Welcome to The Loaf - making money & business more approachable for self-employed creatives & freelancers
Money: How to Quit Your Job (and Succeed Financially as a Creator) [article]
If you hate your job, this week's post is for you.
Taking the leap into full-time self-employment is a dream of many, but a reality for only a few.
Our society makes it difficult to take risk and forgo guaranteed income. It feels like it costs money to breathe right now.
But with a proper plan and the right expectations, anyone can pursue their passions.
Chances are, you won't get rich overnight.
Successful, sustainable creative businesses are built over the course of years—not a few weeks—which is why you have to be prepared financially.
In this interview, Akta & I talked about:
Check out the article & podcast: View the post
Friendly money & business reminders for self-employed creatives
✅ Consider making remaining 2022 retirement contributions
Why? You can reduce your taxable income if you invest in a tax-advantaged account
• The IRS gives us until April 18, 2023 to invest more money that counts towards the previous year's contribution limits
• For example, the contribution limit in 2022 for a Traditional IRA was $6,000. If you only put in $3,000 last year, you could still put in another $3,000 before April to help reduce 2022 taxable income.
• If you have income to support it, then you can still max out your entire 2023 limits, which are $6,500 for a Traditional IRA
• *This does not apply to 401(k) contributions
✅ Check in on overdue invoices
Why? You don't work for free
• If you regularly send invoices to clients or brands, take a few minutes to review outstanding invoices. If there are any that are overdue, kindly reach out and ask for an update on the payment status.
• Also read: 3 payment reminder email templates
👔 The rise of the LinkedIn creator
✅ A full library of free icons
👀 Are you illegally using sound in your content?
🎥 Watch: Brand deal secrets from a creator who's earned more than $3 million from sponsorships
✍🏼 Freelance Finds: Why freelancers should be on twitter (and 8 steps to get clients)
Thanks for reading 🖤