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More Money or Freedom? Pros and Cons of Salary and Hourly Income. 

Salary or Hourly pay

Introduction

When choosing between a salary-job and an hourly job, people usually base their choice on their personal priorities and lifestyle choices. Both choices have pros and cons that can have a big effect on your financial stability and work-life balance. Knowing the difference between salary and hourly pay can help you make a decision that fits your career goals and personal situation.  (Salary or Hourly Pay Employee).

Who earns a Salary?

An employee earning a salary, such as a marketing manager at a large corporation, enjoys the security of a fixed income, either monthly or, in some cases, yearly. This salary is paid consistently every two weeks and can also be calculated annually for a broader perspective. 

Salaried employees are often referred to as full-time employees and are continually enrolled in the company’s benefit schemes, such as health insurance, leave bonuses, and access to a dedicated working space.  

A salary earner receives the same amount each time the paycheck arrives, except the employer reviews the terms and conditions of employment. This also means that there is no hourly limit to working time. Even though most working hours will usually fall between 8:00 a.m. and 5:00 p.m., an employee is expected to be at work at all times, even if they are done with all the activities for the day or the monthly target.  

Who is an hourly employee?

An hourly employee has the flexibility to earn a wage based on the actual number of hours they spend on their assigned job/role. This freedom allows them to control their earnings, with each hour spent working contributing to their paycheck. 

Practically, if an hourly employee is to be paid 15 dollars per hour- then spending 20 hours at work in one week means that they will be paid 300 dollars at the end of that week for the job that has been done. I.e 

1 hour15 dollars
20 hours(20 hours)(15 dollars) 
Total300 dollars
Breakdown of Hourly Pay

An hourly employee might have varying paychecks depending on the hours committed to the work done. This is because the employer pays for the hours devoted to doing the work. Most employers agree with hourly employees on the maximum amount of hours they are expected to work, and demanding extra work hours will attract an additional amount to the agreed hourly pay. 

This additional amount often refers to ‘overtime pay ‘, and it is usually higher than the regular hourly rate. Most hourly employees will likely get extra dollars per hour for every overtime done and for coming to work during national and public holidays. 

An hourly employee is expected to use a timesheet or other register system to log their total hours spent during the work. This is a crucial part of the job, as it helps the employer keep track of the hours worked and ensures that the employee is paid accurately for their time. (Salary or Hourly Pay Employee).

Pros and Cons of salary and hourly pay 

Record Label offer? Know this before signing a deal!

What is A Record Label

Are you interested in using your love for good music to make a fortune while working with a record label? This is the right blog post you need to help you take your vision to the next level without getting into any problems with your record label. 

Who is a recording artist and performer?

Recording artists are professional musicians who make a living by recording music, most of which is that of others but can also be their own, selling it, and performing at live events. This can be an individual, a band or group of friends, or a large orchestra.

In the past, it was pretty difficult to venture into the business of song recording because of the limitations of technology. New technology like multitrack recordings and stereophonic recordings makes it easier for record labels to sign more deals with people to produce their recordings. With the very vast softwares available for recording, even a teenager can start a career in music and begin to rake in several thousand dollars after a while. 

Recording Artist in a Record Label

Image by prostooleh, Freepik

There are two ways to take your song recording and performance to a professional level: either sign with a record label or work as an independent artist. Each has its own pros and cons. 

What is a Record Label

A record label is a company that manages brands and trademarks and coordinates the production, distribution, marketing, promotion, and intellectual property rights compliance for musical recordings and music videos. Record labels also recruit and grow new musicians and maintain agreements with recording artists and respective managers.

Signing with a record label can be a huge step forward for any recording artist or anyone looking to make a career out of music. In fact, artists flaunt their record deals and celebrate when they get a deal with a record label. 

While some artists will never get a record deal with a record label and hit it big, Getting a deal with a record label can make a difference in an artist’s music career. In most cases, artists think that landing a record deal is the key to success, and while it can be a major part of one, it is not the only step to a successful career, and the journey could get demanding after some time. 

There are two major types of record labels:

  • Major labels: The music business is dominated by three well-known record labels known as ‘The Big 3’: Sony, Universal, and Warner. These labels are usually associated with well-known musicians. 

