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A career path that is become increasingly popular in many industries is freelance. Being a freelancer comes with many benefits that might suit you personally, but there are some easy mistakes you can make along the way if you are new to it all. Here are some common mistakes freelancers make.
Forgetting About Taxes
When you become a freelancer, you become responsible for paying your own taxes. Because of this, you must hold yourself accountable and either pay your taxes throughout the year or make sure you have enough at the end of the year.
Not Thinking About Retirement
The next common mistake freelancers make is not thinking about retirement. It’s important to think about your retirement, even if you are a freelancer. Those who work under a company typically have a retirement plan that’s a part of your benefits. For freelancers, you can plan for your retirement future with a solo 401k.
Underestimating Your Value
One of the hardest aspects of being a freelancer is deciding on your pay. It can always be awkward whenever you are talking to someone about money, but it’s crucial that you don’t underestimate your value. It can be easy for many to take advantage of freelancer workers, so don’t let this be you.
Having Poor Time Management
Being a freelancer is appealing to many because of how independent you can be. However, if you are someone who cannot manage their time wisely, being a freelancer will not last long. Make sure you are up for the challenge and can keep track of all the various projects you might be working on to make deadlines.
Not Having A Dedicated Workspace
Freelancers are no strangers to working from home, and since you might not have access to your favorite coffee shop, setting up a dedicated workspace at home is vital. Sometimes it can be hard to balance your work and regular life, but having a dedicated space makes it a bit easier. Plus, you are going to want to have a space where you can concentrate and avoid distractions to the best of your ability since you might not be going into an office.