the fitness industry because you had a passion for fitness and/or helping people. You probably realized you needed an understanding of anatomy as well as how to relate with different kinds of people. However, what often catches us off guard and derails us is managing money. In my case, the realization wasn’t subtle. I was surprised to hear a knock on the door at the crack of dawn one spring morning about 10 years ago. I opened the door to see a guy standing there with no shortage of tattoos, muscles, and piercings. Confused, I looked past him and saw my new white Honda Accord hooked up to his tow truck. My car had been repossessed. The craziest thing about this is that I was actually surprised. In other words, I was so far behind on payments that the repo man had to come and I didn’t even see it coming. That’s how off track I was. This was a major wake up call for me to say the least. Thankfully, it has a happy ending. My wife and I went on to pay down over 130K in non-mortgage debt in 5 years. Yes, we had that much debt. We owed money to everybody! Not only did we pay off all the debt but we went on to create a nice life for ourselves. More importantly, I discovered my mission for helping fit pros achieve financial freedom . As fitness professionals, we’re some of the hardest working people I know and unfortunately many have little to nothing to show for it. As Tony says, “It’s just not a topic we’re taught, ever.” The good news is that regardless of your situation, there is hope. You can absolutely get to the next level. To make this happen, three of the most important areas we need to address are:
In the first of this three-part series. I’ll be diving into Money Mindset. Marching orders will be included as knowledge is useless until it’s applied. Money MindsetThis is a broad area and a topic that comes up a lot in my Fitness Profit Coaching Group. One thing I’m certain of after being on this journey for 10+ years, is that we are affected by our upbringing and experiences. All of our actions are based on emotions which stem from thoughts which are completely shaped by our backgrounds. This is why we can learn all of the techniques but still find success to be elusive. We are limited by our own beliefs which aren’t necessarily true. They are simply what we learned and don’t have to define us. After countless hours of study, I’ve come to realize that financially successful people and those who struggle think completely differently. There are many examples of this. Some are obvious. For instance, most of us agree that financially successful people are more likely to take control of their destiny. They don’t simply hope for the best. They make it happen. Additionally, you’ll rarely hear a financially successful individual complain about their circumstances. Those who struggle often play the blame game. They seem to always have a reason for where they are in life. Whether it’s the economy, their age, their boss, their spouse, their kids, or most commonly their parents, they find something or someone to justify their lack of success. It provides some short term benefit. If the reason for their position is outside their control, they don’t have to take responsibility or change. Change is uncomfortable. Here is a common but not as often recognized self defeating belief. It’s one that I believe has affected me negatively. It’s the belief that money isn’t important. Perhaps someone told you that there are more important things than money – things like relationships or time to enjoy life. This belief is commonly taught in religious circles. It’s almost as if having money makes you less spiritual. Here’s what I now know to be true:? None of those things I mentioned are mutually exclusive. It doesn’t make any sense to compare them. My relationships are extremely important but so is money. The fact that my relationships are important doesn’t negate the fact that money is too. ? Whoever says money isn’t important doesn’t have any. The belief that money isn’t important causes people to do things that are destructive to their financial health. They don’t pay attention to it. When you don’t pay attention to it you wind up in trouble. ? They don’t talk about it. When you don’t talk about it to those close to you, relationships are strained. We know it’s the biggest cause for marital problems. ? It doesn’t make anyone less spiritual. People can’t be fed and religious buildings can’t be built without money. Money really magnifies character or lack thereof. When a generous person becomes wealthy, they become more generous and make the world a better place. When a greedy or dishonest person gets money, it magnifies these traits. It wasn’t caused by the money. The key is uncovering these beliefs, recognizing them for what they are, and working hard to develop new and more productive beliefs. This is hard work but one of the most valuable things you can do for your finances and your life. Here are your action steps:1️⃣ Think about an emotional experience you had around money when you were young. 2️⃣ Write down all of the thoughts, statements, and feelings you had around money, rich people, wealth, etc. when you were young. 3️⃣ Write down the habits and thoughts around money that your parents or caregivers had. 4️⃣ Write down the effect all these things had on your finances and life thus far. Hopefully after spending some time in this area, you can acknowledge that not all of those things are necessarily true. They just represent your experience. Someone with a different background and experiences would have a completely different set of beliefs and values. Now it’s time to decide that moving forward you will adopt a new set of beliefs. About the AuthorMany fitness professionals get stuck in the day to day and have little to show for their hard work. Billy Hofacker helps them get on a plan to achieve financial freedom. You can learn more by listening to the Your Fitness Money Coach podcast or visiting www.yourfitnessmoneycoach.com. Did what you just read make your day? Ruin it? Either way, you should share it with your friends and/or comment below.via Blog – Tony Gentilcore http://tonygentilcore.com/2020/10/coach-and-grow-rich/