Major labels are well-funded and have a wide range of divisions that cover every aspect of music production. Furthermore, they manage a number of smaller independent labels that specialise in specific genres and specialisations.

  • Independent labels (indie labels): Independent (indie) record labels and music publishers are those that are not under the ownership or control of the big three. The term “indie label” may refer to those who fit specified criteria for organisation and scale, or it may refer to any non-mainstream music releaser, regardless of structure.

Indie labels are frequently more artist-friendly. Despite lower sales, they frequently give higher artist royalties, which is usual in 50/50 arrangements. These labels are usually artist-owned, with the goal of controlling output quality. 

Despite the fact that independent labels lack the “big three” resources and market shares, indie artists might earn more because of cheaper production costs. Smaller revenues might sometimes help them repay their original investments.

What is a Recording Contracts 

A recording contract is a legally binding agreement that dictates the terms of the professional engagement between a recording artist and a record label. Usually, the label has a contractual responsibility to support and collaborate with the artist, and the artist accepts the label’s offer to record music.

The specifics and commitments in a recording contract are not really standardised. To interpret the contract, the artist must be prepared to speak with a legal expert who is very familiar with music and copyright laws

The artist will agree to produce songs for the record label for the number of years stated in the contract. This contract can be extended based on mutual agreement between the artist and the label. However, the label is most likely to terminate the contract if the artist is not profitable for the label. 

Signing a Record Label Deal

Image by pch.vector, Freepik

According to the IFPI standard, the typical investment a major record label makes in new artists is between $500,000 and $2,000,000. This money covers many things, most of which is spent on advance, production (sound and video), promotion, and tours. This investment is usually pivotal to the huge success of many artists signed by major labels, as it provides sufficient budget to take an artist from obscurity to fame. 

In a case where the recording artist has a track record of success as an independent artist, the artist will have more bargaining rights than an artist with no track record. In fact, during negotiation, you must present your best foot before the record label and prove that you have what it takes to be a successful artist. 

Termination of contract

Typically, contracts include provisions for cancellation, with artists agreeing to pay back any advances in order to exit the contract. The label maintains ownership of the music recordings and could also force the artist to give over every track they produce until the advance fund is repaid.

Related Blogpost: 5 Reasons to Start Your Career as an Independent Artist

Pros and Cons of signing a record deal

Pros.

  • Exposure: Signing with a major label makes it simple to get more exposure because they have a good reputation, a bigger budget, and a global presence. 
  • Paid for and prepaid: After signing with a record label, an artist has access to financial support for studio time, production, marketing, promotion, tours, and other expenses, making it easier for them to complete the process without worrying about money.

Cons. 

  • Reduced creative freedom: Most record labels are all about the business, which results in a situation where the creativity of the artist is highly prioritised. Record firms, especially large labels, focus on nurturing musicians into “sellable” products. Artists interested in financial gain may find this deal beneficial.
  • Profit is distributed on a percentage basis: labels typically give artists 20% of their earnings from large record deals, with the remaining 80% going to the label. However, these arrangements frequently include the previously stated advance payments as well as a lot of exposure, so it’s not all terrible and may change with a subsequent review of the contract. 

Earning money as a signed recording artist

If an artist lands a record deal, he or she must be intimately acquainted with a few things. This is because a record deal might not be the end of an artist’s personal financial problems; it can even be the reason why the artist goes broke later in life. Just like in any other field, a sound knowledge of how the business of that realm works will be the difference between a successful and unsuccessful artist.

How royalties work for record labels 

In general, the earnings of a recording artist under a record label come from the label. The record label releases the track or album through distributors. The earnings from the product are paid to the distributor, which then pays the label. The label pays the artist in the form of royalties. 

An artist also gets a performance royalty every time his or her recording is played on the radio or performed by others at a live event, even if it’s the artist’s own event, as long as the set list is submitted to the performing rights organisation.  

However, this is dependent on the kind of contract the artist has with the record label. This type of contract will determine whether a portion of the performance royalty will go to the record label or not. 

