Tag: business success Page 1 of 3

Understanding the Process of Evaluating Your Statement of Account.

Statement of Account - Title Image

Introduction 

Have you ever received a paycheck or a sum of money from work, only to feel a few days or weeks later that you can’t account for your spending? You might think your bank deducted cash and be unable to reconcile your expenses with your income. After reviewing your transaction history or statement, you realise you were responsible for all the unaccounted spending.

Your statement of account or a bank statement offers the perfect financial diagnostics. It’s like having a health report for your account, empowering you to take control of your financial health. 

The statement above is not an overemphasis at all; in fact, this is how successful companies and organisations have stayed afloat. They have been able to do so by constantly monitoring their account statements to ensure that they are always in profit

What is a bank statement of account? 

A bank statement of account, often referred to as a bank statement, is a monthly financial document prepared by your bank that shows the financial activity of a bank account holder for that period. Even though most banks prepare their statement at the end of the month, customers can request their statement of account through online banking or go to the bank to obtain a printed copy if they need it at any point in time. 

Statement of Account - Review

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In summary, your account statement is healthy or tends towards healthy if, after evaluating your opening balance, deposit and withdrawal, you are not in zero. 

The analogy above does not perfectly describe your financial health, but it shows you that at the end of the month, you probably could not account for any left which could be put into savings or investments. 

Cash Inflow and Outflow

Who stockbrokers are and how they operate

Who is a Stockbrokers

A stockbroker is a financial expert or institution that transacts stocks and other financial instruments through a stock exchange or over the counter for someone willing to pay a fee or a commission in return. Usually, stockbrokers help people make financial decisions and handle their investments. In this instance, They may have legal backing to practice financial activities.

who are stockbrokers

Who is a Discount broker 

A discount broker is a professional who offers brokerage services that buy and sell stocks and other financial assets with very little commission required. A discount broker offers only trading services and does not provide investment advice or mentorship. In the past, getting a broker to work with you used to be a feat for the very wealthy. However, with the advent of numerous online discount brokers, anyone within any class of income can have access to a broker or brokerage firm from the comfort of their home. 

Who is  a Full-Service broker 

A full-service broker is a stockbroker who provides a client with a complete package of brokerage services, which includes trading, advisory and research. The most popular opinion about full-service brokers is that the cost of maintaining the assistance of one is a lot, and this is mainly because they provide both trading services and can feed you up on the happenings in the market so that you can have an idea of the behaviour of the stock market and the future of your investments. They can also offer extra services like tax advice, IPO shares, and details about the international market

Must Check before you trust a Stockbroker!

Formal Qualifications of a Stockbroker

Stockbrokers are generally expected to have a bachelor’s degree in business administration, finance or any other relevant course in finance. Stockbrokers should also have intricate knowledge of the regulatory laws of finance and accounting techniques. A holistic understanding of economics and expert financial predictions based on the behaviour of the market is also an essential requirement for any stockbroker. 

A stockbroker with a global certification will also prove trustworthy. Certifications like Chartered financial analyst (CFA) and Certified financial planner (CPF) are international certifications that can solidify your faith in a stockbroker you want to work with. 

Related Post: The Ultimate Financial Literacy Guide: Six Places to Acquire Knowledge.

Must have skills as a stockbroker

It takes a unique set of abilities and personality traits to make a stockbroker. A stockbroker must be flexible, have excellent verbal and interpersonal skills, and be eager to seize new opportunities. Stockbrokers to be able to take criticism properly and keep their cool under intense time constraints. 

They should also be able to convince customers and offer stellar service. They need to handle working with numbers, think critically, and have a solid grasp of economics and accounting. Stockbrokers also need to be confident in taking risks, skilled negotiators, and quick to act when necessary. Stockbrokers combine the skills of financial analysts, sales assistants, and executives.

FINRA’s role in stock trading

Why trade financial assets worth millions of dollars if you cannot do business in an ecosystem that guarantees security and equity? 

The safest way to do that is to trade under a regulated condition. In the United States of America, The Financial Industry Regulatory Authority (FINRA) is a not-for-profit organisation backed by Congress and saddled with the responsibility of fostering unified confidence in the hearts of investors.

