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Flexibility and control over your work and life are some of the greatest gifts of entrepreneurship. The problem is that many freelancers, consultants, and small business owners have a hard time defining the highest-leverage ways to spend their time, in terms of both preference and skill. When you work for yourself, you get to redefine your job description whenever you like so that it revolves around what you love and what you’re good at, and build your business model around that. Think intentionally about your work in terms of your preference and skill, and then prioritize your products and services so that you’re being strategic about how you spend your time. Stop spinning your wheels on things you aren’t good at and don’t love. It doesn’t mean that you aren’t going to have to do things you don’t love once in a while — we all have to answer emails — but you can structure your work so your time is spent doing things that make you happy. Think about this on a spectrum of what you’re good at and what you love.
Love / Good atThis is the sweet spot, the pot of gold at the end of the rainbow, the reason people work for themselves in the first place. Find those things that you’re really good at and you love and focus your work there as much as you can. Build your business model around these things so that you can leverage them for the most revenue (and joy) possible. These things will absolutely shift over time as you learn new things and master other skill sets. As that happens, your business model should evolve accordingly. Example: You’re a personal trainer. You love one-on-one training with people who have never worked out before. The challenge of helping someone learn something completely new and see dramatic change is what drives you. So, focus your business model just on people who are brand-new to working out. Maybe partner with another trainer who likes working with people who are more advanced and intentionally move clients to that trainer as they become more skilled. Love / Bad atWhat you love and what you’re good at will sometimes be the same. But it’s possible that you are learning new things that you love and aren’t that great at yet. That’s fine — those things will probably just take a bit more time. It is the fact that they are new and challenging that makes you love them. You’ll just need to think about prioritizing these things strategically so you can continue to do them but not let them eat up all of your time. As you get better at them, they can move up into the love/good at category and becoming a more central piece of your business model. Example: You’re a podcast coordinator. You run all of the logistics of podcasts for your clients but have always outsourced the sound engineering. You really like sound engineering but aren’t that good at it yet. Your clients pay a flat rate per episode for sound engineering. So, once every few episodes you do the sound engineering and have your subcontractor check your work. This takes you a lot more time than it takes the other contractor, so you’re making less per hour/episode but you’re also learning a new skill set that you love. It doesn’t make sense to do this for every episode, but you can be strategic about this and bite the bullet on the lost revenue while you learn the new skill. Hate / Good atThis area is tricky. Often, these are things that can bring in real revenue. Depending where you are in your business model and stage of your life/career, it might make sense to still have these be a central piece of your work, a stepping stone to where you want to go. On the other hand, if you don’t need to do these things, phase them out strategically or train someone else to do them for you so you can focus on things you love. Example: You’re a virtual assistant and project coordinator. You love running projects for people, but are stuck doing a lot of the administrative tasks because you are so skilled at it that it takes you a lot less time than anyone else you’ve tried to outsource to. You want to eventually shift to all project management, so you’re training a new virtual assistant to work under you. You still do the administrative tasks in the meantime as you plan to shift to your new business model. Hate / Bad atGet rid of, or limit, this stuff ASAP. Even if you have clients who are willing to pay you to do some of these things, you won’t be able to deliver quality and it will take time away from the things that you really want to be focusing on. It is OK to pinch hit sometimes if you have a project or client who needs something that falls into this category, but you should try to organize your work and business so that you are limiting this type of work as much as possible. Example: You’ve developed a series of online courses for a client, and their marketing person quits midstream. You step in to write marketing content because there is no one else to do it. You don’t know anything about marketing, so your client is having to rewrite most of the content anyways and it isn’t driving sales. You weren’t explicit with your client upfront about your expertise in this area and now this is damaging your reputation for quality work. You didn’t go out on your own to spend endless hours doing things that you hate. You made a conscious decision for your work to serve your life. Leverage your unique skill set to build a life that you love. © 2020 Fruition Initiatives LLC This article is for informational purposes only. I’m not a mental health professional, attorney, doctor, tax accountant, or financial adviser. Please consult a professional as needed. via Freelancers Union Blog https://blog.freelancersunion.org/2020/11/11/build-your-business-around-what-you-love/
