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Remote Worker Mistakes, Part 1
What Happens When You Don’t Track Your Money
From my own experience as a remote worker with my own company for about 1.5 years now, I definitely remember mistakes that I have made which impacted me personally and which impacted my business. When I first started, I made absolutely no attempt to create or use any kind of financial plan. I looked at the money as “extra” money and had no idea what happened to it over time. Six months after the seasonal work ended when I still hadn’t secured a new gig, I was regretting that choice because I could have made that money stretch, but without a plan, that money was gone with the wind. Was I kicking myself? Absolutely. But then what happened next?
Surviving During Unpaid Certification Training
Next, I got accepted to a new client and began certification, which was unpaid for 20 hours per week for 4 weeks. So, again, I was kicking myself because I still no longer had that other money, but we figured out how to survive by living more simply than usual until I was able to get my first invoice settlement. (When it’s a 1099 contract business and not a w-4, the payments are not called your paychecks, they’re called settlements.)
Overestimating Earnings
I also made the mistake of overestimating my earnings because I had no idea of the figurative “tornado” that was about to hit our family and last for about 9 months. I lost a lot of work hours managing our ongoing family crisis. Then I also had to deal with my own emergency health crisis and emergency surgery. Not using a financial plan and overestimating my earnings were their own kind of perfect storm.
Finally Bucking Up
So, eventually, I used my own certified financial coaching education myself and started getting into a routine of keeping a monthly financial plan. It has been very helpful, and I wish I had done this sooner, but better late than never. Now I can see clearly what money is coming in and going out. I can see in advance when there are additional adjustments that need to…
