You Can Live Off Your Freelance Income Forever

I’m a writer, but I also know my way around Photoshop, and I’ve done some video editing in the past. 

Since I started freelancing, I’ve been lucky enough to have clients who appreciate my abilities and pay me for them. Over time, that’s helped me build a freelance career where I can now make a living off doing what I love. 

So if you’re interested in leaping from working for someone else to going full-time freelance, let me help you get started by sharing my favorite tips and tricks that have helped me get to this point:

Takeaways
1. Achieving financial independence through freelancing is possible with proper planning and consistent effort.
2. Diversify your client base and income streams to create stability and mitigate risks.
3. Build a strong network and maintain professional relationships to attract high-paying clients and opportunities.
4. Develop a solid financial plan, including budgeting, saving, and investing, to secure long-term financial success.
5. Continuously upgrade your skills and stay updated with industry trends to remain competitive in the freelance market.

Cut Out The Unnecessary Stuff

You can live off your freelance income forever if you cut out unnecessary things. When people ask me how they can make more money with their freelancing, I always tell them to focus on what they do best.

You don’t have to be good at everything, and unless you’re going into business for yourself as a jack of all trades, focusing on your strengths will help you focus on the things that will make you money and keep bringing in cash flow month after month.

Here are some questions to ask yourself when deciding what is “unnecessary”:

• Do I enjoy this task? If not, why am I doing it? Maybe there’s another way to get it done without having to do this task at all!
• Am I good at this task? Can someone else do it better than me for less than what I charge per hour of my time or labor rate (whichever is higher)? If so, then delegate! You’ll be surprised how much time and energy gets freed up once you stop doing things that aren’t making any revenue whatsoever.

Balancing freelancing and motherhood was a life-changing experience for me. Read about how freelancing affected my life when I was on maternity leave and discover the unique challenges and rewards it brought.

Don’t Move For Money

One of the biggest mistakes you can make is to move for money. Moving for a job is something that I see many freelancers do when they’re in their early twenties and beginning their careers, learning how to manage finances on their own.

They might think that moving will be an opportunity to save up some cash while they figure out what they want to do career-wise, but it’s important not to get stuck thinking this way as you grow older and more experienced in your field.

The reason why is because there are other ways of making money than just through your day job and if your main source of income isn’t working out for you anymore (or ever did), then it’s time for a change!

Moving for love could also lead down some dark paths if someone doesn’t know what they’re doing when looking for romance online; however, if both people involved are ready to take risks together then this form of relocation doesn’t seem so bad after all; especially if it means living somewhere like New York City where there’s always something fun going on at any hour!

Always be Hustling

The best way to make a living as a freelancer is by always hustling. You will be shocked at how many projects and clients come your way when you just go out and do work for others, without expecting payments in return or promises of future work.

This can be time-consuming if you’re not prepared, but it’s worth it because it allows you to see what people like about your work and what they don’t like so much.

Then, when someone needs something specific done that they don’t have time or expertise for (like writing an article), they’ll think of you!

Enroll In “Beginner” Courses To Hone Your Skills And Learn From The Pros

One of the best ways to grow and improve your freelancing business is by taking classes. While there are a ton of resources for learning how to set up a website or write copy, you can learn from the pros in person. If you’re new to freelancing.

It’s also a great way to network with people who have been doing it longer than you and get their advice on how they got started, what kind of clients they work with, and whether or not they regret their decision. If your skills are already well established, these courses will give you even more insight into how others do things differently than yourself. 

You might find that what works for them doesn’t work at all for your style. You can take online classes at Udemy or go through local schools many offer lower rates during off-seasons which means even more savings.

Do you want to work and travel at the same time? I share my story on how I successfully freelance on my phone while traveling. Learn more about my journey and tips in How I Freelance on Phone While Traveling: The Story.

Use Sites Like Upwork To Get Started

If you’re just getting started, it can be tough to know where to start. It’s not enough to simply have a great idea for a product or service you need to find your audience and get them interested in buying.