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Episode 4: You’re Not Broken, Find Your Trainable MenuI had the pleasure of being invited onto the brand spankin new Performance Hub Podcast hosted by Max Gedge and Coach Karl. These two guys had the lovely timing of opening up a gym in Melbourne, Australia right as COVID-19 was turning all our lives into a raging dumpster fire. But I have to say: They’ve kept a positive attitude and have done their best to turn lemons into lemonade. Case in point: They started this splendid podcast… …and, as it happens, the release of this episode coincides with gyms opening back up in Melbourne! In this episode we discuss a number of things. Everything from the soul-sucking sucktitude of gym ownership during COVID to the idea of the “trainable menu” to 90’s hip-hop to not my biceps. Nope I’d never do that…;o) You can give it a listen on iTunes HERE or on Spotify HERE. 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/2020/11/appearance-on-the-performance-hub-podcast/
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Today, the Supreme Court began hearing arguments in California v. Texas, a case that is challenging the Affordable Care Act. If the ACA is overturned, more than 20 million Americans would lose their health coverage in the middle of the country's largest COVID-19 spike with more than 100,000 new cases being reported daily. The case, brought by 18 Republican-controlled states and 2 Texas-based individuals and backed by the federal Department of Justice, claims that the ACA’s individual mandate language, which requires that all American taxpayers have health insurance through either an employer or their state system, is unconstitutional. Though the financial penalty for those who remain uninsured was removed in 2017 as part of the GOP’s sweeping Tax Bill, those states arguing against the ACA claim that because the language remains in the original bill, the whole thing must be overturned. As the case has risen through the lower courts, the federal government has taken the unusual position of refusing to defend the law, and in fact have argued to expand the complaint. It was the federal government that added a claim that the ACA’s guarantee of coverage for preexisting should also be removed, putting some 1 in 3 Americans who suffer with everything from diabetes to asthma, chronic illness and even pregnancy at risk of losing their health coverage. This is the third time the ACA has been brought before the Supreme Court. In 2012, the Court ruled that the individual mandate was in fact constitutional, and in 2015, it upheld the part of the act that provides tax credits or subsidies for health insurance premiums. In both cases, a conservative sector of the Court voted against the ruling, leading many to fear that this challenge could go a different way after the recent confirmation of conservative Justice Amy Coney Barrett. Freelancers Union member Cassandra Bates has created a petition to let the Supreme Court know that the ACA must stay in place. If your healthcare depends on the ACA’s coverage for preexisting conditions, or if you’re just concerned about the future of the law, sign her petition here. via Freelancers Union Blog https://blog.freelancersunion.org/2020/11/10/the-aca-is-on-trial-again/
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In a sure sign that the end of the year is just around the corner, the Internal Revenue Service has announced cost‑of‑living adjustments for the dollar limitations for pension plans and other retirement-related items for tax year 2021. Here’s what freelancers should take note of from the irs.gov announcement. The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs and to claim the Saver’s Credit all increased for 2021. You can deduct contributions to a traditional IRA if you meet certain conditions. However, if you are also covered by a retirement plan like a 401(k) through an employer — or your spouse is — your deduction may be reduced or phased out until it is eliminated, depending on your filing status and income. These are the 2021 phase-out ranges for those who are also covered by a retirement plan at work:
The income phase-out range for taxpayers making contributions to a Roth IRA is $125,000–$140,000 for singles and heads of household, up from $124,000–$139,000. For married couples filing jointly, the income phase-out range is $198,000–$208,000, up from $196,000–$206,000. The phase-out range for a married individual filing a separate return who makes contributions to a Roth IRA is not subject to an annual cost-of-living adjustment and remains $0–$10,000. SEP IRA and Other Retirement Plan Limits for 2021The IRS has increased 2021 contribution limits for SEP IRAs and Solo 401(k)s, so if you have one for your freelance business, you can up your contribution maximum from $57,000 (in 2020) to $58,000 next year. If you are self-employed and don’t have a retirement plan set up, consider a SEP IRA or a Solo 401(k) — they allow you to contribute more than the annual $6,000 contribution that is allowed in a Traditional IRA or Roth IRA. For those aged 50 or older, there is also a $6,500 catch-up contribution amount, allowing total contributions in 2021 of $64,500. Other Retirement Plan Limits for 2021The limit on contributions by employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan remains unchanged at $19,500 in 2021. The catch-up contribution limit for employees aged 50 and over