FINRA implements several safeguards to protect investors in the stock market. These include protecting fundamental rights and interests, ensuring securities sellers undergo rigorous testing, qualifying, and licensing procedures, preventing false or misleading information in marketing, offering securities that meet regulatory standards, and providing ample information about the investment product before purchasing. These guidelines form a strong foundation for protecting stock market investors, ensuring they have the necessary information to make informed decisions.

Average income of stockbrokers

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 

THE ROLE OF BUDGETING IN FINANCES

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Introduction 

Being a graduate of a prestigious university and making a considerable income does not guarantee your financial safety. According to Parkinson’s law of spending, which states that expenses rise to meet income, people’s expenses will always increase proportionally to their income. This law validates the idea that people do not end up poor only because of the absence of money but also because of a lack of financial literacy. 

Financial literacy is the effective knowledge and understanding of using financial products, such as savings accounts, investments, and insurance, and skills, such as budgeting and debt management, to manage money and save individuals from financial unaccountability, fraud, and scams. 

To be financially literate is to have an intricate understanding of how money behaves; by doing so, you have established a life-long profitable relationship with money. Most people don’t get financially trained in college, but thanks to “Effective Business Idea,” you are about to gain the power to control your finances with a free financial education. 

The most fundamental knowledge you must acquire when working towards financial independence is the skill of budgeting. Budgeting plays a vital role in ensuring adequate money inflow and outflow, helping to increase accountability and prudence.  

What is a budget?

A budget is a planned estimate of anticipated income and expenditures for a certain period in the future, and it is created and reevaluated regularly. Everyone, from individuals to families of varying means, as well as governments and corporations, may benefit from developing and sticking to a budget.

Budgeting helps you control your monthly spending, prepare for the unexpected(rainy days), and buy luxury goods and properties without debt. Keeping a budget can be a smooth process; it doesn’t restrict you from buying what you want, but rather, it gives you the freedom to maintain a grip on your finances and a clearer picture of where your money is going.

Introduction to Budgeting

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Stock Market: The Basics, Rules, and Success Tools

Introduction to the Stock Market: Bull Run

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What Is the Stock Market?

Stocks can also be called equities and represent securities in which an individual or a body has a percentage interest in a public company. If you hold all the shares of a company, you have voting power over its management.

The stocks listed for trading on the different stock exchanges make up what is often known as the stock market. Shares of publicly traded organisations are traded on several exchanges.

The stock market, governed by well-defined regulations, ensures that all transactions proceed in an orderly manner. This knowledge empowers you, as an investor, to navigate the market with confidence. Trading stocks can be done through formula exchanges or over-the-counter marketplaces, giving you the freedom to choose the method that suits your strategy.

Here is a list of renowned stock exchanges in the US:

Why do companies sell stocks? 

Through an initial public offering (IPO), a private firm takes a significant step towards growth and expansion. The company, now publicly owned and traded, gains a new level of visibility and access to funds for expansion and resource acquisition. This transition opens up a world of possibilities, boosting the company’s capability and potentially leading to significant growth. 

The disadvantage of going public is that it strips the founder or founding team of all control over the business and limits management. 

Individual and corporate investors who believe the company will succeed will purchase such stock offerings, becoming company shareholders. Any dividends and profits from the shares are distributed to the shareholders. Being a shareholder is like bearing the company’s fruit or pain. Hence, If the firm runs out of money, it can also see its investment decline in value or perish totally.

Investment banks are essential to the initial public offering (IPO) process because they contribute to the share selection and underwriting processes. They decide on the price of the shares and the amount to be issued at the IPO. The initial public offering (IPO) procedure may lead to substantial agreements between investment banks and issuing firms worth hundreds of millions of dollars or perhaps one billion dollars or more.

How is the Stock Market regulated?

The Stock Market is regulated mainly by a local financial/monetary regulatory body/institute. The Securities and Exchange Commission (SEC) is a US federal facility that regulates the US stock market. 

To ensure that all market participants are similarly informed, the SEC imposes specific rules, such as enforcing the timely submission of financial reports every quarter and rapid notification of pertinent business changes. For instance, if a company fails to submit its financial report within the specified time, the SEC can suspend its trading activities until the report is submitted.

Failure to follow the rules might result in the suspension of trade and other sanctions.

New York Stock Exchange

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Who is a Stockbroker?

A stockbroker is a middleman between the stock exchanges and those willing to invest(Investor). They assist investors by providing advice on potential investments, executing trades, and managing their portfolios. They also keep investors updated on market trends and changes that may affect their investments. Most people ready to invest in the stock market need more patience to learn the skills of the market; they naturally prefer to rely on the expertise of someone skilled in stock buying and selling. 

