One of the benefits that you enjoy as a freelancer is the financial freedom that the freelancing provides you. What will you do if you earn more? Here are smart ways for you to consider in keeping your hard-earned money safe.
1.) Emergency Funds
It is advisable that every time you receive your compensation you need to set aside and allocate for an emergency fund because you’ll never know what will happen in the future. An emergency fund is not the typical type of savings where you can withdraw it anytime, it has a specific purpose. The suggested emergency fund should be at least 3-6 months worth of your monthly income. You need to save it in case an emergency happens or when you lose your job, at least you have available funds that can be used in starting again.
2.) Life Insurance
To have insurance coverage is as important as to have an emergency fund. Insurance coverage will protect you against risks when something unexpected happens to you. When you have insurance coverage, you are protected, thus, your loved ones will not be burdened when something bad happens to you.
3.) Sharing is Caring
Sharing your blessings is a way of being grateful to all the blessings received and giving tithe at least 10% is to give thanks to the Lord . Because if we receive abundance, it is our responsibility to give back and help those who are in need of our help.
4.) Investment
Investment is the best instrument to grow your money, instead of putting it in the bank and getting a very low interest. You can either invest in mutual funds or buy stocks and bonds. The income that you get from these investments is what is called a “passive income, ” it means your earnings without involving yourself in it.
Hope this article helps you a lot in keeping safe your hard-earned money and make it grow in the long run
You have the potential. You just need to keep going whatever will happen. Get guidance from the Filipino Virtual Assistance, if you need one today.
Happy Freelancing!