who participate in these plans remains unchanged at $6,500. The limitation regarding SIMPLE retirement accounts remains unchanged at $13,500. The limit on annual contributions to an IRA remains unchanged at $6,000. The additional catch-up contribution limit for individuals aged 50 and over is not subject to an annual cost-of-living adjustment and remains $1,000. Don’t Qualify for a “Traditional” IRA? Try the Backdoor OptionDon’t worry about the name “Backdoor Roth IRA” — this type of retirement savings vehicle is still perfectly legal! A backdoor Roth IRA is not a standard retirement account, but it is an authorized method by the IRS for high-income taxpayers to fund a Roth IRA. This type of account could be beneficial to you if your income is higher than the maximum the IRS allows for regular Roth contributions. Backdoor Roth IRAs are usually traditional IRA accounts or 401(k)s converted to Roth IRAs, hence you “back door” your way around the usual income limits that restrict high income earners from contributing to Roth IRAs. The benefit of a Roth IRA is that it lets taxpayers set money aside in a special retirement savings account. Your assets grow and can eventually be withdrawn, without incurring any income tax. The problem for freelancers and others who have a modified adjusted gross income in the higher six figures is that the IRS starts phasing out the amount you can contribute based on your tax filing status — until you can’t contribute at all. Here’s where the workaround comes in: Traditional IRAs don't have these income limits, and the IRS doesn’t have income limits that restrict who can convert a traditional IRA to Roth IRA. This makes the backdoor Roth IRA an attractive option for higher-income taxpayers. If you fall into one of the income categories below, you may want to consider the backdoor Roth IRA option, which excludes you from these limits:
How to create a backdoor Roth IRAThere are several ways to create a backdoor Roth IRA. You may want to enlist the help of a financial professional if you aren’t comfortable doing it on your own. 1. Contribute money to an existing traditional IRA and then roll over the funds to a Roth IRA account. You can also roll over money once a year from an existing traditional IRA into a Roth IRA. There is no limit on it…you can roll over as much as you want. 2. If you have one, you can convert your entire traditional IRA account to a Roth IRA account. 3. You can make an after-tax contribution to a 401(k) plan and then roll it over to a Roth IRA. Taxes May Still Apply to Your Backdoor Roth IRA. There are a couple of cons of this approach (at least in the short term): You still need to pay taxes on any money in your traditional IRA if it hasn’t already been taxed — even if you convert it to a Roth IRA. The IRS may even count the contribution as income, but the good news is, you don’t have to pay full taxes because a pro-rata rule applies. In addition, the funds you put into the Roth IRA are considered converted funds, not contributions, meaning they differ slightly from regular Roth IRA finds. You will have to wait five years to have penalty-free access to your funds if you’re under the age of 59½. There are some key pros which you can also consider: There are no required minimum distributions (RMDs), which means account balances can see tax-deferred growth for your lifetime. Also, unlike traditional IRA distributions, those from a backdoor Roth are not taxable. Start Planning for Your Freelance Retirement Now—With or Without a Backdoor IRA OptionNo matter whether you want (or need) to create a backdoor Roth IRA option for yourself or not, planning for your freelance retirement is critical. Use the information above to make a smart decision about IRAs and other savings vehicles so you can start funding your future financial security today! 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, http://www.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/2020/11/09/its-always-the-right-time-to-plan-for-freelance-retirement/
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I think a more appropriate title for this week’s iteration would have been…
I need a break, you need a break, everyone needs a break. THE WEEKLY BRIEF UPDATE1. You can now purchase CORE @ Home for whatever it is you want to pay. During quarantine I started a platform where I’d deliver 20-40 minute workouts that could be performed in everyone’s living room using minimal equipment. In all I curated 36 workouts using nothing but bodyweight, bands, and kettlebells and/or dumbbells. With many people still reticent to head back to their regular gyms (not to mention the scarcity of gym equipment out there to purchase) I figured this would be a nice opportunity to help. Whether you want to spend $1 or $100 (if the latter, we’ll be BFFs forever), the workouts are ready and available to start. For more information go HERE. SOCIAL MEDIA SHENANIGANS
