Blog - Page 6 of 10 - Remote Life Genius

23Jun 2020 by Jasmine

4 Best Ways to Save for Retirement as a Freelancer in 2020

When you leave your job to work as a freelancer, you gain a lot of freedom over your time and money. However, one of the main perks of many jobs is the option to contribute to a 401(k) retirement plan. When you leave a job, you can take what you’ve already contributed to your 401(k). But that doesn’t mean you stop saving for retirement. As a freelancer, your retirement savings are now your full responsibility. The good news is that you have several options to choose from. We’ll walk you through four different retirement options in this article. Afterward, we’ll show you how to calculate what you need to save based on your retirement goals. 1. Roth or Traditional IRA What is it? IRA stands for Individual Retirement Account. IRAs…

The Best Credit Cards for Freelancers in 2020 – Business and Personal Card Selections

All blog posts, Money & Taxes

It’s easy to think of freelancing as a gig or a job. But, if you are freelancing full-time, you are a small business owner. Your business is you. You and the services you offer. As a small business, there are a handful of benefits to getting a business credit card. Read through to find out our favorite small business credit cards for freelancers. And, as a bonus, check out some of our favorite personal credit cards at the end. Why you should get a small business credit card First and foremost, a small business credit card helps you separate your business expenses from your personal spending. As a business owner, you always want to have an idea of your expenses vs. your income. By opening a small business card, you…

How to Budget as a Freelancer – Managing Your Variable Income

All blog posts, Money & Taxes

–Working as a full-time freelancer comes with a number of freedoms. The freedom to work when you want, where you want, and with whom you want. However, with all of those freedoms comes more financial responsibility. You are responsible for your own overhead and taxes, all without a regular bi-monthly paycheck. The reality of freelancing is one of flexibility. But your income (or cash flow) will not have the same stability. So, how do you prepare for the financial reality of freelancing? With the skill of budgeting. Why are budgets important for freelancers? As mentioned before, your income is less predictable when you’re a freelancer. This is for two main reasons. The number of projects you have each month changes AND different client pay at different times. Unlike receiving a…