Significance of a Stock-Simulator 

A stock market simulator is a valuable tool that allows you to enter the market without the risk of losing your hard-earned money. It provides a safe learning environment where you can experience the ups and downs of trading stocks without the fear of financial loss. This sense of security can help you build confidence and develop your trading skills without the pressure of real-world consequences.

What are online banks? Features, Drawbacks & Reputable Banks.

What are online banks

What are online banks?

Online banks are also known as e-banks, web banks, electronic banks, or, in the US, direct banks. These institutions primarily or solely operate online, utilizing websites, mobile apps, and digital channels instead of physical branches.

Financial institutions provide digital experiences via mobile apps for seamless online account access and transaction execution. Online banks differ from these in that they do not have physical branches. 

Capital One 360 runs a hybrid structure with a handful of physical offices and an imposing digital structure. It is, in a real sense, regarded as an online bank. This hybrid structure gives a great impression to those who want the low transaction rates that come with online banking and the confident assurance that comes with traditional brick-and-mortar banks

A brief history of online banks

On October 1, 1989, First Direct began offering 24-hour telephone banking in the United Kingdom. That decision paved the way for the introduction of online banking, which started in the early 1990s with the commercialisation of the Internet when computers became more prominent.

The first online (direct) Bank in the US was Security First Network Bank (SFNB), established in 1995 and pioneered the insurance of direct banks by the Federal Deposit Insurance Corporation (FDIC). This Bank proved that online banking was a move in the right direction despite its inability to close its initial year in profit.   

As internet banking grew, so did the willingness of customers to use the Internet for banking. The FDIC’s banking report shows that at least 60% of bank users do at least one or more forms of banking activity online. This statistic is also responsible for the fast-rising growth of exclusive online banks.  

Notable features of Online banks

Like traditional banks, online banks cater to all the services most bank users need. These include account opening, savings, fund transfers, and bill payments. Some online banks can offer savings even in the absence of physical offices because of ATM networks where customers can deposit and withdraw money with no or very minimal charges. 

The complete digital structure adopted by most online banks is responsible for lower operational costs because they do not have to pay rent, buy many buildings, or worry about high maintenance costs. 

Below are a few notable features of online banks:

  • 24/7 Access

Traditional banks have designated working hours before and after which they do not attend to more customers. The case is different with online banks, which offer a 24-hour service accessible anywhere as long as access to a broadband network exists.

  • Attractive Interest Rates

Are you looking for the best CD rates? Then, an online bank is one of your best options. Online banks are likelier to give the highest annual percentage yield (APY).

A certificate of deposit (CD) allows customers to save for a set amount of time and earn interest. CDs differ from savings accounts because you can only touch the money at the end of the term, or you’ll have to pay fees or lose interest.

  • A small deposit is required to open an account

Most internet banks don’t make you keep a minimum balance like most traditional banks do. You usually only need a small amount of money to open an account with them, or nothing at all. 

  • Competitive incentives

Traditional banks entice customers with attractive interest rates and incentives like referral bonuses and cashback rewards on transactions.

  • Zero charges on ATM withdrawals

Online banks tend to operate fee-free ATM transactions, and even when they do not, they tend to offer a certain number of free transactions during the day. 

  • Better Online Experiences

Because online banks operate exclusively or primarily online, they are prone to investing mainly in this specialisation. A 2018 Bain and Company survey reveals traditional banks’ lag in crucial customer-centric areas compared to online banks.

5 Reasons to Start Your Career as an Independent Artist

Independent Artist - Title Image

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Who is an Independent Artist 

An unsigned artist or independent artist is a term that describes an artist, musical band, or group that has no contractual obligation to a record label. In the past, it was only common for independent artists to make an income from performing at live events because of the cost of producing and distributing their tracks to relevant publishers like radio and TV stations and selling vinyl or CDs.  The situation is very different now, as a growing number of people are using social media platforms, making it possible for virtually anyone to launch a career and achieve success in a relatively short amount of time. 

An unsigned artist is an artist, musical band, or group that does not have any contractual obligation to a record label. 

Landing a record deal with a record label has many benefits, especially for an artist looking to break through in the music industry. The availability of massive funding for artists signed by a label is a game changer and will surely make a huge difference, especially if such artists are diligent.

