Treat yourself

August 10th, 2011

The last two weeks have been a bit hectic and not much has happened on the posting front. Unfortunately this week’s post will be a bit on the short side.

Short but nonetheless productive.

I want to talk a little bit about one of the books I am currently reading, “The Money Book for Freelancers, Part-timers, and the Self-Employed” by Joseph D’Agnese and Denise Kiernan. An artist friend actually recommended it while she suggested I should not only give advice for people that get a paycheck every two weeks but most importantly to those who have no boss and manage their own business. You my friend were completely right! And while I have not finished the whole book (promise to post a review once I’m done), I do want to post the main advice and point that I think this book tries to get across:

“If you are going to run your own business, you must treat yourself better than the best of employers would treat his or her employees” 

We tend to think that because we are going solo we can sacrifice a few things here and there. Well both the authors and I think that’s wrong. Employers by law need to pay taxes, handle their bookkeeping, etc. Those of us working independently are really not required to do much and by default we end up spending any cash that comes in. Wrong! Independent workers need to prioritize any money that comes in, account it well, and set out percentages that suit your personal situation to save for taxes and retirement. This is major, and if you don’t take control no one else will.

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