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Even if your to-do list seems a mile long, taking steps to ensure your freelance writing business is protected from potential liabilities can’t afford to wait. That said, it doesn’t have to be a daunting or time-consuming process. Start with these three steps and you’ll be well on your way to safeguarding your finances and your reputation. Think proactively about professional liability risks.Sure, thinking about risks to your business may be the last thing you want to do after pouring yourself into your work, but it’s one of the best ways to protect yourself from unexpected — and potentially super expensive — surprises (read: lawsuits) down the line. Some of the biggest professional liability risks for freelance writers include libel, slander, defamation, copyright infringement, and errors and omissions (essentially any alleged mistakes or negligence on your part). Challenge yourself to consider all the ways your work could potentially cause clients, or third parties, a financial loss. Those are all valid concerns. Being vigilant to minimize these risks is, of course, important; however, you can be sued for these types of claims whether you’re at fault or not and find yourself in a situation where you’re engaging legal counsel to rightfully defend your case. That’s a costly endeavor, and tens of thousands of dollars in legal fees could just be the tip of the iceberg if you’re ordered to pay any type of compensation to your client, a subject or a third-party plaintiff. This is where professional liability insurance, which can help defend you and provide coverage for these costs, comes into play. Find an insurance partner that works for you.Finding the right insurance partner is more than half the battle. If you have ever looked into getting professional liability coverage before, you know full well that most traditional policies are not designed for freelancers, and that many providers don’t offer media liability coverage for the specific risks writers face in the first place. (That’s why we’re partnering with Freelancers Union to roll out professional liability insurance crafted to meet the needs of freelance writers like you.) As you do your research to find an insurance partner that works for you, be sure to investigate or ask: 1. Do they offer media liability coverage for libel, slander, defamation and copyright infringement? 2. Do they provide additional coverages that are relevant to my business, and at what cost? 3. Do they offer worldwide coverage? 4. Is the insurance A+ rated? 5. Do they have lawyers who specialize in professional liability claims available to defend me, if I end up needing them? 6. Can I get a quote and buy a policy online? 7. How long does it take to buy a policy, and what does the process entail? 8. What’s the process for filing a claim? 9. What type of customer support do they offer? 10. What’s the cancellation policy? Select the right coverage.The level of professional liability insurance you need depends on the work you are doing and the size of potential claims. For instance, a political writer contributing to national publications will likely need more insurance than a historian who writes books about the Civil War. As a rule of thumb, imagine the worst financial loss you could create for your clients, then double it to include legal fees and round it up to the next available limit. There are two types of limits for professional liability policies: · Each claim limit – the maximum amount of coverage provided for a single claim during the policy period · Policy aggregate limit – the amount of coverage the policy will pay in total during the policy period Let’s say you select a $100,000 each claim limit and a $250,000 aggregate limit, written as $100,000 / $250,000. This means you have cover up to a maximum of $100,000 for each claim you make and total cover up to a maximum of $250,000 during the policy period. You could have two claims for $100,000 each and another claim for $50,000, or you could have five $50,000 claims during the policy period. You’ll also want to carefully consider your self-insured retention — the amount you must pay for a claim before the insurer pays its share of a claim. For example, if there is a claim for $5,000 made against you and you have a $500 retention, you pay $500 and the insurer pays $4,500. You’ll need to think about what’s most appropriate for you. Keep in mind, you can also consult with an insurance partner that can help guide you through the process. Our team at Dinghy is always up for a chat, no strings attached. Whichever path forward you take, it sure beats crossing your fingers and hoping getting sued won’t happen to you. Freelancers Union is partnering with Dinghy and NSM Insurance Group to introduce first-of-its-kind, affordable professional liability insurance crafted exclusively for freelance writers. Learn more and get a free quote online in minutes. via Freelancers Union Blog https://blog.freelancersunion.org/2020/10/29/the-3-most-important-things-freelance-writers-can-do-to-protect-their-business/