Record Label Advances 

On signing a record deal, a record label usually pays the artist a sum of money to help the artist-run their day-to-day activities during the whole production process, just before the royalties begin to flow in. This is called an advance. This is to help the artist focus on creating the best that they can because they have undisturbed time to explore their creativity. An advance is not usually considered a loan; however, this money is usually recouped immediately when the record label begins to make money from the releases. In the case where the record deal yields no profit, the record label is not obligated to demand any repayment from the artist. A typical advance amount will usually range from anything between $50,000 and $350,000, depending on the size of the record label and the track record of the artist. 

How much, on average, can a record label artist make?

Royalties from music streams can be so small for every individual stream that you almost think no artist can make a fortune from royalties. However, when you consider that over one million times in a year someone streams a song released in the United States, you will realise that streaming royalties can amount to a fortune for the several parties involved in the whole production of the sound and video. Billboard estimates that in the year 2021, Dua Lipa raked in a whopping sum of over four million dollars on a single track, which happened to be the most streamed song in 2021. Being a record label signee has many advantages. The most important thing, however, is to make sure that you read the contract’s terms and that you consult with a professional in the area of legal issues to help you fully investigate all of the terms of the contract before signing any agreement. 

Achieving Financial Success: Five Habits of Self-Made Millionaires

Title Image - Self-made millionaires

Wealthy people are popularly known for one thing: money. However, only a few people discuss the challenges they face daily to attain the success we celebrate today or the lessons we can learn from their journey through thick and thin. It’s important to remember that ‘When it comes to making big money, it’s not always about luck or inheritance.’ You need to understand that many self-made millionaires share common habits that help them achieve financial success.

Who are self-made millionaires?

These are individuals who have achieved remarkable success through their expertise and hard work without relying on substantial inheritances or trust funds. They made it on their own, earning applause because they truly worked tirelessly for it. Approximately 70% of millionaires worldwide are self-made. Notable examples include Jeff Bezos, the owner of Amazon; Bill Gates, the founder of Microsoft; Warren Buffett, the owner of Berkshire Hathaway; Oprah Winfrey; and Bernard Arnault, the founder of Louis Vuitton. You can learn more about the world’s top self-made millionaires and Billionaires through this link.

If you have been desiring a change in your financial status for good, this is the perfect blog post for you. Let’s explore five simple yet powerful habits that can put you on the path to becoming a self-made millionaire.

1. Budget Like a Pro

Don’t tell me what you value; show me your budget, and I’ll tell you what you value.” Joe Biden

The skill of budgeting holds immense importance in an individual’s day-to-day decision-making. It involves financial projections, which means the ability to evaluate one’s current financial situation and plan for improvement. Self-made millionaires excel at task and project planning, particularly when it comes to prioritising finances on tasks and projects that will yield maximum results. This is the essence of smart planning and budgeting. They are also deeply aware of their various income streams—their daily, monthly, and yearly earnings—and know where every dollar goes. It’s this discipline that earns them the title of millionaires. They budget and save wisely, ensuring that they don’t spend more than their income. 

Self-made millionaires Budget Like A pro

As an individual looking to learn this art, you need to “make a budget that works for you and stick to it. This way, you can save more and invest in opportunities that can grow your wealth over time.

2. Invest in Yourself

Formal education will make you a living; self-education will make you a fortune.”

 Jim Rohn

Self-made millionaires make critical decisions, and their commitment to continuous self-investment is a key reason why they keep moving forward. They understand the potential costs of stopping, which can include failed projects, business ventures, and even a decrease in wealth. 

When you invest in yourself (mentally, physically, financially, and emotionally), you not only appear more knowledgeable and smart in the room but also build meaningful connections with people, clients, prospects, and customers.

As an individual looking to imbibe the habits of a millionaire, Investing in your mind will help you set “SMART GOALS ”, understand the mechanics of money, and grasp the intricacies of building a business. Self-made millionaires excel at spotting opportunities when others do not and navigating failures, bad investments, poor stocks, and debt while staying ahead. They achieve this because they’ve enriched their minds with books and learned from those who’ve travelled similar paths before them. 

