Adam Doud’s Post

💶 Let's talk money. 🤪 Well, not really, but I wanted to get your attention. Yesterday, I shared with you how setting a monthly financial goal was affecting me. 🫠 As I still think of myself as a "newbie" freelancer, there are tons of things I still don't know how to do. And I fear this might be one of them. 🤓 Having a financial goal is something all freelancers need. Be it to have a crisis fund, to save money for CPD, or to know we'll be able to cover our fixed expenses. But, as we are all experiencing right now, life can (and will) happen. A lot of things can go wrong. There's so much out of our control, and our finances will be the first to crash. 😩 Along with our spirits. At least my spirits will, because I still think of my income as a salary. And God knows I'm still far away from that stability. ❓So, in the midst of all this uncertainty, I ask my fellow freelancers and sole proprietors: How do you deal with this? Is this feeling ever going to go away? Would a quarterly or yearly goal work better for my mental health? 😂 Should I flirt with the idea of going back to in-house? Please say no to this one. #FreelanceFinance #FinancialGoals #FinancialManagement

I see more and more posts offering the key to make 6 and even 7 figure annual income. These posts often forget to mention some of the challenges that freelancers and business owners need to face in order to be able to get there. These posts usually only talk about a couple of key things you need to learn to be able to reach that level. Here are just some of the things I see less often talked about: - The differences between turnover and profit - The investment they need to make in terms of money, time and effort - Skills to manage and deal with client expectations - Skills to negotiate salaries, fees and contracts - The need to deal with difficulties along the way - The amount of time it took to get where they are - Number of unsocial hours worked - Sacrificies made - Risks taken Don't get me wrong. Offering help to others so that they can change their situation is great, but I think it's important to try to help them understand the bigger picture. Otherwise, we might end up feeling disappointed and lost. What would you add to the list?

I wrote this little guide to dealing with late payments almost four years ago, and it's probably still the most frequently copy/pasted URL I share in freelance communities. https://lnkd.in/eyw3nHes It surprises me how many freelancers aren't aware of their legal rights when it comes to dealing with late payments, and unfortunately doesn't surprise me how often people tell me they're dealing with a client who is paying them late. Being paid on time is a legal right. If you're a freelancer - don't accept late payments. And if you're a client - pay your suppliers before the overdue date.

"I can’t raise my prices." Lemme tell you a story that perfectly illustrates why many freelancers are stuck in this rut. Bill had been cutting wood for a matchstick company for 10 years. He had never been given a raise nor paid leave. And he had no complaints. Then one day, the company hired another woodcutter: John. John was as hardworking as Bill. But he got a raise within his first month of joining. Bill was pissed. "I have been slaving away like a fvcking dog for this company… and this MF comes and gets a raise like that??" He stormed straight to the manager's office and ranted about this. The manager said: "We pay you based on performance. You get paid twice if you cut 10 trees in a day instead of 5." Hearing that, Bill put himself on motivational steroids. He cut trees day and night. He plugged in motivational tapes and songs to give him more energy to get more work done. But still, John was cutting more trees and was getting paid more. So he finally swallowed his pride and asked John his secret. John asked him: "When was the last time you sharpened your saw?" Bill said: "I ain't got no time for that." So many of us are like Bill. When we don't get what we want, we double our efforts, not knowing what Einstein told us a century ago: "Insanity is doing the same thing again and again and expecting different results." When things don't work, take a step back and chill the fvck out. Then figure out a smarter way to do it and increase your value. Tell your clients, "Hey, I've been learning these new amazing strategies that can potentially 2X your revenue. If I do that, will you pay me 10% of that?" And then take the conversation forward from there.