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Customer acquisition is the process of attracting new customers to a business. In marketing, acquiring and retaining customers are the two most important things to sustaining growth — but only 44% of companies concentrate their marketing efforts on customer acquisition. While there are many methods you can apply to get more eyeballs on your brand, here are seven proven strategies your competitors know and hope you never learn about acquiring new customers. 1. PPC advertising vastly improves your ability to scaleYour competition likely understands that pay-per-click (PPC) advertising offers the most direct path to getting new customers. With PPC advertising, you can set a budget and get immediate returns, which is otherwise impossible through other advertising methods. PPC advertising allows you to instantly compete with corporate giants who have a lot more money to spend — as long as your marketing message is compelling to your target audience. Google ads account for 65% of clicks for high commercial intent keyword searches (commercial intent means people who have the intention to buy a product or service). PPC advertising also enables you to immediately garner attention, even if your website is not highly ranked in the search engines. How to do it:Check out Hubspot's Ultimate Guide to PPC and begin testing ads for your service. No matter what anyone tells you, a winning formula is always based on split testing to see what works. Use A/B testing platforms to find the type of messaging that gets the best response (and most clicks) from your target audience. 2. Providing value is the best way to gain trustAn exceptional customer experience can lower your customer acquisition costs by 33%. What does your company give away for free to enrich the lives of the people you wish to serve? Take Google, for example: The tech giant is one of the world's biggest companies, yet most of the people who use its products and services don't pay the conglomerate a dime, whether it's Gmail, Search, YouTube, Google Photos, or Drive. The value that Google provides at no cost is incredible. How to do it:Find valuable tools and resources that will provide "quick wins" for your audience. You can do this no matter what niche you offer services. Take, for example, Transcription Outsourcing, which provides individuals the opportunity to work remotely as transcriptionists. On their application page, they provide free access to resources that will help applicants become better transcriptionists. This type of incentive is perfect for an opt-in or application page, as studies show that 66% of customers will only exchange personal information with brands in exchange for some value. Picking between one company and another is simple for customers: They choose the one that adds the most value and enriches their lives. 3. Customer referrals are still the most effective way of generating instant credibilityCustomer referral programs can also be an excellent way to pass on information about your brand. While this might initially appear to be a low-tech customer acquisition method, it is still highly effective. Customers are more likely to tell their family members or friends about your brand, regardless of their experience — so make sure it's a good one. Customers gained through referrals have a 37% higher retention rate, and 81% of consumers are more likely to engage with reward programs. For consumers to believe a company, the company must build credibility, establish trust, and offer an attractive product or service. By leveraging consumers who trust your brand, you will experience higher conversion rates at a lower cost. How to do it:Create a customer referral program to incentivize happy clients to share their experiences with others. A tool like Friendbuy can help you automate your word-of-mouth marketing campaign. 4. Email marketing ROI metrics are insaneApproximately 59% of B2B marketers say email yields the greatest ROI in their marketing campaigns. Engaging in email marketing is a way to provide your target audience with the necessary information to ensure their brand loyalty. The Data and Marketing Association claims that email is the most critical digital medium for returns on investments. An eMarketer study also claims that the returns on email marketing returns are astoundingly high, with a median ROI of 122%. Your competition also understands that email marketing offers them a unique opportunity to increase awareness, and that raising awareness plays a huge part in customer acquisition. You get a direct line to current and prospective customers, reminding them of your brand and its services. Most companies shy away from email marketing, as initial subscribers do not typically become immediate customers. Remember that this process enables your brand and your services to remain at the forefront of a customer's consideration when they find themselves in need of services or products like yours. Just being present in their mind makes them more likely to select your business! How to do it:Use this "Guide to Email Marketing for Beginners" to lay the groundwork to launch a successful campaign. Studying examples of the best email marketing campaigns and understanding why they are useful will help you craft your engaging email sequences. 5. Content marketing is a necessityContent marketing gets three times more leads than paid search advertising. It ensures that you establish your brand as a subject expert in your industry. The problem is that 65% of freelancers and business find it difficult to produce engaging content, and 60% admit that they don’t produce content consistently. Your competitors understand that customer acquisition requires you to provide something of value. When you provide valuable information consistently, you quickly become a trusted source for all content in your field. Content marketing is more than written information and can be delivered in different formats, including: · How-to guides · Charts / graphs · Cartoon illustrations · Webinars · Surveys · Videos · Quizzes · Polls · User Generated Content With 79% of marketers seeing an increase in traffic when adding videos, graphics, and other eye-catching or interactive mediums to their website, integrating different content in your marketing strategy is essential. How to do it:Determine what form of content you deliver best (social media, live video, paid advertising, offline in-person seminars) and begin creating and distributing content on a consistent schedule. Need direction on where to start? Use a tool like Answer the Public to see what people in your niche ask about your topic and create content around answering those questions. Social media platforms like Twitter, Instagram, and Facebook have all experienced an exponential increase in popularity. Naturally, this leads to social media being a focal marketing tool. For instance, Facebook has an average overall conversion rate of 9.21%, surpassing the average landing page conversion rate of roughly 2.35%. Compared to the top 25% of company landing pages enjoying a conversion rate of (on average) 5.31%, this shows social media's true prowess in our current marketing landscape. It is vital for businesses to understand that brand recognition is essential, and social media offers itself as a free platform to achieve just that. The Secret of Search Study discovered that 82% of participants selected brands they already knew when asked to search for items online. Your target audience needs to know that your brand exists; social media provides the most cost-effective way to do that. How to do it:
