It’s Possible to Work for Yourself While Still Building a Sound Financial Future
The current shut down is another reminder of how tough it is to plan for your financial future and retirement in the entertainment industry and self-employed freelancer world in general. However, it also gives you a perfect opportunity to put strategies in place to maximize your future when things start up again. Most Oscar winners think of themselves as artists, but they are also highly successful business owners. And the same goes for the legions of other successful, but less renowned, self-employed freelancers. If you work freelance and are self-employed, it is critical that you maximize the unique financial planning strategies available to you and your fellow self-employed business owners.
This is even more important in creative fields because of the unpredictability and volatility of the career trajectory. Even in normal times, we all know those who thought their phenomenal youthful success would last forever, and sadly it did not. Meanwhile, too often they paid far more in taxes in their high earning years than they should have done and did not use the planning vehicles available, then had nothing left when their careers got cut short. Do not let that happen to you.
Below we will discuss four strategies high-income, self-employed freelancers can use to prepare for their financial futures while also minimizing their tax burdens. We are going to start at the top of the income ladder and work our way down. So, don’t get dispirited if you are not earning the kinds of numbers we are talking about. Keep on reading and hopefully, there will be something for you: