4 Simple Ways To Improve Your Money Mindset As A Freelancer
When you change the way you see money, you will freelance better.
Let’s get one thing straight: Freelancing is a business.
It’s a lifestyle, not just a hobby that you can pick up whenever you’re bored.
To understand the ins and outs of freelancing, you should fall in love it as a whole. Not just the idea of freelancing.
I’d say take it pretty seriously just like how Mark Zuckerberg did with Facebook. Well, except for the class-action lawsuit and other issues of course.
In my 4 years of freelancing, I realized one thing about money.
The way I see it influences its flow into my life.
No matter how much I earn in a week, my money mindset plays a big part in how I save and spend it.
When I first started freelancing, I barely had any savings. I was just working in the comfort of my own home, using what little I have left from my student allowances.
It was a difficult start, and it’s not something I’d wish on anyone.
So if I could tell you something about money mindset now, it would be these 3 things:
Accept lean months, or maybe even lean years.
“I started with $1 and now I have a multimillion-dollar business”
That is not the norm. That just doesn’t happen overnight.
Sure, dream big. Use those stellar stories to inspire you and motivate you to become the best freelancer in your niche.
But it’s also important to have the right and realistic mindset.
Something like this:
“I’m starting with what I have today, invest in myself, and work my ass off.”
Now that’s more realistic and puts you in a good space.
Be prepared to have months of no income.
Or maybe even years of low income.
It’s harsh but I’d rather give you the ultimate truth than shower you with the ‘glamorous life of a freelancer’.
Before you devote yourself to freelancing, create a money rule.
Now this one’s a personal take so take it if you need it!
If I could start my freelance journey all over again, I would get a full-time job and only quit that if freelancing makes twice as much money than my full-time for 3 straight months.
I’d much rather save up and freelance later on, than freelance now with no money at all.
Bottomline is: Don’t go all in right away.
If you’re working 9–5 right now, create your money rule.
If you’re already freelancing, well I hope you didn’t make the same mistake as I did.
Peace-of-mind money.
If you’re struggling to pay for your phone bill, why would you spend $$$ on your business?
It shouldn’t sit right.
Having your whole life together before you dive into the business of freelancing helps you breathe as you build your career.
Peace-of-mind money is your savings and investments.
This allows you to work on your freelancing venture without money issues.
If all these money talk left you feeling confused, you’re not alone.
I, too, prefer not to talk about money because it’s my weak spot, but I know that it plays a big part in our everyday lives.
Ask yourself these 3 questions.
Do you have enough savings to cover living expenses for 6 months?
Take a look at your savings account, and then check out your lifestyle. Evaluate whether or not you’re going to survive the next 6 months (or more!) with little to no income as you begin your freelancing journey.
Did you research how much it’s gonna cost to invest in yourself?
The choice to freelance is free, but to run your freelancing business isn’t.
Of course you can choose to spend nothing. But in order to stand out and upskill, you’ll probably consider spending a few bucks on yourself.
To continue improving as a market researcher, I spend money on a lot of subscriptions to fulfill my monthly operations (Calendly, GoDaddy, Google, and a lot more).
Have you identified potential sources of income and clients?
And for this I’m talking about initial research on how you’ll make money and who’s gonna give you that money.
Checking out potential sources of income gives you an idea of who your target clients will be. This allows you to shape the start of your freelancing journey.
Building a money mindset is part of freelancing.
This brings you stability and peace before and during your self-employment journey. Although frankly, a lot of people give up on hopes and dreams because of money issues.
So if you’re really serious about freelancing, make peace with your money mindset while you can.
If you enjoyed this, I think you’ll love the 4 In-Demand Skills To Boost Your Freelance Income. I wrote this story with you in mind. A big chunk of my social media audience are newbie freelancers who need support and guidance, and that’s why I enjoy writing light reads that might help move the needle for you.
