Want to Make $5000 a Month Freelancing? Earning More Won’t Make You Less Broke
I’ve been seeing loads of articles on Medium about how a person makes $5,000 a month or however much a particular person earns through their freelancing. Everyone seems to be selling the dream, but no matter how big you dream, you won’t be able to “make it” without adequately managing your funds. Yahoo Finance notes a study done in 2010 which states that the more someone wins in a lottery, the more likely they are to go broke. Lottery winners and freelancers have the same problem — bad money management strategies. So how can you, as a freelancer, be better at managing your money? Let’s take a look at some tips you can leverage to help you with your money management woes.
1. Buffer Yourself
I wrote about this in a previous post, but it really is the most crucial money management tactic I’ve come across. The buffer fund is at least one month’s earnings in a dedicated bank account. I say “at least” because the idea is that you’ll keep adding to it over time and eventually build up a decent buffer fund that can last you a while. Buffer funds can help you as a freelancer because they can bridge the earnings gap…
