Congratulations on taking the first step to become a freelancer! I’ve been able to see some amazing places around the world thanks to my ability to make money as a freelancer.
I started as an employee at an office, but after one too many long hours and way too little vacation time, I decided it was time for me to take control of my life.
I wanted the freedom to see the world while supporting myself financially, so after saving up enough money, I took the leap and became a full-time freelancer. Here’s how you can do it too.
| Takeaways |
|---|
| 1. Freelancing can fund your dream of traveling the world. |
| 2. Proper financial planning allows for extended vacations. |
| 3. Embrace remote work opportunities for location freedom. |
| 4. Leverage freelance platforms to find travel-friendly jobs. |
| 5. Balancing work and travel requires effective time management. |
Make Your Goal A Priority
I was able to do this because I made my goal a priority. Each day, I set aside time in my schedule and prioritized my work on it above everything else.
I started by making a plan for what I needed to do each day and then set up reminders so that I wouldn’t forget about them.
When creating the plans, remember not to go too far into the future; instead, focus on one thing at a time and make sure it gets done before moving on to the next thing. There’s nothing worse than getting overwhelmed by everything you have planned out!
Once you’ve finished with one task and moved on to another, reward yourself with something small like taking 15 minutes off or going out for lunch with friends. This will keep you motivated throughout your journey!
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Open Multiple Revenue Streams
It’s important to have multiple revenue streams so you don’t put all your eggs in one basket. You want to diversify your income as much as possible, otherwise, you could be broke if one of those sources suddenly dries up.
This is especially true for freelancers because we have no regular paycheck from an employer we need other ways to make money so that our businesses don’t collapse when things go wrong.
If something goes wrong with one of my revenue streams and I can’t make money writing or speak for a while (i.e., I’m sick), I know that others will pay me even if they never did before: consulting gigs, coaching clients and mastermind groups, selling courses on Udemy and Skillshare.
Create Your Opportunities
To make a living on your terms, you need to be willing to take risks. You can’t just sit back and wait for opportunities to happen; you have to create them yourself.
As I mentioned above, I started as an illustrator and graphic designer working with clients in my home country of the Philippines. When I moved abroad, however, these skills weren’t in demand anymore but that didn’t mean they were useless.
They were quite relevant because most people around me had never seen good illustrations or design work done before (and many still don’t). So instead of waiting around for something new and exciting to happen as some kind of passive worker bee (which would get me nowhere).
I decided that even though these skills weren’t making me any money at first glance, they could still help me make money if used creatively enough which is exactly what happened when I started freelancing as a freelance writer!
If this doesn’t work out then try something else – there must be something else out there worth doing.
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Be Patient While You Build Up Passive Income
You need to be prepared for the fact that it will take time to build up your passive income. I remember when I first started, people would often ask me what my goal was in terms of how much money I wanted to make freelancing.
It’s a hard question to answer because it depends on what you want to do and where you are coming from. For instance, if you already have a full-time job or other sources of income, then maybe your goal shouldn’t be as high as someone who has no other source of income at all.
If patience is not your strong suit (or if patience isn’t something that comes naturally), then freelancing may not be for you at least not yet anyway!
This doesn’t mean that there aren’t ways around this; it just means that sometimes we have to wait longer before getting paid for our work instead of something instant like with traditional employment where most people get their paycheck at least once every two weeks (if not sooner).
Set Aside Money For Taxes
The last thing you want to worry about is paying taxes when you’re on vacation, but it’s important to keep them in mind when setting aside money for your travels.
If you work as a freelancer and want to take advantage of the tax benefits of being self-employed, then set aside some money every month is a good idea so that you can pay your estimated quarterly taxes.
Taxes are due on April 15th and estimated quarterly taxes are due by the end of January, June, September, and December respectively.
The IRS has an online calculator that will help you figure out how much tax withholdings (and thus how much cash flow) will be required throughout the year if you have employees or other factors such as capital gains income affecting your taxable income level
Don’t Just Get By, Excel
The key to succeeding as a freelancer is doing your best. Don’t settle for mediocrity: always try to do your best and make sure that you are delivering the very best results that can be produced.
If this means asking for help or even asking for a raise or promotion, then do it. You should never feel like you’re not worth something because you took the risk of doing something new in life.