Luckily, there are plenty of sites out there that can help you make that first step. Upwork is one of the best because it has millions of freelancers and businesses who want to hire them. It gives people an easy way to find work and allows businesses an easy way to post jobs and find great freelancers who want them (or at least those who will work for less).

Know Where Your Money Is Going

Knowing where your money is going is essential for getting the most out of it. When you know exactly how much you earn, what it costs to live, and how much money you save, then you can make better decisions about what to do with the cash in your pocket.

The first step toward doing this is tracking your spending. You should know how much money comes in each month as well as where it goes so that there are no surprises when it comes time to pay bills or buy groceries.

Here’s a list of tools that will help:

• Mint: a free online tool that tracks bank accounts and credit cards; includes budgeting tools (Mint)
• LearnVest: a free online tool that provides financial planning advice; includes budgeting tools (LearnVest)

Coach Others On How To Do What You Do Best

If you’re a freelancer, this is one of the ways that you can make money and build your business. For example, if you’re an accountant or tax preparer, then other people will hire you to teach them how to keep their books and file their taxes themselves. 

Think about it: there are millions of accountants in the world who provide this service in some way.

Think about what kind of skillset or expertise people need help with today (or at any time). Chances are, there’s at least one person out there who wants exactly what it is that YOU have and they’ll be willing to pay you handsomely for teaching them how to get it.

Have you ever wondered if it’s possible to live off your freelance income indefinitely? Discover the strategies and insights in our article You Can Live Off Your Freelance Income Forever to gain financial independence and sustain a fulfilling freelance career.

Commit To Getting Better At A Specific Skill Each Week

The best way to make sure your freelance career lasts is to commit to improving a specific skill each week.

Start by finding a skill you want to improve. For example, maybe it’s time management, communication skills, or copywriting? Then commit to practicing that skill for at least one hour every week until you reach your goal.

After doing this for a month or two and seeing improvement in your work from focusing on this one thing, pick another skill and repeat the process. 

This will ensure that as your business grows and as new opportunities come up, you always have enough time in each day or week dedicated to honing in on something specific so that it will grow even more quickly than before!

Raise Your Rates (And Do It Often)

It’s not a secret that you can make more money by charging more. You have to raise your rates when you are worth it. You have to raise your rates when you need to, and sometimes even if you don’t need to.

Sometimes the best time to charge more is when someone has been underpaying you for years and they think they’re giving you a break, or simply because it’s time for a pay increase.

The best way to keep track of how much others are charging in your field is by looking at their websites and seeing what they say about their rates.

If they give an hourly rate or say “rates vary,” then it’s likely that the range is fairly wide and if someone says something like “$100 per hour,” well then this person probably knows what their minimum is (and whether or not clients will pay).

It’s also helpful just to ask other freelancers what they charge because sometimes people aren’t very forthcoming about this information online (but will happily tell friends).

Get Organized And Use A Project Management System To Keep You On Track

You’ll be amazed at how much your freelance business can grow when you start using a project management system, such as Basecamp or Trello.

Project management systems allow you to organize your projects and clients more efficiently, which means less time spent on administrative tasks and more time working on the things that matter most.

Share What You’re Learning With Your Audience By Posting Tutorials, Webinars, And More

You can also use a blog to share what you’re learning with your audience. If you’re a writer, this means creating content that educates people on how to do something and get better at it.

That’s why many freelancers turn their blogs into online courses. By doing so, they create another revenue stream while building their audience’s trust and authority in their niche.

A great example of this is Pat Flynn’s Smart Passive Income podcast and blog. He has over 1 million subscribers on his podcast alone!

Starting your freelance journey from home? Our beginner’s guide provides essential tips and guidance to kickstart your freelancing career. Learn the key steps and best practices in Freelancing From Home: A Beginner’s Guide and embark on a successful freelance path.

Create An Online Course On Something You Want To Teach People How To Do (And/Or Use Teachable)

Teachable is a great platform for creating an online course. It’s easy to use, affordable and has a big audience. They also have a great affiliate program where you can promote your business on your site or in the content of your courses.

Create A Business Plan

If you’re willing to create a business plan, cut out the unnecessary, and shop around for the best prices when it comes to health insurance and other needs, you can go far as a freelance professional.