Working with a record label has also proven to be a huge regret for some artists; in fact, in the long run, an independent artist can amass great wealth compared to a signed artist. In that light, let’s take a look at a few important things to keep in mind as an independent artist. 

Making it big as an independent artist

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Facts about choosing a career as an independent artist:

  • Higher chances of making more money

The first thing to note as an independent artist is that, despite the fact that an independent artist might not sell as many albums as a label artist, the chances of making more money as a prominent independent artist are very high because no agency is trying to recover and make profit from the amount they have invested in the artist.

An independent artist would have access to the majority of the revenue from his or her music business. Most labels would only give the artist about 20% of the income until the label had fully recovered its investment. 

Independent now have the opportunity to distribute their music to music streaming platforms like Spotify, Apple Music, Deezer, Audiomack, and BoomPlay. All these streaming apps send regular royalties to the artist’s account through the music distributor they use. Some very reliable music distributors are Tunecore, Distrokid, CDbaby, and Ditto Music

  • Total right over personal music 

Another beautiful part of being an independent musician is having total control over your music. This means that you have the freedom to sell your song to any organisation, use it for filmmaking purposes, or use it as a jingle, and earn a lot without having to be bothered about sharing it with anyone. 

It also means that you can choose to make demands or negotiate for collaborations. Because you have the full right to your music, you get your performance royalty directly and will not need to send a share to any label. 

  • Ability to specialise in one’s strengths

Freedom is one of the characteristics of true success, and as an Independent (indie) artist, this is one of the benefits that come with the package. An indie artist has complete creative control over the genre of music they want to make. 

Most mainstream artists start out with a big bang, but their music gets old quickly because they focus on the moment rather than the lasting connection it should make. This is because most mainstream artists do not have creative control over their music. 

Indie artists, on the other hand, will get to niche into their creative strengths, and eventually, as time passes, their listeners will continue to listen because of the bond that has developed. This, in the long run, means more streaming royalty for an indie artist. 

  • You can create a personal brand that connects with fans

Social media has made it possible to reach thousands and millions of people, building a connection that goes beyond music. People want to connect with their celebrity star at a deeper level, and as an indie artist, this is very possible. The fun part of this is that fans can give their favourite artist luxury clothes, shoes, cars, and houses.

Independent Artist performing to Crowd

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  •  Ability to pick and choose collaborators

Being successful also means that you can choose the people, groups, or brands that correspond with your values. As an indie artist, you get to decide if it’s worth more than making millions of dollars. You can choose to reject offers from brands that do not represent your values and principles if you are the type who loves to build a legacy alongside a music career.  

Bottom Line

Building a music business, like every other kind of business, needs capital to become an established business that rakes in millions of dollars. Being an indie artist will not eliminate the need for capital. Hence, the hard work that is required to build a successful music business as an indie artist is no less than that of a signed artist. This means that as an indie artist, you will need the support of friends, family, and even an angel investor if you do not have a massive sum of money sitting in your bank account. 

How to Start Your Real Estate Business with What You Have

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Introduction to Starting Your Real Estate Business

Starting a real estate business can be very intimidating when you don’t have a lot of money to invest in it. In fact, the thought of starting a real estate business when you are broke can be so disheartening that you will dump your ambitions of becoming an entrepreneur or a business owner.

The real estate business sphere is an ever-booming sector that has made many rich and still does. It’s a very fruitful field with opportunities for many, ranging from buying properties to their full development, leasing, and selling. All these are viable streams in the sector, and the easiest way to be involved in this business is to have a huge amount of capital that you can invest in the sector. This, however, does not mean it’s the only way to invest in the real estate sector. 

Cash is not the only thing that you can bring to the table; your skill, time, and even professional expertise can help you acquire a portion of the wealth in this booming sector. Let’s look at a few ways to take advantage of this fruitful sector and earn an income without breaking the bank, even if all you have is your knowledge or a relevant certificate. 

How to secure a position in the Real Estate Business

  1. Discover your niche

In the real estate business, there are specific niches in the market you can choose to focus on, and the number you can carve out for yourself is endless. However, when choosing a niche for yourself, especially when you do not have huge capital or even anything to invest in the sector to begin with, your options might be limited. This does not mean that the remaining options are not still able to help you scale up until you can raise enough funds to enter the deeper part of the sector. Let’s look at a few niches in the sector:

  • Location-based real estate

This involves narrowing down on a particular neighbourhood, town, or county. This will help you provide deep knowledge of that area to customers who might be willing to purchase or lease a property there. 