  • Investing in yourself can take many forms, such as acquiring new skills, gaining financial knowledge, exploring investment opportunities, connecting with customers, and pursuing side hustles, among other strategies.

Reading books is a vital way to invest in yourself. It allows you to understand the importance of goal setting, the value of gathering knowledge before embarking on a business or idea, and the ability to learn from both the successes and mistakes of others who’ve walked the same path. This enriches your capacity for growth and success.

Reading is a key habit for financial success

Books I will recommend that can help you on your journey:

1. Rich Dad, Poor Dad” by Robert Kiyosaki

This book simplifies financial concepts and highlights the importance of investing and asset-building.

2. The Millionaire Next Door, by Thomas J. Stanley and William D. Danko

It provides insights into the habits and behaviours of self-made millionaires, making it relatable and actionable.

3. The Total Money Makeover by Dave Ramsey

A practical guide to managing money, getting out of debt, and building wealth step-by-step

4. The Richest Man in Babylon, by George S. Clason

This book offers financial wisdom through parables set in ancient Babylon, making it easy to grasp important money lessons.

5. Your Money or Your Life, by Vicki Robin and Joe Dominguez

It helps you understand the relationship between money and life choices, encouraging a more mindful approach to finances.

6. Automatic Millionaire by David Bach

This book simplifies the path to wealth-building, emphasising the importance of automation and consistency.

Happy reading and learning! 

3. Set Clear Financial Goals

How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case.” 

Robert G. Allen

Robert G. Allen’s quote emphasises the importance of having well-defined financial goals. Self-made Millionaires set both short-term and long-term financial goals, which help maintain motivation and focus on what truly matters. Whether it’s debt repayment, saving for a home, or starting a business, having a specific target can drive you forward.

Establishing Precise Goals:

Wondering how these self-made millionaires craft precise goals and how you, too, can?

  • Articulate Your Desires: Begin by clearly articulating your desires. Define your long-term goals, and then break them down into achievable short-term milestones. For instance, if your ultimate ambition is to attain millionaire status, it’s crucial to identify your passions, define your business objectives, and diligently acquire the necessary knowledge and skills.
  • Identify Key Tasks: Identify core activities that support your goals and can bring you maximum results. For instance, launching a business idea and generating an income exceeding $100,000 within a specific time frame can be among your essential tasks.
  • Outline the “HOW“: Identify the strategies and steps required to achieve your business goals. While doing so, consider your current financial situation, ensuring that your objectives remain realistic and attainable.
  • Monitor Progress: Continuously track your progress and actively seek opportunities for improvement. Regularly assessing your journey helps you refine your approach and achieve better results.

By setting and pursuing clear financial goals with determination and strategic planning, you’re on the path to financial success, just like self-made millionaires.

4. Work Hard and Smart

Oprah Winfrey once said, “The big secret in life is that there is no big secret. Whatever your goal, you can get there if you’re willing to work.” Dean Graziosi echoed this point of view by highlighting that countless self-made millionaires began with nothing but determination and self-discovery. These people are proof that success doesn’t come on a silver platter; it’s earned through hard work, risk-taking, and unwavering determination.

What sets Self-made millionaires apart is their unending commitment to their dreams. Even when faced with setbacks, they chase their goals relentlessly; for instance, Oprah Winfrey was fired from her first media job during her early media career but didn’t give up, still pursuing her dreams with strength. 

Moreover, many self-made millionaires share another common trait: their eagerness to give their own quota to the world. They show empathy for others and often become significant contributors to various foundations.

Here’s a closer look at the key characteristics that propel them to success:

  • Effort and Efficiency: They invest both hard work and smart strategies in their endeavours. It’s not just about working long hours; it’s about finding efficient ways to achieve their goals and seize opportunities to increase their income. 
  • Focused Mindset: Self-made millionaires possess the ability to concentrate their energy on specific goals. They outsource tasks they can’t handle themselves to well-experienced individuals or team members who are also open to learning. 
  • Determination: They identify their core strengths, eliminate unproductive distractions, and maintain a high level of concentration on their objectives.  They are able to identify their core strengths, eliminate distractions and tasks that are not very productive, and their concentration level is very high. 
  • Delayed Gratification: This involves forgoing immediate pleasures to achieve long-term success.
  • Saying No: Self-made millionaires learn to say “NO”, showing their strong critical thinking skills and ability to foresee possible future mistakes and results. 
  • No Procrastination: They take immediate action, understanding that laziness won’t yield great results. 