STUFF TO READ WHILE YOU’RE PRETENDING TO WORKA bit of a curve ball this week. The world is currently balls deep in a dumpster fire of an election and has the bulk of everyone’s attention. The last thing on most people’s “to do” list is to think to themselves “hey, you know what? I think I’ll write an article on squats or how to improve scapular upward rotation and it’s implications on overall shoulder health. Or, I don’t know, ear wax.” Most fitness peeps aren’t in the mood to write this week and there is a dearth of content out there. That, and I was just too lazy (I.e., balls deep in the aforementioned dumpster fire) to do any reading. To that end I figured I’d re-share some of my ALL-TIME favorite articles that either gave me a major ah-HA moment OR made me feel more like an idiot. Either way, I learned something cool. Push-Ups, Face Pulls and Shrugs – Mike Robertson & Bill HartmanOne of the first articles that really helped me to better understand that rotator cuff training (and shoulder health in general) isn’t necessarily endless repetitions of band external rotations. The Hierarchy of Fat Loss – Alwyn CosgroveI still reference this article repeatedly and send out to clients who end up stuck with their fat-loss endeavors and feel endless steady state cardio and cheat meals are the key. Cardio Confusion – Eric CresseySure we were roommates for two years and we started a business together, but Eric was (and still is) a mentor of mine and someone who has had a massive influence on my career. This was one of the first articles that made me re-think my stance on steady-state cardio and it’s importance for not only overall health, but also how it can have positive implications toward lifting heavy things too. 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/2020/11/stuff-to-read-while-youre-pretending-to-work-11-6-20/
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This year, the cost of getting insured may be weighing on you more than usual. If you’ve skipped getting insured in the past because it’s just too expensive, or if you’ve experienced a drop in income that has you worried about how you’ll continue to make your premium payments, you may qualify for a new kind of plan in New York. Essential plans are a great option for those freelancers who fall into the income gap between qualifying for Medicaid and being able to afford private insurance. They’re available to individuals with incomes between $17,000-$25,520, and they cover all of your basic health needs, from primary care and preventative visits to trips to the emergency room and mental health treatment. Depending on your income, you could pay as little as $0 per month, with the option to pay a little more to add extras like vision and dental coverage. If you’re able, choosing one of the enhanced plans with vision and dental is the greatest value by far, and it’s what we recommend to ensure your health is totally protected. There’s no deductible, and out-of-pocket costs are capped at a manageable level, from $200-$2,000 for the year. Both of our New York insurance partners, EmblemHealth and MetroPlus, offer Essential Plans with the same basic levels of service and coverage. To choose the plan that works best for you, we recommend searching their networks to find doctors and care centers that are most convenient to you. MetroPlus’ Essential Plan operates on the same NYC Health + Hospitals network as their metal-tier plans, while EmblemHealth's uses a more streamlined version of their network, Enhanced Care Prime. While open enrollment is the time most people are thinking about getting insured, Essential Plans are available all year round, so you can join any time. (But if you’re not insured right now, we recommend you get covered as soon as possible!) Enrollments are also retroactive, so if you enroll before the 15th of the month, that whole month will be covered. When you buy health insurance through Freelancers Union, we receive a small fee that helps us advocate for freelancers all year long. If you have any questions about whether an Essential Plan is right for you, you can call EmblemHealth or MetroPlus directly, or email us at [email protected]. via Freelancers Union Blog https://blog.freelancersunion.org/2020/11/05/worried-about-the-cost-of-insurance-new-yorkers-have-a-more-affordable-option/
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This winter is shaping up to be a tough one, but if you’re feeling helpless, there’s one thing you can do right now that will make a big difference. Getting a flu shot is one of the simplest ways to help make this season easier for everyone, and it only takes a minute. In an average year, 40-50 million Americans become sick with the flu, and around 800,000 of them require hospitalization. This year, as the coronavirus pandemic surges and infection numbers are expected to continue to increase as the weather gets colder, experts are warning that both viruses peaking this winter could put unmanageable stress on the healthcare system at a time when it is already stretched to the limit. And, because early COVID and flu symptoms are very similar, you’re setting yourself up for undue anxiety if you do end up contracting the flu. This year, it is especially important that anyone in one of these categories get their flu shot ASAP:
All health insurance providers are required by the Affordable Care Act to cover the flu vaccine as a free service, though you may have to go to a facility specified by your insurance provider to get it. While most adults are able to walk into a pharmacy to get the vaccine, children may have to go to a pediatrician, depending on your state’s regulations. If you do have to go to your doctor to get the shot, that visit will be free. If you’re uninsured, the cost of the flu shot will vary depending on where you go, averaging around $40, though many big chains like Target and CVS offer a coupon on your next purchase when you get your vaccine. If you live near a Costco, the cost is just $20 — and you don’t have to be a member to get the deal! Either way, it’s well worth the cost to rest a little easier this winter. And if you’re uninsured, the open enrollment window (Nov. 1-Dec. 15) is your one chance to get insured for the coming year. Check out our national benefits platform to find affordable, freelancer-friendly plans in your area, and enroll in the plan that works best for you. When you purchase your health insurance through Freelancers Union, we receive a small commission that helps us continue our advocacy work throughout the year. You pay the same amount, and your Union gets to keep working on behalf of all freelancers. That’s health insurance with a purpose. via Freelancers Union Blog https://blog.freelancersunion.org/2020/11/04/take-control-of-your-health-this-winter/
