Introduction

If you're a freelancer, it's especially important to build your wealth because you don't have an employer to help you out. In fact, the average freelancer has less than $1,000 in savings and less than $5,000 in retirement savings.

Why is wealth beyond work important?

When you're self-employed, there's no one else to take care of your finances. If something goes wrong and the money stops coming in, it's up to you to make sure that everyone in your family has enough food and shelter.

It's also important for freelancers--and all people who live outside the traditional 9-to-5 world--to build wealth beyond work because they're more likely than their salaried counterparts at larger companies to get laid off or fired without warning. In fact, according to a survey conducted by Freelancers Union and Upwork (the world's largest marketplace for remote work), 43 percent of U.S.-based freelancers have experienced unemployment since becoming self-employed.*

Finally, many freelancers find themselves working long hours without breaks or time off because their clients expect them 24/7 access; this type of schedule can lead not only physical exhaustion but also mental burnout over time if left unchecked by adequate restorative practices such as meditation or mindfulness training exercises like yoga classes at local gyms near where you live

What does wealth beyond work mean to you?

Wealth beyond work is the idea that you can build assets and income streams that are independent of your job. It's important because you don't want to be dependent on a single source of income--if your job goes away, you have other sources of revenue.

Wealthy people recognize this need for diversification and have taken steps to ensure their financial security in the face of potential risks such as illness or injury (or death). They know that if they lose their job, they'll still have assets that generate income regardless of whether they're employed or not.

How can freelancers start building wealth beyond their jobs?

To start building wealth beyond your job, you need to first understand what it means to be wealthy.

Wealth is not about the size of your bank account or how many material things you have in life. It's about having control over your time, making decisions that align with your values and goals, and having freedom from financial stress so that you can focus on what matters most: health/wellness (physical body), relationships & family life (social circle), contribution & contribution through service or giving back through volunteering/giving time/donating money etc., personal development & growth as an individual person who wants to grow more into their own best self (mental body).
The next step is to build multiple streams of income so that no one source closes off access if something happens like losing a client due to lack of work available or losing an artist deal because of low sales numbers caused by another artist releasing similar music at same time which makes yours less desirable than theirs thus affecting ratings negatively causing fans not interested anymore = lost opportunity cost = loss potential earnings!

How can freelancers find financial freedom?

To find out how much money you need to save each month, use the "4% rule." This rule states that you can withdraw 4% of your savings per year and remain financially independent. For example, if your net worth is $100,000 and you want to retire with $50,000 per year in income (i.e., 50k/yr), then this means that over time your investments will grow by 4%. So after 10 years:

100k x (1 + 0.04)^10 = 110k

This means that by saving at least 4% of your income each month (and investing it wisely), within 10 years or so you'll have enough saved up so that when retirement comes around--you won't need any more money than what those investments provide!

Learn to manage your time.

Create a schedule.
Prioritize your tasks.
Make a to-do list.
Set boundaries and stick to them, or use the Pomodoro technique, which helps you manage time by setting aside 25 minutes of uninterrupted work followed by five minutes of break time (or more).

Set goals.

Before you launch into your freelance career, it's important to set goals. This will help keep you accountable and motivated by reminding yourself of what success looks like.

Define your own goals before starting out: It can be tempting to look at other freelancers' websites and social media accounts and compare their accomplishments with your own, but don't let this lead to a negative mindset! It's important that when defining what success means for yourself, stay focused on what works best for YOU as an individual rather than comparing yourself against others who may have different priorities or circumstances in life than yours do.
Set ambitious yet realistic expectations: A good way of doing this is by setting quantifiable fitness-related goals such as running 10Ks within six months (or two weeks) from now--and then checking back in with yourself once those benchmarks are reached!

Build a diversified portfolio of income streams.

Income streams are a great way to diversify your portfolio. Income streams can be anything that generates money, including:

Freelance work
Investments (stocks, bonds, mutual funds)
Real estate investing (rental properties)

You may have heard of "the rich getting richer" and wondered how it's possible when everyone else is struggling financially. The answer lies in their ability to create multiple income streams--and then use those streams as leverage against each other to build wealth faster than others who rely solely on one source of income.

Build a diversified portfolio of assets and investments.

One of the most important steps to building wealth as a freelancer is to build a diversified portfolio. A diversified portfolio includes investments in various types of assets, such as real estate and stocks. In addition to these traditional forms of investing, you can also invest in yourself by taking classes or learning new skills that will help you earn more money in your field.

It's important that you don't put all your eggs into one basket--or even two baskets! When it comes down to it, having too much invested in one thing leaves you vulnerable if something goes wrong with that investment (like losing your job). By spreading out how much money goes into each type of asset or investment strategy, we're able to protect ourselves from potential losses while still earning returns on our investments over time due to compound interest on top dollar rates."

If you're a freelancer, it's especially important to build your wealth because you don't have an employer to help you out.

As a freelancer, you don't have an employer to help you out with your financial future. You're on your own.

If you're self-employed or running your own business and not working for anyone else, then yes: it's especially important that you build wealth because there is no pension plan for freelancers (or 401k).

What does this mean? It means that as a freelancer, YOU need to take charge of YOUR finances and make sure they are in good shape before it's too late!

Conclusion

Building wealth beyond work is a worthwhile endeavor for anyone. But as a freelancer, it's especially important. You don't have an employer to help cover your expenses or pay you more money when times are tough--and if you don't build up your own resources, then there will be no one else to turn to when disaster strikes!

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#WealthBuilding

Wealth Beyond Work: Building Prosperity as a Freelancer