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Money Lessons You Don’t Want to Learn the Hard Way

Our team’s biggest financial lessons & how to avoid them

Hey y’all.

Today’s newsletter is packed with financial lessons and 8 (yes, eight) new gig opportunities.

Financial Lessons We Learned the Hard Way

I polled our team on the financial lessons they learned the hard way working for themselves. Everyone from the newbie freelancers to the multiple-six-figure business owners had something different to say.

Lesson #1: The money is never real until it hits your bank account.

Contracts don’t mean much. Now, you should still always have contracts in place. But know that spending the money to take a client to court is something that doesn’t happen very often for individual freelancers. So don’t rely on the idea that you can just take a client to small claims court if they fail to pay you.

It’s time-consuming, and in some cases, more expensive than the contract was even worth. Make sure you get paid, at least partially, upfront.

Lesson #2: Nobody’s raising your rate for you.

You set your pricing. No one sets that for you. Downplaying your skills and charging low rates isn’t sustainable. Pick a rate, then add a bit to it, because more often than not, your rate is probably lower than it should be.

Lessons #3: It isn’t all about the money.

Sure, packing your calendar with clients makes your bank account look great — but at what cost? If you’re burnt out, stressed out, and working crazy hours, is it worth it? Working for yourself should bring you freedom and flexibility. More money isn’t always worth it if you’re so burnt out you can hardly enjoy life outside of work.

Lesson #4: Platforms aren’t always a bad thing.

In the freelance space, there’s a big push to get off platforms like Contra, Upwork, or A.Team. But, in some cases, they offer protections you might not get working off platform.

For example, if a client refuses to pay you, the platform may offer an extra layer of protection and give you the missing funds. Off platform, you’d need to take the client to court (which might not be feasible).

Bottom line: Do what works for you and your business.

Helpful Resources

If you don’t have a contract template, check out the one linked in this Notion Pack (under Document Generator). However, make sure you include that upfront payment is required — then actually secure that payment before you start work.

If you know you need to raise your rate but you’re not sure how to go about it, give this 13-minute podcast a listen. Multiple six-figure freelancer Alex Fasulo talks about how to raise your rate without jeopardizing your relationship with your client.

Featured Opportunities

We found so many opportunities this week.

Around 30 product descriptions per day for women’s and children’s clothing-related topics.

For a women’s health startup. Need articles between 750 to 1,000 words and plan to play $175 to $200 per article.

Nearpod is looking for educators in the K-8 space to write math content for a new lesson series. Expects the project to last 8-10 months.

Needed for a few months. You’d work with their head of interactive design and brand creative.

For an agency working with health brands. Need someone who considers themselves a “hybrid thinker, storyteller, and problem solver.”

Get a $250 prepaid card or gift card for 1 hour user research interview. You must be the owner, or make purchasing decisions for, a small beauty or health business (ie. salon, barbershop, nail salon, lashes, massage, etc.)

Virtual focus group interview for entrepreneurs planning a new business but not yet launched, or those who have recently launched a business. Pays a $300 Amazon gift card for 1 hour of time.

If you’ve got an extra parking space, you can rent it out to someone who might need it. Independent sellers on SpotHero make anywhere from $200 to $500 per month. 👀

Want to see a specific type of work? Just let us know.
And want more to see more job opps? Peep at the end.

What I’m Thinking About

Lesson #3 got me thinking — when is the money enough? And how do you strike a balance between bringing in your ideal income and working your ideal number of hours?

Next week, we’ll dive deeper into this and talk about how to find that balance. For now, think about what your ideal income and work schedule would look like.

See ya next week,