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If you turned 26 this year, you passed a pretty major milestone. No, it’s not that you’re more than halfway through your 20s — you’re no longer eligible for health insurance under your parents’ plan. That’s right: You’re officially an adult. But you’re not on your own. If this is the first time you’re navigating the health insurance market, we’re here to guide you through it. There’s a special kind of health insurance plan just for people under 30 that’s designed to protect you in case of a major accident or illness and covers basic services like annual checkups. Often called “simple,” “basic,” or “catastrophic,” these plans have much lower premiums and high deductibles. Under these plans, you get 3 doctor’s visits per year at no cost and free preventative benefits like vaccinations. And if anything unexpected happens, you’ll be secure knowing you can get the care you need and you’ll only pay up to your deductible. If you’re still getting your freelance career off the ground, skipping health insurance may seem like the easiest way to save some cash. After all, if you’re in good health now, you can probably skip a few checkups, right? But if this year has taught us anything, it’s that life has a way of changing when you least expect it. Give yourself a little peace of mind and stay insured — you could save a lot more in the long run. When you buy your health insurance through Freelancers Union, we receive a small commission from the insurance provider, helping us keep the lights on all year round. You pay the same amount, and we get to keep fighting for a more secure future for all freelancers. That’s a win-win. via Freelancers Union Blog https://blog.freelancersunion.org/2020/11/03/you-just-turned-26-now-what/
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Slow Start DeadliftWhenever someone rounds their back on a deadlift two things happen:
Caveats exist, however. Everyone at some point will round their back. Elite lifters will do it – sometimes on purpose – to lock out a max effort lift. Newbie and intermediate lifters will do it – almost always not on purpose – to lock out any lift…? The difference is that elite lifters are strong (and knowledgable) enough to know how to self-correct when teetering with a precarious position (end-range spinal flexion), and mostly everyone else is not an elite lifter. As I’ve noted repeatedly, if your goal is to become a deadlifting Terminator then the bulk of your accessory work should address either a weakness or technique flaw. The SLOW START deadlift is a superb choice for those lifters who have trouble with their hips coming up too early and/or have a difficult time with maintaining upper back tension. I’ve been using this with a my clients and it’s been magical to see the progress they’ve made with their technique. Performing 3-5 sets of 3-5 reps using 50-70% of 1-rep max should do the trick. 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/2020/11/1-minute-deadlift-tip-the-power-of-the-slow-start/
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Yesterday marked the start of open enrollment, the 6-week period from November 1-December 15 when individuals can purchase health insurance. This is the one moment of the year that you can make changes to your health coverage; after December 15, you’ll have to wait until next November to sign up again. Right now, there is so much uncertainty: about our political future, about whether the Affordable Care Act will remain in place, about when the pandemic will end. One thing that shouldn’t be a question is whether your health is protected right now. The risks of being uninsured are just too great. Even with the ACA under threat, you can and should buy a health plan for 2021. Because we know buying insurance can be complicated and frustrating, Freelancers Union is here to help you through the process. First, check out our comprehensive guide to everything you need to know about health insurance, then head to our national benefits platform to find the plans in your area that we recommend. We have curated a selection of providers that are affordable, provide the coverage you need, and, most importantly, value the work you do. You can enroll in a plan directly through us, by clicking on the link or by calling the provider directly and telling them you are a Freelancers Union member. When you do, Freelancers Union receives a small commission from the insurance provider, which allows us to continue our work advocating for freelancers all year round. You always pay the same amount that you would if you purchased that plan on your state’s marketplace (yes, even if you qualify for a subsidy on your premium costs!), and we get to keep advocating for freelancers all year round. Health insurance with a purpose. Who doesn’t love that? via Freelancers Union Blog https://blog.freelancersunion.org/2020/11/02/how-and-why-to-get-your-insurance-through-freelancers-union/ |
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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