How to Quit Your Job (and Succeed Financially as a Creative) - #70

Treyton DeVore
February 11, 2023

Welcome to The Loaf - making money & business more approachable for self-employed creatives & freelancers

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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:

  • How I quit my job during the pandemic
  • How to prepare financially for entrepreneurship
  • How to know when it's time to hire
  • The biggest mistake I see creators make with money
  • 3 tips to make personal finance less stressful

Check out the article & podcast: View the post

🗓 this week

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

..more crumbs

👔 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)

art - The Breadheads*

Thanks for reading 🖤

Treyton DeVore

treytondevore.com​

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