🔵How to manage finances as a freelancer: Figure out how much to pay yourself #Freelancetips
As a freelancer, it’s important to separate personal and business finances. Not all the money you earn is truly yours due to taxes and expenses.
Understand these key terms:
• Gross profit = Revenue minus direct service costs. • Net income = Revenue minus all operating expenses — this is the amount you can pay yourself.
Use your income history to estimate average net income and determine a safe, sustainable amount to pay yourself. This helps you set income goals and plan for savings or reinvestment.
🔵How to manage finances as a freelancer: Figure out how much to pay yourself #Freelancetips
As a freelancer, it’s important to separate personal and business finances. Not all the money you earn is truly yours due to taxes and expenses.
Understand these key terms:
• Gross profit = Revenue minus direct service costs. • Net income = Revenue minus all operating expenses — this is the amount you can pay yourself.
Use your income history to estimate average net income and determine a safe, sustainable amount to pay yourself. This helps you set income goals and plan for savings or reinvestment.
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