Comments on: Transitions: Saving for the Freelance Future http://freelanceswitch.com/start/saving-for-the-freelance-future/ Freelance Advice and Freelance Jobs - FreelanceSwitch Thu, 21 Aug 2008 19:52:01 +0000 http://wordpress.org/?v=2.5 By: Posts On Writing May 2008 | Get Paid to Write Online http://freelanceswitch.com/start/saving-for-the-freelance-future/#comment-23066 Posts On Writing May 2008 | Get Paid to Write Online Mon, 02 Jun 2008 13:53:17 +0000 http://freelanceswitch.com/?p=664#comment-23066 [...] management, I looked at 26 things that could be holding you back from freelance writing success, saving for the freelance future and negotiating with clients. Bob Younce started a compelling series on violent truths about [...] […] management, I looked at 26 things that could be holding you back from freelance writing success, saving for the freelance future and negotiating with clients. Bob Younce started a compelling series on violent truths about […]

]]> By: Karen J Lloyd’s Storyboard Blog » Really Showing You the Money http://freelanceswitch.com/start/saving-for-the-freelance-future/#comment-21936 Karen J Lloyd’s Storyboard Blog » Really Showing You the Money Thu, 08 May 2008 07:33:31 +0000 http://freelanceswitch.com/?p=664#comment-21936 [...] fund. In Canada it’s an RRSP, in the US I believe it’s an IRA (check out that FreelanceSwitch article [...] […] fund. In Canada it’s an RRSP, in the US I believe it’s an IRA (check out that FreelanceSwitch article […]

]]> By: Melek http://freelanceswitch.com/start/saving-for-the-freelance-future/#comment-21698 Melek Fri, 02 May 2008 03:21:18 +0000 http://freelanceswitch.com/?p=664#comment-21698 i got my Solo 401K at Fidelity. Fill out the forms, and it's setup in about 24 hours and you can manage it online. the best way to save? automatically. setup a couple different savings account at your bank (i use bank of america and online savings accounts are free to setup). i differentiate them into 'vacation fund', 'tax savings' and 'rainy day account'. Every week, i transfer varying amounts into each. $5 into vacation fund (so by Christmas, i have enough for a plane ticket home), $50 or so into 'rainy day fund' for the day my car stops running (knock wood that it doesn't) and then every time i deposit checks for freelancing, i transfer 30% into the tax savings fund so i'm not caught short come tax time. works like a charm. Also, after i get to a certain amount in each account, i transfer a chunk over to emmigrantdirect.com (free to setup an online account) where i get from 2.75% to 5% (based on the current interest rate). once you get it setup, you'll be surprised at how quickly (and effortlessly) it all adds up. i got my Solo 401K at Fidelity. Fill out the forms, and it’s setup in about 24 hours and you can manage it online.

the best way to save? automatically. setup a couple different savings account at your bank (i use bank of america and online savings accounts are free to setup). i differentiate them into ‘vacation fund’, ‘tax savings’ and ‘rainy day account’. Every week, i transfer varying amounts into each. $5 into vacation fund (so by Christmas, i have enough for a plane ticket home), $50 or so into ‘rainy day fund’ for the day my car stops running (knock wood that it doesn’t) and then every time i deposit checks for freelancing, i transfer 30% into the tax savings fund so i’m not caught short come tax time.

works like a charm. Also, after i get to a certain amount in each account, i transfer a chunk over to emmigrantdirect.com (free to setup an online account) where i get from 2.75% to 5% (based on the current interest rate).

once you get it setup, you’ll be surprised at how quickly (and effortlessly) it all adds up.