7. Free never goes out of styleFinally, your competitors keenly understand that one interesting way to convert your target audience into customers is by offering a free version of your product or service, allowing people to try it out before committing. If they enjoy your service or product, they are now much better informed to take the next step and make a financial commitment. A Totango study pegged the conversion rate of opt-in free trials at 15%, increasing to 50% for opt-out trials. Other single-company reports average such conversion rates higher, on average, with companies offering demos getting a 40% conversion of test trials into paying customers! While these numbers may seem impressive, please keep in mind that this tactic must be part of a broader marketing strategy. When offering a demo or free trial of your product or service, you should ensure that what your company offers is something that will bring a tremendous value to the consumer and, once trialed, will leave a void if removed. You can see this displayed in software tools that make work more efficient, fitness programs or products that yield quick results, and training programs that provide tremendous insight. How to do it:Select a part of your core offering that you could let customers trial for free. This could be in the form of a demo, a free trial, or a no-cost consultation. Doing this will give your customers a risk-free way to see what you have to offer. via Freelancers Union Blog https://blog.freelancersunion.org/2020/10/28/customer-acquisition-tips-your-competitors-already-know/ The Missing Key to Conquering Your First Pullup: Stop Focusing on Eccentrics and Do This Instead10/27/2020
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Shots have been fired. Shots have been fired. Some people will read the title of this post and see what they want to see…
Others will know better and actually continue reading. The Missing Ingredient to Conquering Your First Pull-UpI’d be remiss not to note that most competent programs designed to help people become pull-up badasses either emphasize or incorporate eccentric only variations. Hell, one of the most baller programs out there (and one I reference often myself) – Meghan Callaway’s Ultimate Pull-Up Program (ahem, it’s its 3-year anniversary this week and it’s on sale for 50% OFF the regular price hint, hint, nudge, nudge) – incorporates a bevy of eccentric only pull-ups… …among many, many other things. I mean, it’s well established that the eccentric (or lowering) portion of any exercise is generally where a trainee is strongest, can handle the most load, and, potentially, leads to the most muscle growth. All the above being the case, when it comes to BUILDING the pull-up, I still feel too many trainees (women AND men, mind you) miss the forest for the trees. Despite it being an excellent choice, performing 5 to 10 lackluster eccentric only pull-ups week in and week out does not a pull-up make. It’s akin to me posting a shirtless pic on my Match.com profile – and only a shirtless pic – and then underneath that pic typing…
Sure, it may work in netting me a few dates. But I doubt it. First of all: I’m a happily married man and don’t have a Match.com profile. It’s just a metaphor. But, coincidentally enough, I did meet my wife there…;o) Second: I’d like to think my superior writing skills and uncanny wit was what won her over and led to us meeting for our first date four days after crossing paths digitally. Third: In the age of Tinder, Bumble, and the litany of other dating apps at society’s disposal, do people even use Match.com anymore? Where was I? Right, what else to focus on other than eccentric only pull-ups. Do MoreI think one of the biggest mistakes I see most people make with their pull-up/chin-up programming is that they simply don’t train the pattern enough. Most people will train their pull-up once, maybe twice per week. This isn’t enough. Pull-up badass, Artemis Scantalides, will often advocate a frequency of 4-5x per week. However, this approach only works well for those who can already perform 3-5 pull-ups and are looking to level up that number. If you can’t even perform one this would be a daunting prospect to say the least. That said, I think staying cognizant of total VOLUME is an often overlooked component of pull-up progress. As in: A metric fuck ton (which is just a tad below a metric boat load) of pulling volume is undoubtedly going to result in some cool things happening. I like to incorporate the following (hybrid) vertical pulling progressions when working with an individual working toward their first pull-up 1️⃣ Suspension Trainer Vertical Row Thingamabobber – Level 1Trainee is allowed to use his or her’s feet to help push off the floor and to assist as much as needed. 2️⃣ Suspension Trainer Vertical Row Thingamabobber – Level 2Legs straight (less help) 3️⃣ Suspension Trainer Vertical Row Thingamabobber – Level 3Feet Elevated – more ROM. 4️⃣ BONUS: Rack Pull-UpThis is hands down one of my favorite accessory “pull-up builder” exercises (and upper back exercises in general). I LOVE the lat stretch in the bottom position. If someone is looking to conquer their first pull-up I’d be more inclined to include one of these exercises as part of EVERY training session aiming for 2-4 sets of 5-15 repetitions