5. Diversify Your Income

Warren Buffett once said wisely, “Never depend on a single income.” Relying solely on one income source can expose you to significant financial risks. 

Self-made millionaires understand this principle well; they often cultivate multiple streams of income to safeguard their financial future. In addition to their primary business ventures, they explore side hustles and delve into stock investments, real estate, and other investment opportunities, thereby creating robust wealth from different sources.

Here are some fundamental rules they follow, and you, too can imbibe them:

  • Knowledge is key: They avoid investing in areas they don’t understand, ensuring that their investments are well-informed and calculated.
  • Balance Your Resources: While having other side hustles or investments, they avoid funding them from their major income, capital, and profits.
  • Seek Knowledge: They actively invest in their financial education by reading books and consulting financial advisors.
  • Build Your Core Business: Continual investment in their primary business is crucial. It ensures their wealth keeps increasing.  
  • Value Your Team: Treating team members and employees fairly and with respect fosters a loyal and productive workforce. It’s an important part of sustaining and expanding their income streams.

Conclusion

The path to financial success is achievable for anyone willing to adopt these habits. So, start today, and who knows, you might be on your way to becoming a self-made millionaire in the future!

Unveiling the Shocking Secrets to Financial Success

Principles of financial success

Introduction to Financial Success

Many people strive for financial success, yet it often remains elusive to a significant portion of the population. Beyond the conventional advice of budgeting, saving, and investing, there are lesser-known but influential secrets that can significantly impact one’s financial journey. 

This blog post will unveil some shocking secrets to financial success, exploring unconventional strategies and mindsets that can lead to financial abundance.

20 Shocking Secrets of Financial Success

1. Embrace Risk and Invest Wisely:

While conventional wisdom suggests avoiding risks, financial success often requires calculated risks. 

Shocking secret: Investing in assets with higher growth potential, such as stocks or real estate, can yield substantial returns over time.

2. Cultivate Multiple Streams of Income:

Financially successful individuals don’t rely solely on one income source. They proactively seek opportunities to create multiple streams of revenue. 

Shocking secret: Side hustles, freelancing, or passive income ventures can significantly boost your overall earnings.

3. Delayed Gratification:

In a world of instant gratification, delaying consumption and prioritising saving and investing can be a game-changer.

Shocking secret: By practising delayed gratification, you can leverage the power of compounding to grow your wealth exponentially.

4. Seek Knowledge and Continuous Learning:

Financially successful individuals invest in themselves through education and self-improvement. 

Shocking secret: Acquiring knowledge about personal finance, investing, and business can lead to more informed decisions and lucrative opportunities.

5. Leverage the Power of Networking:

Building meaningful connections and networking with like-minded individuals can open doors to valuable partnerships and opportunities. 

Shocking secret: Your network can be your net worth if you cultivate genuine relationships within your industry or community.

6. Overcome the Fear of Failure:

Fear of failure often holds people back from pursuing financial success. 

Shocking secret: Embrace failure as a learning opportunity and use it to fuel your determination to reach your financial goals.

7. Protect Your Assets:

Financial success involves not just growing your wealth but also safeguarding it.

Shocking secret: Insurance and asset protection strategies can shield your hard-earned money from unexpected setbacks.

8. Focus on Value Creation:

Rather than solely seeking profit, focus on creating value for others through your skills, products, or services. 

Shocking secret: The more value you provide, the more financial rewards you will likely receive.

9. Avoid Keeping Up with Others:

Comparing yourself to others and trying to match their lifestyle can lead to financial strain. 

Shocking secret:

  • Live within your means.
  • Avoid unnecessary expenses.
  • Focus on your financial goals without comparing yourself to others.

10. Mindset Matters:

A positive and abundant mindset can attract financial opportunities and abundance. 

