Have you been keeping some questions or grey areas you would like someone to advise you on? This incredible news from popular freelance platforms may be what you need to provide guidance and answers to your concerns. I would categorize this edition of the freelance bi-weekly review as a touch point for advice seekers. There are various things to learn from, not only for freelancers but also for any individual aiming to gain financial freedom.
Mother Invests In Developing Skills For Freelancing To Support Family
Source: Sunstar
The freelance platform, Sunstar shared the story of one Bethany Grace Mamugay, who passed through a lot to achieve her goal of a better life. Beth spent the first four years of her career working at a call center. She described her time at that job as extremely stressful after which she decided to leave. “I resigned and got married and was blessed with a baby boy, but fate was unfortunate. Due to lack of finances, my hubby decided to work again in Manila,” Beth remarked.
Moving from being a “puyat” worker to owning a business and working as a freelancer. She steps outside of her comfort zone and takes action to accomplish the goals she prioritizes in life. She wants to spend quality time with family and create memories with them all, thus she does not want her husband, the father of their child, to be absent from their family. Her commitment to her family led her to look for a means to bring her husband Angelo back to Davao.
Later on, she came across a Facebook-sponsored advertisement for Surge Marketing, formerly known as Filipino Virtual Assistance by FVA Business Consultancy, as she was surfing through social media. The advertisement showed training for enhancing one’s abilities as a freelancer. She took the classes even without a personal computer or laptop. While she was enrolled in the classes, she would assist her son with his homework and school projects. A month later, she got a call from her first client where she worked as a virtual assistant and earned until she got herself a laptop and other gadgets after which she continued supporting her family.
However, Beth advises everyone to regard their life as an empire which houses a fortune and to always save money, make investments, and have a backup plan. Even though she has overcome all of her challenges, she still doesn’t regard work as though it is enough to meet her requirements.
For Freelancers, New Federal Help in Saving for Retirement
Source: New York Times
It is widely accepted that freelancers will continue to trail behind those in traditional jobs in terms of retirement savings. According to Pew Charitable Trusts research, nontraditional workers such as independent contractors, freelancers, and those working for internet-based platforms such as ride-hailing or delivery companies frequently struggle to save for retirement because they lack access to workplace plans available to full-time employees.
Even while most independent workers are financially smart, many are still concerned about running out of money in retirement, according to Pew. “They realize they should be doing more,” Alison Shelton, a senior research officer in Pew’s retirement savings project, said, but they may not have the resources to make them do that.
Help in Saving For Retirement
The New York Times reports a portion of the new federal law which may help freelancers catch up in saving for retirement. In the US, the Secure 2.0 Act, enacted in late December, focuses on improving workplace savings alternatives. Notably, the bill established a “saver’s match,” a new incentive designed to assist low-and-moderate-income workers in saving for retirement by making a direct government contribution to their retirement account.
For this new and amazing initiative, I perceived this to be, the federal government would match up to $2,000 of a worker’s contribution to a workplace or individual retirement account, a maximum of $1,000 per person. Eligibility is depending on income, and the match is reduced at specified thresholds. Single filers can earn up to $35,500, and joint filers can earn up to $71,000, and qualify for at least a partial match.
Upwork vs Freelancer.com: 2023 comparison
Source: Tech Republic
The formal job posting sites are probably not the best platform if you want to hire freelancers or if you are looking for work as a freelancer in the tech industry. It involves websites like Upwork and Freelancer.com. This is because freelancing differs from conventional jobs, most freelancers like working with a variety of clients and frequently have the flexibility to work around their schedules.
Let’s examine these two platforms for independent contractors so you can decide which would be the best fit for your requirements and find out which of the top two freelance platforms; Upwork and Freelancer.com, is the best fit for you in 2023 by comparing them side by side.
UpWork vs Freelancer.com
Upwork is a freelance platform where you find gigs in a variety of fields. It describes itself as a marketplace for independent professionals and can assist people in finding work, interacting with clients, and receiving payment. For freelancers, Upwork typically operates as you make a profile, pick a membership strategy, make contact with employers, determine your price and start your task while for hirers, you create a job post, include the necessary project skills, establish the project’s scope, determine the project’s budget, examine and improve the job description, then you post the job.