Ultimate Pull-Up Program & Ultimate Push-Up ProgramAll this week you can purchase Meghan Callaway’s Ultimate Pull-Up Program at 50% off the regular price. Meghan is one of the best coaches I know and this program is without hesitation THE “go-t0” program if you’re looking to take your pull-up game to the next level. Moreover, you also have the option of purchasing both the Ultimate Pull-Up Program & the Ultimate Push-Up Program at a heavily discounted price. You can check out that link HERE. Nevertheless, given many people have lost access to their regular gyms due to COVID-19 and have been regulated to training mostly at home these two programs couldn’t come at a better time. Act fast, the offer ends this week! Did what you just read make your day? Ruin it? Either way, you should share it with your friends and/or comment below.via Blog – Tony Gentilcore http://tonygentilcore.com/2020/10/the-missing-key-to-conquering-your-first-pullup-stop-focusing-on-eccentrics-and-do-this-instead/
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At one time, virtual reality was thought to be a science fiction fantasy. Just a few decades later, its application is visible almost everywhere, from flight simulators to hospitals and even deep-sea mining. Virtual reality is proving to be a game-changer in many industries. But could freelancing be one of them? Yes, and here’s why: Learn about a topic or niche you less familiar withAssume, you are working on a scene that has to do with our galaxy, where would you go to gain background knowledge or learn more about the topic? You guessed it! Books. But let’s face it, some of these books are expensive, dense, or may be hard to access. And surfing the web looking for such knowledge can be tedious and time-consuming. In contrast, virtual reality helps save time on research by providing you unique experiences stored on the virtual reality providers’ servers. You can develop real background knowledge on an unfamiliar topic with less hassle or investment in numerous books. Fight writer’s blockHave your creativity tanks dried up? Are you struggling to put words on paper? Instead of cursing yourself for wasting the entire day without writing anything, power up your Google expedition or Street view app and take a sail around the globe. Or enjoy the immersive experience of a virtual game, music, or being in a cockpit and bring back inspiration or get your creative juices flowing again. Conquer burnout and improve your well-beingFreelancing, like any other profession, is tiring and can have serious effects on your well-being. If you are bored or feel exhausted with your freelance life, virtual reality can help you relieve the stress of work or life. Experiencing scenes from the last century or going on a virtual tour or safari in East Africa is a great way to release stress. The experience can be entertaining or thought-provoking. Taking time for relaxation and detaching yourself from work can help to reduce feelings of exhaustion and improve your well-being. Speed up the content discovery processTo be successful at freelancing, you need to be able to find and share better content. If you are a writer, you may have to pitch ideas to editors. If you are a designer, you need a knack for sharing fresh discoveries and experiences with the community. However, finding or describing an idea can sometimes be an uphill task. Viewing a virtual scene or simulation makes the content discovery process less of a struggle. With new content being uploaded every day, you have a platform that you can use to pick up new story ideas to pitch editors or a school of thought to share with a client. Fight loneliness and isolationLoneliness among freelancers is a common thing. There are a number of solutions, like virtual hangouts and parties or social media platforms, that freelancers can use to reduce loneliness — virtual reality, too, is a tool for coping with feelings of isolation. How? By helping you escape physical and mental limitations. The simulations and video experiences take you to different parts of the world that are hard to reach or unique places that you have never seen. These experiences have the power to help you start valuable conversations, increase interpersonal connectivity, and inspire organizational behavior that strengthens social networks and reduces the level of loneliness or ability to start a conversation. The good thing about virtual reality today is that you do not need an expensive virtual reality headset to enjoy the experience. By installing Google Expedition or Google Street View on your phone, you can still enjoy the same experience as those with the headsets. Try virtual reality today, and see how it inspires creativity, knocks down constant burnout, and improves the way you discover and develop content. via Freelancers Union Blog https://blog.freelancersunion.org/2020/10/27/how-virtual-reality-can-make-freelancing-even-better/
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Control is a big deal for me. It is one of the key drivers of my life. Before I worked for myself, I felt controlled by circumstances instead of controlling them. Most of my time was controlled by how others wanted me to spend it. My money was controlled by what others thought I was worth. My work was controlled by others’ priorities and values. Let me be clear. I’ve had amazing jobs — jobs that truly allowed me to make a difference in the lives of others. I’ve worked for amazing people — people who pushed me to grow my skills as an employee and a human. Most of these amazing people are still my close friends to this day. The thing is, I wasn’t satisfied. I kept defining things that I thought would make me happy and eventually checking those things off. · More autonomy over my work · More flexibility in where and when I worked · More money I checked those boxes while working for other people. I still wasn’t fulfilled. I felt trapped by the structures I had to operate within as an employee. I watched people who didn’t deserve it get promoted and paid more than people who did. I watched bureaucracy rob