Shocking secret: Cultivate gratitude, visualise your financial success, and believe in your ability to achieve your goals.

11. Create a Solid Financial Plan:

Develop a comprehensive financial plan outlining your short-term and long-term goals and specific strategies. Review your plan frequently, and make changes as needed.

12. Be Mindful of Debt:

While certain types of debt, like a mortgage or student loans, can be considered investments in your future, high-interest consumer debt can harm your financial well-being. Minimise and manage your debts responsibly.

13. Save for Emergencies:

Life is full of unexpected challenges. Keeping a certain percentage of your income for some months will make a difference, especially during rainy days.

Finanacial success keys- Emergency funds

14. Automate Your Savings and Investments:

Take advantage of automation to ensure that a portion of your income goes directly into savings and investment accounts. This helps you stay consistent with your financial goals.

15. Monitor Your Expenses:

Track and review your expenses regularly to identify areas for reduction or more conscious spending decisions. Little savings over time can add up to big savings. 

16. Consider Tax-Efficient Strategies:

Consult with a financial advisor to explore tax-efficient investment tips to help you minimise your tax liabilities.

17. Be Patient and Disciplined:

Financial success is a journey that requires patience and discipline. Avoid impulsive decisions and stay committed to your long-term goals.

18. Know Your Risk Tolerance:

Understanding your risk tolerance is essential in making investment decisions. Please don’t invest in assets that keep you up at night worrying about their volatility.

19. Give Back to the community:

Practising philanthropy and giving back to the community can be personally fulfilling and create positive karma, potentially leading to unexpected financial opportunities.

20. Review and Adjust Your Goals Regularly:

As you progress on your financial journey, periodically review your goals and reassess whether they need adjustments. Your financial strategy should vary as life does.

Conclusion

Financial success is not solely determined by luck or circumstance but is often a result of unconventional strategies, mindset shifts, and continuous learning. Embrace calculated risks, invest wisely, and diversify your income sources. Practice delayed gratification, seek knowledge, and leverage the power of networking. Overcome the fear of failure, protect your assets, and focus on creating value for others.

Adopting these shocking secrets to financial success and additional insights to enrich your financial knowledge can pave the way to a more prosperous and fulfilling financial future. Remember, achieving financial success is a journey, and these lesser-known secrets can be the catalysts that propel you toward your ultimate financial goals. Embrace the journey, stay persistent, and celebrate each milestone on the path to financial abundance. 

9 to 5 or freelancing: How do you balance the two?

9 to 5 or freelancing: How do you balance the two?

Introduction

Working “9-to-5” can be so occupying and “satisfying” that you will never get to think of an extra stream of income because of the predictability of the flow of income and the demands most employers place on their employees. Working 9-to-5, however, should not cap your earning ability because your employer should control your salary and not your worth.

Many have come to see that having an extra income stream can be a step closer to their financial dreams—they desire to make more money as freelancers but don’t know how to balance the two. Someone else who is a freelancer desires to become a 9-to-5 employee because he/she would love to have a more stable income stream but wouldn’t know how to combine the two income streams. In this blog post, we will look at simple skills that can help anyone balance life as a 9-to-5 worker and a freelancer

“What Does ‘9 to 5’ Really Mean?”

A “9 to 5” job follows regular daytime working hours. In the commonly understood sense, a 9-to-5 job refers to employment where an individual works for an organization or business. Depending on its specific characteristics, a 9-to-5 job is also referred to as a high-paying job. Such jobs are structured to keep employees present and actively involved during designated working hours.

While many will consider such a working schedule tedious and demanding, it certainly has its mouth-watering benefits. 

9 to 5 or freelancing: How do you balance the two?

Below are the pros and cons of being a 9-to-5 worker.

Pros:

  • 9 to 5 provides structure and enhances productivity and time management skills.
  • Offers stability and weekends off for better work-life balance.
  • Fosters camaraderie, teamwork, and potential friendships with colleagues.
  • Easier planning of personal activities outside of work due to set working hours.
  • It usually includes benefits like health insurance and paid time off, as well as security.
  • Leads to a sense of mastery and expertise in one’s role or field.
  • Facilitates better communication with clients and partners operating during regular hours.
  • Convenient for parents with young children, aligning with school and childcare schedules.
  • It offers comfort and predictability for those who prefer a structured environment.

