Finance Globe

U.S. financial and economic topics from several finance writers.
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Spend Less Money While Moving into Self Employment

Spend Less Money While Moving into Self Employment

One of the primary benefits of self employment is financial freedom. You are no longer held down by an employer, meaning that you and you alone are responsible for reaching your full earning potential.

Many people shy away from self employment due to the costs associated with this decision. This isn’t something that should hold you back. This isn’t something you should be scared about. Instead, you should formulate a plan for spending less money while moving into this form of employment.

Here are three easy to follow, actionable tips:

1. Use What You Have

As excited as you may be about upgrading your space, don’t get too far ahead of yourself. Use what you have for the time being, as this will give you the opportunity to focus on tasks that deserve more of your time (and attention).

For example, you may have an old desk in the basement that you can use for the time being. It’s not ideal, but it can definitely hold you over until you begin to generate more income.

2. Buy Used, Not New

Once you are done using what you have, it’s time to buy the rest. For example, you may need to purchase a computer, filing cabinet, or anything else that can “make or break” your success.

Rather than shop for new items, search for those that are gently used. This allows you to save quite a bit of money, all without having to give up much (if anything) in terms of the quality and reliability.

3. Do Without if Possible

Your self employment success will not be based solely on the “stuff” that you buy. Instead, it will come down to skill and execution. If possible, do without unnecessary items until you are 100 percent ready to make a purchase.

You may find that you don’t actually need the item, you just thought you did.

These are a few of the many steps you can take to spend less money while moving into self employment. Can you think of any others? 

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Comments 1

Frank on Thursday, 21 April 2016 16:25

Another very important thing to consider is the extra taxes and health insurance you will likely need to purchase. Self-employed people have to pay their self-employment taxes, which can really eat into your take home pay. Also if you have to cover your own health insurance, that can add up a lot as well.

Another very important thing to consider is the extra taxes and health insurance you will likely need to purchase. Self-employed people have to pay their self-employment taxes, which can really eat into your take home pay. Also if you have to cover your own health insurance, that can add up a lot as well.
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Monday, 19 August 2019

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