The best way to get started is by asking yourself: What do I want from my work? If it’s freedom, then that should be your priority. If it’s money or both then look at how much income you need before making any decisions about moving forward with this new career.

It may seem daunting at first but if you want this lifestyle change then there are ways around most of these hurdles! It’s all about being creative and knowing where to go for help if needed (like us!).

Productivity is crucial for freelancers, and finding effective ways to enhance it can make a significant difference. Discover the easiest way to boost your productivity in our article, The Easiest Way to Become More Productive, and unlock your full potential as a freelancer.

Final Thoughts

It can be overwhelming to think about all of the things you need to do to improve your freelance business, but remember that taking small steps forward each day will get you where you want to go.

If you have someone who can keep an eye on your finances or a mentor who can help guide you toward making smart business decisions, reach out and ask for their help.

The best thing about being a freelancer is that people are always willing to support other freelancers as long as you’re willing to ask!

Further Reading

Here are some additional resources for further reading on freelancing:

Benefits of Freelancing: Discover the numerous advantages of freelancing, including flexibility, autonomy, and potential financial rewards.

Surviving and Thriving on Freelance Income: Learn valuable tips and strategies for managing and maximizing your freelance income to achieve financial stability and success.

How to Survive Irregular Income as a New Freelancer: If you’re just starting out as a freelancer and facing the challenges of irregular income, this resource offers practical advice to navigate and overcome this hurdle.

People Also Ask

Can I Live Off My Freelance Income Forever?

Yes, you can! And it’s not even that hard. All you need to do is set up a savings plan and stick to it. The best part about freelancing is that you get to work on your schedule, so it’s easy to find time for saving money. You’ll probably want to start with a small amount, like $100 or $200 every month, and then gradually increase it as your business becomes more successful.

How Do I Set Up A Savings Plan?

The first thing you need is an online bank account one that allows you to make transfers from your main account without fees or restrictions.

Your main account should be used strictly for bills and emergencies; the transferable savings account should only be used for saving money toward goals like a vacation or a new computer. 

You can use this account when you’re ready to pay off debt or save up for an investment like stocks or mutual funds, too.

What If I Don’t Know How To Do Anything?

It doesn’t matter what you know or doesn’t know if someone wants something done and is willing to pay for it, there’s probably a way for you to earn income from that desire. 

For example, if someone needs their lawn mowed but doesn’t want to do it themselves, they might hire a landscaper for $100 an hour. 

If there are enough people who need their lawns mowed (and there are), that means there’s revenue available for landscapers like yourself who would be willing and able to provide this service at a similar price point.

How Do You Determine Your Hourly Rate?

It’s a combination of factors. First, you need to consider how much time you’ll spend on each project. Then, you need to consider how much money you want to make per hour and that’s where it gets tricky.

Let’s say you charge $100 an hour and spend 10 hours working on a project. That means you make $1,000 total, but the client only pays you $100 of it. That leaves $900 in unpaid work!

But if instead of charging $100 an hour, you charge $150 per hour and spend only five hours working on the project, then your hourly rate is higher than if you charged less (even though the client paid less overall).

It’s important to find a balance between what clients are willing to pay and what they’re willing to pay for your expertise and experience.

How To Earn Money With Freelance Writing?

Freelance writing is a wonderful way to make money while you work from home. There are many opportunities available to freelance writers, but the most common ones include writing product descriptions, blog posts, web content, and articles for magazines.

If you have a passion for writing and enjoy helping people solve their problems or learn new things, then becoming a freelance writer may be right up your alley!

How Much Am I Going To Make?

This is the first question most people ask when they’re ready to start freelancing. The answer is, it depends on what you’re good at. If you can design websites and web pages, for example, then you’ll make more than someone who just knows how to write well.

The good news is that there are so many different freelance opportunities out there now that you don’t have to worry about being pigeonholed into one thing there are plenty of jobs out there for people who do everything from coding to social media marketing to copywriting.

And even if your skills aren’t in high demand right now, there are always ways to get them up-to-date and find other ways to market yourself that will help you stand out from the crowd!