Cons:

  • A rigid schedule may not suit people with unconventional lifestyles or other commitments.
  • The repetitive nature of the job may lead to job dissatisfaction or burnout.
  • Commuting during rush hours can be stressful and impact work-life balance.
  • Fixed working hours may not align with employees’ natural productivity peaks.
  • There are limited opportunities for career advancement or salary growth in some 9-to-5 jobs.
  • Strict policies reduce autonomy and decision-making abilities.
  • Balancing work and personal life during emergencies can be challenging.

What is Freelancing?

The recent revolution in the global working ecosystem, particularly after the outbreak of the COVID-19 virus, has led many to rethink the notion of ‘9 to 5’ work and embrace freelancing as a viable full-time job.

Freelancing can be considered a form of self-employment where individuals sell their skills and services to multiple clients on a project-by-project basis instead of being tied to a single employer. It involves working independently and remotely, often from home or co-working spaces, with the flexibility to choose the projects they want to take on and set their work hours.

In short, freelancing can be described as being an entrepreneur rather than an employee. Yes, freelancing can be compared to being an entrepreneur in the sense of being “self-employed.”

9 to 5 or freelancing: How do you balance the two?

Freelancers can be found in various industries, including writing, graphic design, web development, marketing, consulting, and more. They market themselves through online platforms, personal websites, or referrals, showcasing their expertise and building a portfolio to attract potential clients.

Below are the pros and cons of freelancing.

Pros:

  • It offers the control and freedom most workers desire during work. Freelancers have the autonomy to decide how much they want to work, what projects to pursue, and how they want to execute their work.
  • Freelancers have a great deal of flexibility over their working schedules. This is an excellent room for constant motivation and could reduce the burnout stress that comes from having to repeat the same task, the same time, over and over again.
  • Balancing work and personal life can be achievable for freelancers because they control a large part of their working schedule.
  • Freelancers get to work from home or any co-working space around; this reduces the chances of getting stuck in traffic or spending extra on transportation. 
  • The chance of working effectively is higher because a freelancer can decide to work during his/her peak working time without being streamlined to an organisation’s working schedule.

Cons:

  • Limited social interaction may lead to isolation because most freelancers do not always get to work in an environment with many people around.
  • A bundle of responsibilities to accomplish alone. Freelancers manage all aspects of their business, including finding clients, negotiating contracts, setting rates, handling finances, and meeting deadlines.
  • The income of a freelancer can be irregular, depending on the number and nature of projects secured.
  • Health insurance, retirement plans, travel allowances, and other benefits employers provide must be managed independently by a freelancer instead of someone working as an employee in an organisation.

How do you balance a 9-5 job with freelancing?

Balancing a ‘9 to 5’ employment with freelancing is achievable. Just because there are cons to both ‘9 to 5’ and freelancing doesn’t mean that running these two seemingly parallel working cultures will not be achievable or you will be unsuccessful. 

Considering all the factors affecting both working cultures will help you create room to foster both. Here are a few keys to do that;

  1. Conduct thorough research on the field you desire to venture into: As a 9-to-5 worker or freelancer who desires to incorporate the other – you must understand the advantages and disadvantages, the challenges, and the benefits of the fields/niche you desire to explore in both paths to be sure it’s a realistic combination. 
  2. Understand the schedule of the ‘9 to 5’ job you want to combine with the freelancing opportunity: 

Some employers offer flexible working schedules, while others do not. This will inform your decision on when and how to schedule customers/clients so as not to have a schedule that disappoints your clients while leaving your work unattended. 

  1. Prioritise the most urgent jobs before the less urgent ones:

Avoid wasting time on unimportant tasks, events, and gatherings.