]]> By: Karen J Lloyd’s Storyboard Blog » Show You the Money: Part One http://freelanceswitch.com/start/saving-for-the-freelance-future/#comment-21469 Karen J Lloyd’s Storyboard Blog » Show You the Money: Part One Mon, 28 Apr 2008 05:43:36 +0000 http://freelanceswitch.com/?p=664#comment-21469 [...] Transitions: Saving for the Freelance Future [...] […] Transitions: Saving for the Freelance Future […]

]]> By: James Chartrand - Men with Pens http://freelanceswitch.com/start/saving-for-the-freelance-future/#comment-21430 James Chartrand - Men with Pens Sun, 27 Apr 2008 11:01:17 +0000 http://freelanceswitch.com/?p=664#comment-21430 @ Raj - Yes, that's about the point where I stopped reading and got annoyed :) @ Raj - Yes, that’s about the point where I stopped reading and got annoyed :)

]]> By: Transitions: Saving for the Freelance Future http://freelanceswitch.com/start/saving-for-the-freelance-future/#comment-21423 Transitions: Saving for the Freelance Future Sun, 27 Apr 2008 06:42:45 +0000 http://freelanceswitch.com/?p=664#comment-21423 [...] Source [...] […] Source […]

]]> By: Raj Dash http://freelanceswitch.com/start/saving-for-the-freelance-future/#comment-21418 Raj Dash Sun, 27 Apr 2008 04:36:00 +0000 http://freelanceswitch.com/?p=664#comment-21418 James - I would have thought that the use of "401(K) in the 1st paragraph would have given that away :) James - I would have thought that the use of “401(K) in the 1st paragraph would have given that away :)

]]> By: Andy http://freelanceswitch.com/start/saving-for-the-freelance-future/#comment-21389 Andy Sat, 26 Apr 2008 10:25:04 +0000 http://freelanceswitch.com/?p=664#comment-21389 The SEP-IRA is not so complicated, really. I have had two of these, one funded by me when I was a DBA and one funded by my corporation once I incorporated. Either have allowed me to sock away up to 25% of my salary (with a limit, as Robert explained). Both have almost no paperwork to administer it once you set it up. Head to your favorite discount brokerage and they'll help you with the details of creating one of these. The SEP-IRA is not so complicated, really. I have had two of these, one funded by me when I was a DBA and one funded by my corporation once I incorporated. Either have allowed me to sock away up to 25% of my salary (with a limit, as Robert explained). Both have almost no paperwork to administer it once you set it up. Head to your favorite discount brokerage and they’ll help you with the details of creating one of these.

]]> By: James Chartrand - Men with Pens http://freelanceswitch.com/start/saving-for-the-freelance-future/#comment-21387 James Chartrand - Men with Pens Sat, 26 Apr 2008 10:07:39 +0000 http://freelanceswitch.com/?p=664#comment-21387 Um, that post should've been titled: How Americans Can Save. I always find it particularly annoying that U.S. only blog posts don't indicate that the rest of us are excluded from the conversation. Put in the title that it's not for everyone, please. Let me know off the bat that I'm not welcome to the party, hm? Or, a better solution is to remember that many of your audience don't live in the United States. If you're not writing for your readers, you're just shutting them out. It's insulting as hell. Um, that post should’ve been titled: How Americans Can Save.

I always find it particularly annoying that U.S. only blog posts don’t indicate that the rest of us are excluded from the conversation. Put in the title that it’s not for everyone, please. Let me know off the bat that I’m not welcome to the party, hm?

Or, a better solution is to remember that many of your audience don’t live in the United States. If you’re not writing for your readers, you’re just shutting them out. It’s insulting as hell.

]]> By: John http://freelanceswitch.com/start/saving-for-the-freelance-future/#comment-21383 John Sat, 26 Apr 2008 04:21:29 +0000 http://freelanceswitch.com/?p=664#comment-21383 SEP's aren't that complicated. You can contribute and deduct 25% of your income per year up to $45,000. There are no other filing requirements, fees, or paper work and setting one up is as simple as opening an IRA account. SEP’s aren’t that complicated. You can contribute and deduct 25% of your income per year up to $45,000. There are no other filing requirements, fees, or paper work and setting one up is as simple as opening an IRA account.

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