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Remain Competitive With Skills And Experience
Here’s a simple fact: if you’re going to make money on the internet, you have to be competitive with your skills and experience. It is that simple.
If you don’t have the skills and experience necessary for a job, it will be painfully obvious when someone else does. If you’re applying for an engineering position at Microsoft or Google but have no formal training in computer science or electrical engineering well, sorry! Good luck with that application.
So how do you get those skills? For one thing, keep learning new things while you’re working at a job or freelancing on the side (or both). But if your goal is starting as a freelancer full-time, I recommend building up one strong skill until it becomes your specialty.
That way people can always hire you because they know what they’re getting into when they hire someone with only one skill set whereas if all of their employees are generalists who are good at everything but great at none of them… well then they’ll probably end up being mediocre at everything instead of great somewhere.”
Create A Long Term Plan
One of the biggest benefits of freelancing is that you can work from anywhere. But if you want to make the most out of your location independence, it’s important to have a plan in place.
You need clarity around what you want out of life and where you are going next. Otherwise, there may be no end in sight for your freelance career as well as no point of focus as far as travel goes.
When I was planning my trip around the world, I created a long-term plan that included specific goals on when and where I wanted to go during my time off work (and how much money would go into each trip).
This made sure that when an opportunity arose like an invitation from friends or family members back home I could quickly weigh whether or not it fits into my overall itinerary without having any hesitation or stress about making decisions on the fly (which never works out well).
Track Your Progress To Keep You Motivated
You can also track your progress to see how much you have saved, earned, and spent. This will help keep you motivated and focused on your goal of freelancing full-time.
If you are a freelance writer, you need to keep track of what types of gigs are generating the most income for you.
For example, if some clients pay better than others, then this is information that should be readily available in your spreadsheet or task management app so that when things get slow (and they will), you can quickly pick up a few jobs from high-paying clients instead of wasting time looking for work elsewhere.
Combine your love for travel and writing by becoming a freelance travel writer. Our guide on how to become a freelance travel writer and build your dream career offers expert advice and practical tips to turn your passion for travel into a fulfilling freelance venture.
Withdraw On Time And Pay Yourself First!
The last step to making sure your money is taken care of is to withdraw on time. This means setting up an automatic withdrawal from your bank or Paypal account and depositing it into your checking account.
You can also set up an automatic deposit for a fixed amount every day or week, but I find that this creates a psychological barrier when you’re trying to save more than what you need for the month.
Instead, I recommend setting up an automatic savings plan where you put away extra cash into another savings account. Here’s how:
- First off, open an account at any bank (I use Chase) or online bank (I use Capital One). This can be done through their website or with their mobile app! Make sure they offer both options so that if one doesn’t work out well then all hope isn’t lost just yet 😉
- The next step would be figuring out how much money should go into each category; this depends on many factors including how much money comes in each month as well as how much debt/costs there are per month too.
- Do some research here before deciding anything concretely because there are many ways to do this based on personal preference but no matter what method is chosen always remember: “pay yourself first” so try not to spend everything else beforehand 🙂
Don’t Forget About Compound Interest
You can use compound interest to your advantage. For example, if you have $1000 and invest it at 10%, you’ll have $1100 after a year.
But if you leave the money in the bank for another month, then earn another 10% interest, your money will now be worth $1200. Interest is added to the principal on which it was earned (i.e., what’s left over after paying off previous debts).
You can also lose out to compound interest by taking out loans or credit cards that charge high rates of interest over time.
Know The Do’s And Don’ts Of Negotiating As A Freelancer
You must know the do’s and don’ts of negotiating as a freelancer. (For example, don’t negotiate for the sake of negotiating or because someone else does.) Here are some tips:
- Do your research on the company and role.
- Do your research on the market, competition, industry, and salary range. This will give you an idea of what other people are being paid in similar jobs/roles.
- Don’t accept a counter offer if they want to give you less than they originally offered due to a slow period or something like that it’s just not worth it!
Automate Financial Systems For Easy Access To Cash
It’s no secret that the best way to save money is by automating your finances. Use software like Personal Capital, Mint, or YNAB to help you track your spending and save automatically without thinking about it.
And if you don’t have time for all of this? Use Acorns or Betterment (my personal favorite) to invest in low-cost index funds automatically every month so that even if you forget about investing altogether, you’ll still come out ahead over time. You can also use tools like Upwork or Fiverr to make more money as a freelancer when needed!
