One of the most frustrating aspects of being a freelancer is how clueless everyone else seems to be about the world in which we live and work.
They don’t understand the pressures we face. They can’t imagine not having a boss to report to. Or the fact that working from home doesn’t mean we’re sitting on the couch eating Ho Hos and watching Oprah.
And NO ONE (including most personal finance authors and publications) seems to be able to fully grasp how hard it is to manage your finances when your income is variable.
When clients flake out and their payment is late. When you have to fund your retirement. When you have to set money aside to pay for your taxes every quarter. When you have to find and buy your own health insurance.
The topic of money played a big role in our book The Wealthy Freelancer. But our money discussions centered on how to boost your income for every hour you worked in your business. That way you could earn the same or more in less time, freeing up precious hours to do all the other things you want to do in life.
Where we left off was how to manage your cash flow. We knew that this was a much bigger topic — one that required a comprehensive discussion. So we spent half a chapter covering some of the basics while urging you to consult other sources for more specialized information.
Well…that’s where The Money Book for Freelancers, Part-Timers, and the Self-Employed comes in. This new book — written by Joseph D’Agnese and Denise Kiernan, two very successful freelancers — is an absolute must-read for any independent worker out there.
In the first few chapters, you’ll be exposed to some very practical tools for forecasting your earnings and managing your cash. You’ll be able to create a “spending identity statement” (very helpful!). And you’ll have the clarity you need to:
- Identify your financial goals
- Categorize those goals to look for trends
- Prioritize your goals as a step toward building an action plan
D’Agnese and Kiernan then introduce you to a brilliant cash flow system that could only have been engineered by someone who’s in the freelancer trenches every day. It’s simple and easy to implement, regardless of your current financial knowledge or your comfort level with math.
It also doesn’t matter how little or how much you’re earning as a solo professional. The authors’ system will easily scale up or down. It’s also very flexible. So it doesn’t matter if you spend a big part of the year traveling the world on different assignments, if you’re more of a traditional work-from-home freelancer, or if you’re moonlighting while you keep your day job.
Best of all, it works! I’ve already implemented a few of their ideas and am getting great results, which is very motivating!
Here’s a great bonus: you’ll actually have fun reading this handy guide. In fact, I think this is the first personal finance book that has made me laugh! The authors’ voices and personalities really come through, and they keep you engaged and entertained all the way to the end.
The Money Book is an excellent companion to The Wealthy Freelancer. This combo is a powerful one-two punch that will kick your business and finances into high gear at a time when many of us need to get our financial house in order.
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Awesome! But, uh, where’s the link to the book? Or should I just google it?
The link is http://www.feed-the-monkey.com
Thanks. Hope you like it.
Joe
Thanks for this, I appreciate it. When I was employed full-time, I felt very confident about how I dealt with money, including building savings, creating a back-up emergency fund, etc. I do still try to apply the same principles now, but it’s harder when you have no idea what your income will be in the coming months!
I just ordered the book and can’t wait to start reading.
I have been busy the last week creating a business plan to apply for some possible funding and one of the requirements was creating a yearly cash flow sheet. While doing this I got the impression that the system this organization uses is not going to match the freelance nature of my business, and was created more for brick and mortor, selling physical product businesses.
I jumped through the organization’s hoops to try and get my funding, but I am looking forward to learning what the real picture is going to look like and how to make it work.
I had never heard of the book, and probably wouldn’t have, so thank you for this!
Jeremie
Jeremie and Marlene – You will not be disappointed! The book is fantastic. And the system is both simple to set up and follow AND very effective. Plus, it’s flexible enough to adapt to any situation and will scale as your business grows over time. I really can’t recommend it enough. Let us know what you think once you’ve had a chance to read it.
Got the book today and read part one in a single sitting. It is a great read, though it kept me up later than planned.
I never thought about myself as a “freelancer” before, as I am just starting my new business, but the book made me realize my teaching on call position was basically similar to a freelance job. I haven’t done too bad the past three years balancing my books, but it is often a struggle, so I can’t wait to read about the system and put it into action.
I am starting out with no credit card debt and am hoping by reading this book now at the start of my business, I never go there.
Jeremie
I was just looking at this book and considering it on Amazon this morning. I already ordered The Wealthy Freelancer and wasn’t sure if it covered cash flow/money management. Now I know that I do need to get The Money Book. Thanks!