  1. Be mindful of time and remain aware. You must be conscious of what needs to be handled, managed, or maximised.
  2. Prioritise the most secure and well-paying job/task before any other, considering both jobs.
  3. Connect with other freelancers who can help you when you are overloaded with tasks at your 9-to-5 job. As a 9-to-5 worker, build strong relationships with your colleagues so they can assist you when you urgently need to focus on your freelancing job.
  4. Set specific deadlines for yourself before the deadlines for the tasks assigned to you in either your freelancing or 9-to-5 job.
  5. Embrace tech tools for easier work and greater productivity. Artificial intelligent tools like chatGPT, Quillbot, Trello, Grammarly, Evernote, and Todoist
  6. Don’t Feel Overwhelmed: 

As a freelancer, you sometimes have to deal with issues such as creator’s block and work overload, and then you have to deal with your normal daily 9-5 responsibilities. Try to take out time; it could be 40 Minutes of continuous work and a 15-minute break. “Your health is your wealth.” 

We have an extensive blog post titled “Boosting Your Freelancer Productivity: Essential Tips and Tools for Success.” This should give you in-depth knowledge. 

Conclusion

finding a balance between a “9 to 5” job and freelancing is feasible with careful planning and commitment. Both working cultures have advantages and disadvantages; understanding them is crucial in creating a harmonious combination.

Thorough research into the desired field of freelancing and the flexibility of the “9 to 5” job is essential to ensuring a realistic and manageable schedule. Prioritising tasks, setting specific deadlines, and embracing technology can enhance productivity in both roles.

Building strong relationships with colleagues and connecting with fellow freelancers can provide support and assistance during busy periods. With a strategic approach and determination, individuals can successfully navigate the challenges of balancing these two income streams and enjoy the benefits of increased financial security and professional fulfilment.

Create A Business Firm: 20 Best Business Ideas Of All Time

Nearly every entrepreneur clearly knows that depending on a 9-5 job is never the way to go. The freedom, time, and even the income is often a resource a majority of 9-5 workers rarely enjoy.

However, most entrepreneurs suck it up regardless because they lack knowledge of what other fields to venture into.

If you happen to be one of such entrepreneurs, here’s a list of some of the most well-paying business firms of all time.

To become a professional in any of the below career fields, however, a certain level of specialization and educational certificate, like a Bachelor’s degree is required.

Notwithstanding, you don’t need to graduate from an Ivy-league college to thrive in these business fields. Graduating from an affordable business school will equally be a good start.

What’s more important in business is your ability to deliver, drive result and aid company growth. Nothing less.

Mary Kay

5 Strategic Business Lessons You can Learn From Mary Kay

Mary Kay Ash was a dynamic woman. Her unique business idea began one week after she retired. She wasn’t content to sit around relaxing. Her get-up-and-go energy was too strong to ignore. Mary Kay assessed the experiences she gathered over the years. During this thinking period, she made a life-changing decision.

Armed with a wealth of knowledge from her direct sales background, she established “Mary Kay Cosmetics” in 1963.  It’s now one of the largest direct sellers of cosmetics and skin care with a sales turnover of $4 billion in 2015.

7 Young Entrepreneurs Create New Innovations in Africa

Go-getting young entrepreneurs are putting Africa on the map. They are under 30 with fresh, innovative business mindsets. Many may not recognize their names; nevertheless, they are making progress in the African business world. They’re shrewd, alert, focused and prepared to dive into new unexploited opportunities.

Let’s see who they are and how they’re making an impact in the African industry…

 

Business failure

5 Warning Signs You are Heading for Business Failure

Unfortunately, according to the Small Business Administration, 50% of startups will face business failure within the first five years. No entrepreneur intentionally starts a business with the intention of it failing. Those who make it have the knowledge, skills, strength of mind, and will do whatever it takes, to create a successful business. Nevertheless, others will treat their business like a glorified hobby and expect it to succeed.

Starting up and running a business is not for everyone. The statistics of failed businesses are alarming. If you want to be fruitful, there are pitfalls you must avoid to reach your goal.

Basic Market Research Action Plan to Kick-Start Your Business

Are you considering starting up a business? To make sure it stands a chance of succeeding among the millions of other businesses, carry out market research first. Creating a market research action plan is a vital part of your business groundwork. It’s great to have a wonderful business idea in your head, but who are your customers?

Don’t fall into the ‘I want to start my business now’ trap. Do your homework first.

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