On the other hand, Freelancer.com enables clients and freelancers to work together for mutual benefits. This is utilized by any company looking for qualified freelancers for short or long-term tasks. It operates for a freelancer as you create a profile, search for a job, make a bid in response to the job and get to work. For hirers, click post a project, provide some context to your project, upload any additional files, include up to five abilities that are required to finish the project, decide if this will be a project or a competition, select the appropriate project type, state your budget, pick available add-ons and post your project.
| Feature | Upwork | Freelancer.com |
|---|---|---|
|
Job posting |
Yes |
Yes |
|
Custom offers |
Yes |
Yes |
|
Profile browsing |
Yes |
Yes |
|
Secure chat |
Yes |
Yes |
|
Secure payments |
Yes |
Yes |
|
Invoicing |
Yes |
Yes |
|
Contest posting |
No |
Yes |
|
Job sample viewing |
Yes |
Yes |
|
Time tracker |
Yes |
Yes |
|
Work diary |
Yes |
No |
|
Candidate shortlist |
Yes |
No |
|
Proposal review |
Yes |
No |
|
Mobile app |
Yes |
Yes |
|
Verification badges |
Yes |
Yes |
5 Money Tips for Brand-New Freelancers
Source: Fool.com
Working for a particular company and freelancing are two very different things. Being a freelancer, your workload and schedule are more in your control, and your earning potential may be limitless. This article advises new freelancers to think about how their financial status may change before switching to a freelance lifestyle. The best approach to position yourself for success as a new freelancer is to have an emergency fund, set your fees higher than you think you should, and be ready for income fluctuations. Make sure you position yourself for financial success if you’re thinking of working freelance this year. Here are some financial advice shared by Fool.com for freelance newbies;
Set Aside Emergency Fund
Building a successful freelancing business takes time and effort, and you need to ensure that you have enough money to pay your costs. I think It is a good idea to have additional cash saved in an emergency fund before embarking on freelancing. An emergency fund can assist you in overcoming significant financial obstacles that may arise.
It’s Not Too Early To Track Your Earnings
Begin maintaining thorough records of your revenue as soon as you begin freelancing. Keeping track of your revenue from the start will make handling your tax matters easier and allows you to create and change your financial goals throughout the year.
Prepare for Inconsistencies in Income
Fluctuating freelance income is one of the main hurdles that can take time to adjust to as a freelancer. There will be times when work is slower and payments are less frequent. You can prepare for these occasions. It’s advisable to save additional money throughout the year to plan for income fluctuations.
When Setting Your Rates, Aim High
Knowing how to price your work as a new freelancer might be tricky. You don’t want to set yourself up for failure. If you set your rates too low, you may come to regret the work you take on and suffer from burnout. Instead, aim high from the start.
Make Quarterly Estimated Tax Payments
You must set aside enough money to cover your taxes as a freelancer, and you must also make the payments yourself. Make sure you file an annual tax return and also pay quarterly taxes.
How To Become An Indispensable Freelancer
Source: Freelance Informer
Have you ever been undervalued by a client, colleague, or even a family member? If you despise that feeling, you are no longer alone. Here is an amazing topic for the mind and it is reassuring to know that there are steps you can take to not only stop feeling underestimated but also stop being underestimated. Instead, you become indispensable to the very client who was previously weighing you down, which will help you not only expand your freelance business but also how you approach other situations in your life.
This inspiring write-up on Freelance Informer also spoke about a Vanessa Edwards Tedx Talk or YouTube video which can transform how you are feeling and performing as a freelancer. Van Edwards’ best-selling books are Captivate: The Science of Succeeding with People, which has been translated into 17 languages, and Cues: Master the Secret Language of Charismatic Communication. Her engaging YouTube tutorials and TEDx Talk have been viewed by over 50 million people. Her films and writings are available on the Science of People website.
To understand why people underestimate you (and why you may underestimate yourself), the three golden rules for becoming irreplaceable, what to do if others underestimate you and how to take advantage of an underestimate, Van Edwards shared an article, 11 Steps To Never be Underestimated and a youtube video, How to be indispensable…
To overcome the habit of underestimating yourself and how to be indispensable, appreciated and respected by everyone in your life, how you may be misreading how people perceive you, she suggests making what she calls a success file. Your success file is a compilation of all of your qualities, capabilities, and successes. These include thoughtful emails, suggestions or endorsements, comments, letters, and thank-you cards. When you glance at your success file, you should feel powerful and confident.