For Teachers and Freelancers The first thing I learnt when I turned myself from a selfless teacher to a thorough professional and entrepreneur is that, common people would have great affection for you as long as you are affordable and can be easily accessible. They don't bother about your family and future. They bother only about their monthly expenses, and how can they find service providers under that budget. The moment you start to act intelligently, learn to earn well and become careful for your future, aim to be financially sound, and therefore, become not easily affordable, people would treat you differently. Some of your lazy colleagues who don't want to learn and become financially educated, would envy you too. This is the point, you have to be strong and take a stand for your family and future. The hell is real and it's on this planet Earth, which you will experience after 60 or 65 years of your age, especially if you are a teacher and freelancer. Know one thing, you can't please anyone, choose the wise clients, students and customers who also understand this, who are practical, sensible and caring for you. Don't play with your future to show yourself as a selfless guru, that's nothing but a cheap dopamine addiction, you feel like a saint. Too many wonderful people have died penny less and without medicine and food. Your family comes first, I can't emphasize this more, your family comes first. Act now so you can be happy in the last days of your life. Also, learn investing from professional teachers and courses. Be smart. Have a great Sunday. 🌞🎻

Financial stress is a companion for freelancers. But that does not always hold true. When I started my freelancing journey, I had the notion of having a consistent high income at all times. But soon enough, I realized that is not true. A stable financial income was my biggest issue, and I understood that managing finances was more important than earning high income. Here are my top 5 tricks which help me save more than 65% of my income, which can help you too- Set a budget: Track every expense, set realistic income goals, and allocate wisely. Taxation: Understand deductions, keep meticulous records, and consider working with a tax professional to maximize savings. Savings: Build an emergency fund to weather lean months. Then, start investing wisely to grow your wealth over time. Multiple Income Streams: Freelancing isn't limited to one niche. Explore various avenues to increase your earnings. Plan for the Unpredictable: You should create a separate bank account for unexpected expenses. Always having insurance and contingency plans can be a lifesaver. Which financial tip resonates most with you? Share your thoughts below! #FreelanceFinance #financialwisdom #coaches

Freelancers, struggling to save for #taxes? Remember, proactive financial management is essential for #freelance success! Start saving early and consistently to alleviate tax-related stress and secure your financial stability💰✨ https://lnkd.in/eKpyws9w

Ready to break free from the 9-to-5 grind and earn money on your own terms? Contact me to explore the world of freelancing and unlock your financial potential. Let's embark on this journey together! 🌟 #FreelanceOpportunity #FinancialIndependence"

Freelancers! Want to know what the finances behind a £150k writing business *really* look like? I got you. If you've had enough of unsubstantiated income claims or simply want to know what the financial cogs look like from the inside, make sure you're signed up for this week's Friday Freelance Tips newsletter. In it, I'm: 👉 Sharing the REAL figure I end up with after taxes, expenses, and all that other jazz 👉 Discussing the financial decisions I'm making to leverage my profits 👉 Highlighting why everything is not always as it seems with lofty income claims and fluffy financial advice Want in?! Make sure you're signed up! I'll pop a link in the comments (you might have to click "most recent" because LinkedIn ✨ hates me ✨ ).

How I went from making $13 per hour to making $100+ per hour as a 23-year-old in under a year and without the help of a college degree... I raised my rates. Have a nice day ;) Ok, but seriously - The traditional path to making $100/hr, $250/hr, or $400/hr used to take 8 years of university (and you STILL have to work for someone else at the end of it all)... That sucks. Now, we have this wonderful invention called the ✨internet✨. The irony is - ANYONE on the face of the earth with a phone and a wifi connection can learn how to command doctor/lawyer rates in 2023. But only 1% will, and it's winner take ALL. If you're part of that 1%, here are six stupidly simple steps: 1) Find a high-income, online freelance skill 2) Learn it 3) Reach out to businesses outlining EXACTLY how your skill will make them more $ 4) Deliver it 5) Gather results and case studies 6) Show them off and raise your rates ... P.S. When you command seemingly absurd rates (with a dead serious look in your eyes), it puts your future clients at ease knowing they're in the hands of a professional.