people of their agency to make decisions about what was right and necessary. I watched hierarchies decide what was valuable and what people and ideas were worth. I watched people who did most of the work get paid less and get less recognition than people who just thought about work in theory. And so I leapt. I quit what was, on paper, the best job I had ever had. I started doing contract work as a stopgap as I tried to figure out what my next thing was. I never wanted to work for myself. My parents have owned their own business my whole life, and I told myself growing up that I never wanted that. They have been very successful, but I also saw how stressful it was weathering up and down markets, being responsible for other people’s livelihoods, and working all the time to make sure everything was running smoothly. After a few attempts at careers, partnerships, and other ventures, I realized that, like my parents, I actually couldn’t work for someone else. Not that I couldn’t have made it work — I had plenty of opportunities to partner with great people on what would have been lucrative and interesting work. The thing I realized was that in working for someone else, I would still be ceding control of my time, work, and life. I’d still be letting others make decisions about what I was worth. I learned that operating within traditional systems of work was never going to get me what I wanted. I couldn’t play the game of incremental raises, performance reviews, office politics, pointless promotions, and warranted terminations framed as resignations. I had to step outside of that system and build my own framework that allowed me to rely on my own value and competence. A framework that gave me the flexibility to control my time and income, and take on diverse work that kept me engaged. Is that the right path for everyone? Definitely not. Working for yourself comes with responsibilities and challenges that can make the payoff less than worth it for some. But I’ve realized that I have no choice. I am reminded every day that there are limitations to what I can and should control. Letting go of control will be one of the lessons I have to learn over and over again throughout my life. Working for myself has taught me to take control of the things that really matter to me and given me a context in which I can control them. via Freelancers Union Blog https://blog.freelancersunion.org/2020/10/26/how-one-freelancer-took-control-of-her-career/
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Looking for a 2021 health insurance plan this open enrollment? You might qualify for a subsidy under the Affordable Care Act. If you do, all you have to do is choose a plan, go through the enrollment process, and your subsidy will apply. If you have any trouble, we recommend calling the carrier to determine the status of your subsidy. What's a subsidy?A subsidy is financial assistance for buying insurance on a health exchange. In other words, your subsidy helps pay for some of your monthly health insurance costs. Here are three things that determine if you are eligible: • How much health insurance costs where you live There are a number of websites that can help you figure out if you qualify for a subsidy. Generally, you can make up to 400% of the federal poverty level in order to qualify for the advance premium tax credit. For an individual, this is around $50,000. For a family of four, that’s around $103,000. If you make less than this, you will probably be eligible for a subsidy. I qualify for a subsidy. What now?You can apply your subsidy in different ways: If you buy health insurance using the advance premium tax credit, you can apply the credit directly to the health plan in which you enroll. And if you choose that option, there are three different ways to apply the advance premium tax credit to your plan: • You can apply the advance premium tax credit equally throughout the entire year, so that each of your monthly health insurance premiums are lower. Please note: In order to receive your subsidy, you must choose a health plan by December 15, 2021. Search which plans are available through Freelancers Union in your area. OK, but estimating my income is impossible!For many freelancers, income can vary each year, and you never know how much you’re going to make... until you actually make it. Honestly, the subsidy process probably wasn’t designed with freelancers in mind. For most people, that “estimated income” number (which you may see listed as “MAGI”) will be the same as the Adjusted Gross Income (AGI) reported on your federal tax return (Line 37 on Form 1040, Line 4 on Form 1040-EZ, and Line 21 on Form 1040A). If you expect to make about the same in 2020, you may want to use that number. But if you expect to make more or less this year, the government expects you to make your best educated guess. Yup, guess. You may want to start with your 2019 AGI and add or subtract to come to the right number. What if my estimate is off? The good thing to know is that if you estimate either too high or too low, you’re not going to get in trouble. The government will try to match your estimated income to your tax statements, but they’re focused on catching big errors — like a person who makes $150,000 a year but says they’re unemployed. If you estimate too high, you will receive the rest of your premium tax credit as a credit on your tax return and may receive a tax refund. If you estimate too low, you may be required to pay back some of your subsidy to the government. This would be charged directly to your end-of-year taxes (or be subtracted from your tax return). If this seems like a huge headache and you can afford to do so, it might be a good idea to receive your subsidy as a tax credit at the end of the year, rather than applying it to your monthly premium, in order to avoid additional headaches or paperwork. What about proof of income?When you’re applying for a subsidy, if you give an amount lower than your 2018 AGI, you may be required to submit additional documentation proving your lower income for 2019. Here are some acceptable forms of documentation for freelancers:
