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Why You Need a Nest Egg Before Becoming a Full-Time Freelancer

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Working as a full-time freelancer is a freeing experience. There’s no one to tell you what to do when to work, or what projects to take. You get the opportunity to set your own rules and chase your passions. Once you get the hang of this lifestyle, it’s a rewarding experience. However, as with anything in life, being a full-time freelancer has its challenges. One of the most significant is finances. 

You may have heard stories about freelancers that were able to supplement their income and lead decent lives. Though it’s a lot easier to be successful these days, the reality is that it doesn’t happen overnight. If you don’t have a financial cushion, things could get pretty stressful. Continue reading to learn more. 

You’ve Got Bills To Pay

Before deciding to quit your job to be a full-time freelancer, consider your finances. You still have to cover the costs of living. Without a stable income to rely on, this could be challenging at times. As you’ll soon find out, freelancers don’t get a regular paycheck. If you can’t cover your bills, your passion ends up becoming a chore as you take on any assignment to stay afloat. 

The Pay Isn’t Consistent

As stated previously, a freelancer doesn’t get regular paychecks. Sure, you can secure clients who pay you weekly or monthly, but it can take months or even years before you generate enough clients to acquire a stable income. Unfortunately, some freelancers run into clients that request work and don’t even pay for it. Since you can’t bank on a paycheck, you need a nest egg to dip into when funds are short. 

There Are Associated Costs

Whether you decide to start a blog or sell beauty products online, there are associated costs with running a business. As the owner, you’re responsible for everything from internet services and website maintenance to marketing and production costs. You’ll also have to cover other expenses like a business, health, and life insurance premium. Until your business is generating enough revenue, you may need to use funds from your nest egg to cover these costs. 

Slow Periods

You’ll soon learn that there are periods when business is booming and times when things are slow. Perhaps you offer seasonal products and services, or something has impacted the economy, causing clients to scale back. Whatever the case is, going weeks or months without income is rough. Having a cushion, however, could help tide you over until things pick back up. 

Things Happen

As much as you try and plan and prepare for unforeseen circumstances, sometimes things just happen. Something could happen with your personal or professional life that requires a large sum of money to resolve at a moment’s notice. You might need a home or car repair. You could face a slow period or have a client that doesn’t pay your fee. If this happens, you need to be able to bounce back quickly. A nest egg could cover these costs and avoid the need to go into debt. 

Peace Of Mind

Being a freelancer comes with a lot of ups and downs. Wouldn’t it be nice to know that when things are rough, you have the means to survive? The best way to do this is to have a nest egg. It gives you peace of mind in the midst of a storm allowing you to get back on your feet without the added stress. 

Working as a freelancer isn’t for everyone. For those who wish to pursue and succeed in this line of work, you must prepare. Though there’s a lot of advice that can make your experience easier, one of the most significant things you can do is create a nest egg before taking a leap of faith. A financial cushion ensures you can handle everything from household bills to unforeseen circumstances while continuing to do what you love.

Michelle has been a part of the journey ever since Bigtime Daily started. As a strong learner and passionate writer, she contributes her editing skills for the news agency. She also jots down intellectual pieces from categories such as science and health.

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Lifestyle

Bryant Goodlife, The American Creative Director Turning Heads in Europe

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Bryant Molina a.k.a Bryant Goodlife started travelling the world alone at a young age became one of the most popular individuals in the world with his striking personality, excellent leadership qualities and communication skills. With his gaining popularity his philanthropist nature shined. He knew what it’s like to be different where difference in ideas and opinion from the rest affects the system and most importantly determines the future of that person. Bryant Goodlife was no exception except the fact that he had a dream of seeing the world, something he did not want to give up on. He stood fixed on his ideas and was open to learning and putting himself out there. He showed justice in every aspect of his life, no wonder he reached the height which many of us dream but few takes the initiative. He is a person, a human like us and humans are bound to make mistakes so did Bryant. The only twist was that he scratched every card played by him and learned to accept defeat and welcome mistakes because he knew that it is a portal to become a pro in becoming a master of communications.

He travelled the world and met the most unexpected and outstanding entrepreneurs and creatives and took the responsibilities to help these people see their potential. Even when the knives are piercing through their skin. He is the guy who introduces everyone to their next business partner or loved ones as he feels warmth inside while doing so. According to him one has to be loud, naked and comfortable in their own skin and automatically people will gravitate towards you. Bryant has an interesting resume which includes working in South Africa for kitesurf school, Captain of a party island in Hvar Croatia and Deep sea diver in Thailand. A gem indeed proving the proverb “ Jack of all trades but master of none” wrong because all he did was learn from the experience and inculcate knowledge in his work, as nothing learned does not go wasted. He now uses his ideas, experience, creativity, and learned skills that he picked up from seeing the world into branding, consulting and collecting art. He is currently making waves in the art scene broker, collector and curator working with huge artist like Mr Dripping a.k.a Mark rios, Charles Soto and few others. Bryant Goodlife a.k.a Bryant Molina is a true Captain indeed riding on an adventurous path seen by many but truly felt the energy, the gravity by few. To see more into bryant’s life you can see on his instagram @bryantgoodlife or website and look out for the release of his new book professionally popular that will be out next month.

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