Get The Best Exchange Rates Possible
The best way to get the most bang for your buck is to use an app like TransferWise or XE Currency. These apps will help you obtain a better rate than what banks provide.
They make it easy by handling all of the conversions, and they charge much lower fees than traditional money transfer services like Western Union or MoneyGram which can often steal up to 10% of your hard-earned cash!
For example: On my last trip through Europe, I was traveling with two friends who were using credit cards that offered 1% cash back rewards on foreign transactions (ie: purchases made outside the US).
My bank at home had no such program, but they did have better exchange rates than most other companies out there so I just used my debit card abroad instead of carrying around extra cash or traveler’s checks (which come with their own set of problems).
Consult With A Financial Advisor Early On In The Process
A financial advisor can help you plan your trip and make sure you’re financially prepared for it.
They’ll also be able to answer any questions you may have about specific details along the way, like how much money should I expect to spend on food? Or how much will travel insurance cost me?.
Depending on your current situation, they might even be able to prepare a budget for your trip based on their expertise and knowledge of similar situations. You’ll want to find someone that is trustworthy, knowledgeable, and experienced in this field (or else they won’t be able to give good advice).
You should ask friends or family if they know anyone who fits these criteria perhaps even look at LinkedIn recommendations for other freelancers who might’ve worked with one before. Once you’ve found someone qualified enough from those options though.
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Final Thoughts
We hope that this article has gotten you excited about how freelancing can help you achieve your financial goals. If it hasn’t, maybe all of the above is a little intimidating, but don’t worry! It will take time to get there, and in the meantime, we have plenty of other helpful articles on our blog. In fact, why not check out a few now?
Further Reading
How to Take Vacation as a Freelancer: Discover essential tips and strategies for freelancers to take a well-deserved vacation without compromising their work commitments.
Guide to Freelancing & Working Abroad: Interested in freelancing while exploring different countries? This guide provides insights and resources to make freelancing abroad a reality.
Freelance Traveling the World: 6 Pieces of Advice: Learn from seasoned freelancers who have successfully traveled the world while freelancing. Get practical advice and inspiration for your own freelancing journey.
People Also Ask
What Is The Best Way To Make Money As A Freelancer?
I’ve been a freelancer for years, and I’ve learned that it’s important to diversify your income streams. Some months are slow, so it’s important to have another source of income. I’ve found that having multiple gigs at once is the best way to make money as a freelancer.
How Do You Get Clients?
When I first started, I worked with friends and family on projects that they needed help with. After my portfolio grew, I would reach out to people who were in similar industries as me. Nowadays, most of my clients come from referrals or word-of-mouth recommendations. I’ve also done some paid advertising on platforms like Upwork or Fiverr as well!
What Was The Most Challenging Aspect Of Freelancing?
The most challenging part of freelancing is managing your time. When you’re working as a full-time employee, you have set hours and days to work, and when you have an appointment or meeting with a client, it’s usually scheduled in advance.
As a freelancer, you have to make sure that you are available when clients need you but it’s hard to predict when that will be! This can be especially difficult if you want to do things like go on vacation or travel around the world.
How Did You Manage Your Time?
I found that the best way to manage my time as a freelancer was by setting weekly goals for myself. I wrote down all of my tasks for each week, and then set deadlines for each one with some tasks having more specific deadlines than others.
For example, if I had a big project coming up next week, I might tell myself that I need to get started on it by Friday so that I’ll have plenty of time to finish it up before Monday afternoon rolls around again. This helped me stay focused on what needed doing right now without feeling overwhelmed by everything else piling up at once!
What Are The Pros And Cons Of Freelancing?
There are many pros and cons to freelancing. The biggest pro is that you have the opportunity to work from anywhere in the world, which means you can spend more time with your family or save money by living in a cheaper location. If this is important to you, then freelancing may be for you.
The biggest con of freelancing is that it can be difficult to find work at times. If you’re not getting any jobs, then it might be hard to make enough money to support yourself. If this happens, it may be best for you to look into other options such as working a traditional job or starting your own business.
Costantine Edward is a digital marketing expert, freelance writer, and entrepreneur who helps people attain financial freedom. I’ve been working in marketing since I was 18 years old and have managed to build a successful career doing what I love.