Retirement in America is in crisis. With fewer and fewer companies offering pension plans and with Social Security on the brink of insolvency, the "three-legged stool" of retirement income sources is just about falling over. The median retirement account balance in a typical American household dropped to a meager $2,500 in 2014.
As freelancers, planning our retirement is even more daunting than for our 9 to 5 friends. Being left to conduct all of our own accounting and planning, we don't enjoy the luxuries of automatic company 401(k) deductions or company-sponsored health insurance. Because of this, we don't make long-term investing a focal point of our businesses, forcing us to work harder than we have to in order to secure our financial independence.
I want to help you navigate the myriad options, terminology, and products you'll encounter on your journey to building wealth as a freelancer, and help you come up with a plan for the future that ensures your continued prosperity. Unlike many of the personal finance books available today, the products and services you'll encounter in this guide are inexpensive and I don't receive compensation for endorsing them. I started my own financial fitness journey just a few years ago and I'm eager to share what has worked and what hasn't.
This guide will help you implement processes within your business that will increase your net worth over time. This guide will not get you rich quick. In order to build lasting financial prosperity, you'll need patience, perseverance, and resolve. Getting rich is simple, but not easy.
To help you find your way, I've ordered things the way I would do them if I were starting a new freelance business. Your mileage may vary depending on your circumstance. I recommend you read through each section, even if you think it might not apply to you.
To my dear international readers: Unfortunately the investment vehicles, tax laws, and insurance organizations are vastly different in other countries. You'll likely find the practices and philosophies are similar in your country, but you'll want to consult your local tax and investment specialists for information about the laws in your jurisdiction and the investment products available to you.
If you're making a living freelancing, you're obviously a talented programmer, writer, designer, or other professional. Now I want to help you apply that talent to build financial security for tomorrow.
I hope you use this guide to amass a nest egg and retire with dignity doing what you love. If you've implemented what you read, I'd love to hear about it.
Teejay VanSlyke — Email Me