And if I don't qualify for a subsidy?To see which health plans are available through Freelancers Union, just enter your ZIP code on our platform. When you buy through us, a portion of your purchase goes back to the independent workforce, at no additional cost to you. We fight for better policies for freelancers every day – and now, more than ever, it’s important that we stand together to ensure that the next system works for us. Buying health insurance doesn’t have to suck. Buy insurance from people who have your back. via Freelancers Union Blog https://blog.freelancersunion.org/2020/10/23/do-you-qualify-for-a-health-insurance-subsidy-open-enrollment/
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If you can't seem to shake that nagging thought about needing to get liability insurance, it's for good reason. However, for many freelance writers, being uninsured has traditionally had more to do with the challenge of finding a provider that actually offers professional liability coverage that meets the needs of independent writers, less with them taking a bury-your-head-in-the-sand approach to risk. Here’s the good news — writers can now finally get covered with professional liability insurance tailored specifically for freelance writers. But if you’re not sure you need coverage in the first place, here are some important things to consider. (Spoiler: you should really consider getting coverage.) You face serious — and alarmingly expensive — risks as a freelance writer.· Libel and slander · Defamation · Copyright infringement · Errors and omissions Most traditional insurance policies don’t cover many of these risks, historically leaving writers to face them alone. With new specialized insurance for writers, you can get up to $100,000 of professional liability coverage that covers these risks and more for less than $1/day, as well as the peace of mind of knowing you’re covered. Liability insurance protects you whether it’s your fault or not.Mistakes and unforeseen scenarios happen, even to the best of the best. Say you publish something that a high-profile figure takes offense to. They may sue you for defamation. Perhaps you fall sick and miss a contractual deadline, causing your client to delay a launch and lose money. They may sue you for compensation. Maybe you are the target of a fraudulent claim (yes, it does happen). Even if you did nothing wrong, having the right kind of professional liability insurance means an expert team of lawyers who specialize in liability claims is on your side. Your policy can cover legal defense fees as well as claims brought against you by clients or third parties. The rapidly changing media landscape has freelancers shouldering risk on their own.While more and more journalists and writers are freelancing, fewer and fewer publications are willing to extend their liability coverage to independent workers amid a highly litigious media landscape. Liability protections that were once common in freelance contracts are now largely a thing of the past, despite any killer negotiating skills you may have. Whether your contract terms have changed or you’re newly adjusting to life outside of an employer’s coverage for in-house staff, you’ll need to fill the void with your own liability coverage so you don’t leave yourself vulnerable should a lawsuit arise. You may increasingly need liability insurance to win new work.If your clients to date haven’t required you to have liability insurance, it’s only a matter of time until you find yourself going after a gig where winning the work depends on it. In today’s uncertain environment, clients are doing everything they can to prepare for the unexpected. That includes knowing their partners have the proper coverage in place to protect against potential financial losses. (Even if your clients don’t require you to be insured, it doesn’t make coverage any less essential given the risks you may face.)
Freelancers Union is partnering with Dinghy and NSM Insurance Group to help freelance writers say hello to peace of mind with liability insurance crafted exclusively to meet their needs. Get the full scoop here. via Freelancers Union Blog https://blog.freelancersunion.org/2020/10/22/why-freelance-writers-really-need-liability-insurance/
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We live in a busy world, and we should respect other people’s time. In business writing, we should clearly express our ideas so that our clients, colleagues, and business partners will not waste their time reading too-long-and-unstructured reports, emails, and other documents. Do you want to improve your business writing skills? Use the BLUF (bottom line up front) principle — you will be amazed by the results. What is the BLUF principle?BLUF is a military communication principle. It enforces speed and clarity in emails and reports and facilitates the decision-making process. BLUF provides answers to the five W’s: who, what, where, when, and why. Basically, to apply the BLUF principle in business writing means to put the most important details first to save the reader’s time. How to use BLUF in your writingPresent key points brieflyImagine you have only 30 words to present your key points to the reader. How will you articulate your ideas? Strive to avoid wordiness: ● Use active voice instead of passive voice verbs. ● Use verbs instead of nouns to express action where it’s possible. ● Avoid unnecessary language. Don’t use phrases like because of the fact, due to the fact, in the event of, by means of. Here is an example of a poorly written bottom line: “Due to the fact of an unexpected server crash, our team is in need of getting your help with moving a website to a new server.” You can simplify it this way: “Please help us move our website to a new server. We’ve experienced an unexpected server crash.” Is it challenging for you to edit your own writing? Consider using the top writing services — let professional editors help you get rid of wordiness and add clarity to your writing. Focus on a readerHuman beings are essentially selfish. In most cases, we do not really care about the events and things that happen around us. We only care about the things that affect us personally. You should understand that your clients do not want to read about the issue you have faced. The only thing they want is to get answers to these questions: ● “How does this issue/update/event affect me?” (I will have to increase my marketing budget, work extra hours, etc.) ● “What specific action should I take, if any?” (sign a new contract, hire a new copywriter, etc.) ● “Why should I do it?” (to increase sales, to complete a project on time, etc.) ● “When should I do it?” (today, this week, before December 20, etc.) Provide background informationThe reader may or may not need the background information to make a decision or complete an action. So you should present the most important information first, and then add some supporting information. If the reader needs this supporting information, she will read it; if not, she will skip it. Bottom line: ● We need your permission to change the size of logo from 300px*100px to 200px*70px to create a cohesive design aesthetic. Supporting information: ● The current logo is too big and it looks out of place. ● It distracts users from browsing products. Users leave a website without making a purchase. We need to fix this issue and eliminate distractions to ensure a smooth customer shopping experience. Revise, edit, and proofreadThe use of the BLUF principle is all about ensuring clarity in writing. And you should always revise, edit, and proofread all your business documents and emails. To become a more proficient writer, do the following: ● Proofread for one type of error at a time. For example, check commas first and then check the spelling of long words. ● Read the text aloud. It will help you spot your own mistakes and typos. ● Install a grammar checker such as Grammarly to proofread your reports and emails automatically. ● If you need to edit important documents (annual reports, presentations, etc.), use Trustmypaper or similar reliable proofreading services. Make your tone clearBefore you write the bottom line of your email or report, ask yourself a question: What am I trying to convey? A request or a sense of urgency, penance, or maybe excitement? Choose the right words to articulate your thoughts. Make sure that brevity will not affect the clarity of your message. In conclusionThe use of the BLUF principle can take your business writing skills to a new level. If you leverage it wisely, you will enhance communication with your clients and boost your freelance career. via Freelancers Union Blog https://blog.freelancersunion.org/2020/10/21/use-bluf-in-your-business-writing/
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The Social Security Administration (SSA) recently announced an increase to the maximum amount of wages subject to the old age, survivors, and disability insurance (OASDI) tax. The wage threshold for these taxes will increase to $142,800 in 2021, up from $137,700 in 2020. The OASDI tax rate is 6.2%, Self-employed freelancers will pay these taxes at a 12.4% rate up to the wage threshold limit, to a maximum of $17,707.20 in OASDI tax. It’s an increase of nearly $700 for high-earning freelancers. The SSA also announced that recipients of Social Security benefits will receive a 1.3% cost-of-living adjustment, and that the earnings test for the amount of income that benefit recipients can receive without having their benefits reduced each year is $18,960 before full retirement age, and the limit taxpayers can earn in the year they reach full retirement age is $50,520. Both have increased from 2020. It is important to note that the Medicare hospital insurance tax of 2.9% for the self-employed has no wage limit. The self-employment tax obligations for freelance business owners can really add to your tax bill. For many freelancers, the amount paid in self-employment tax (the combination of OASDI and the Medicare hospital tax, currently assessed at a rate of 15.3%) is almost as much as they pay in federal income tax, depending on their current federal tax bracket. For example: · Freelancers with taxable income of $0 to $9,875 are in the 10% tax bracket. · Those with taxable income from $9,876 to $40,125 are in the 12% tax bracket. · Those with freelance income from $40,126 to $85,525 are in the 22% bracket. The self-employment tax burden is somewhat mitigated by the ability to claim it as a reduction in income through the employer portion of the social security tax and the Qualified Business Income deduction. However, freelancers may want to look into forming an S-corporation or C-corporation to potentially lower the impact of these taxes. Consulting with a tax professional before changing your freelance business entity is highly advised to ensure that you consider all of the ramifications of this decision. In addition to these federal taxes, there are state and local tax considerations that may come into play where you live. For example, the New York City General Corporation Tax, which applies taxes to flow-through profits on S-corps at a rate of 8.8875%, may eliminate a significant portion of the benefit that many freelance business owners anticipate when changing their business entity from an LLC or a sole proprietorship to a corporation. Jonathan Medows is a New York City-based CPA who specializes in taxes and business issues for freelancers and self-employed individuals across the country. He provides tax, accounting and business articles for freelancers on his website, cpaforfreelancers.com, which also features a blog and a comprehensive freelance tax guide. Please note, due to the high volume of inquiries in regard to COVID-19, Jonathan is not able to respond to individual requests for information at this time. via Freelancers Union Blog https://blog.freelancersunion.org/2020/10/20/self-employment-tax-threshold-has-risen/ |
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
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