  • Demographic Real Estate 

This involves rendering your real estate business service to a particular group of people, such as first-time buyers, celebrities, military personnel, etc. This is an excellent opportunity to get a referral from those who have patronised you since you started your business.

  • Property rental real estate niche

According to the National Multifamily Housing Council, at least 44 million households in the United States rent their houses. This means that landlords who have properties will contact you if you decide to work hard and be prominent in this niche. You will also constantly get offers because it’s easier and more affordable to rent than to buy a property. 

Other real estate niches are Agriculture, New construction, Ageing and Historic properties. 

  1. Write a business plan for your real estate business.

Do not forget that even though you are starting with what you have right now, which could even be nothing, it doesn’t mean that you will remain like that forever. This means that you have to ‘plan to get big‘ and not ‘get big to start planning‘. 

Having a concrete business plan will help you go from where you are to where you plan to be. A business plan also helps you be able to confidently pitch your business goals to anyone who might be willing to put some dollars into the success of your business. A proper business plan will definitely provide answers to the vision, core values, uniqueness, and business model of the company you are willing to run. 

Have a BUSINESS PLAN FOR YOUR REAL ESTATE BUSINESS

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  1. Find a Mentor 

Learn from a professional around you, send your dream realtor a gift, and ask for a time in his or her schedule to grab a Coffee. It is true that the more you learn, the more you will earn. A mentor walks you through the process and can save you a tonne of losses or problems that can arise from making the wrong deal. 

If you plan to get to the top, you will need to build strategic relationships with people who have gone before you and have a track record of profiting from the business. Some mentors have built a brand that cannot take business deals below a profit margin. They might just recommend you to such clients, and a referral from one industry figure can be a breakthrough for you. 

Have a Mentor for your REAL ESTATE BUSINESS

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  1. Get on social media even if you cannot maintain a website.

One way to increase your potential for securing new customers is to meet new people. A social media account that is not only built around your business but also around your person puts a face to your business, especially in its infancy, and allows customers to trust you better. Don’t be a 21st-century businessperson who isn’t tech-savvy. Be bold and energetic, talk about your business, and land more customers. 

  1. Get into Partnership

If you have a big idea, you will need a lot of money. However, with a great business plan, convincing experience, and a good proposal, you can secure a partnership with someone or a group of people who are willing to invest in a real estate business. This will mean that the angel investor(s) will fund the business while you manage and operate it. 

A big mistake is to enter into a partnership without discussing how you will share profits with your investors. This will ruin the company’s future, and if it doesn’t, it will cause a lot of contention as the company grows. So talk about it before starting off, and if you have already started the business, it’s not bad to do that now. 

A partnership could also mean that you will work with different professionals who are your friends or business partners to develop a property. Then, after selling the property, you will pay them for their service and give them a share of the profit as compensation. 

  1. Be an affiliate

An affiliate is more like a middleman or woman who helps sellers locate buyers or the other way around. The amazing thing about affiliate marketing is that you don’t get to do anything so expensive other than reach the realtor or seller directly and agree on a percentage commission on any invited customer who buys leases or rents. There are other online affiliate realtors like Realtor.com, All Things Real Estate, Avail.co, and Foreclosure.com that pay you for any customer who patronises using your designated affiliate link. 

  1. Sell properties for desperate sellers.

There are many reasons why people choose to sell their properties urgently, such as bankruptcy, divorce, relocation, or diversification of funds into a very promising business deal. This, however, can be complex because a desperate seller might be selling a huge problem to you. The way to avoid this is by doing a diligent search on the reason the seller wants to sell so desperately and having done that, you can reach out to people who will be willing to buy or borrow some funds to buy the property and refurbish it so that you can give them back the capital and an interest after selling it. 

  1. Build relationships with your customers.

Don’t forget that the most effective referral is one that comes from someone who has patronised your business. They are your strongest advocates in the business world for your next customer, especially in a business field like real estate, where a false deal can lead to a loss of millions of dollars.

Follow up on your customers, constantly send them emails, and even if they haven’t patronised you, you already treat them as though they have. This will give you a long-term thinking faculty. A good way to follow up with customers is to employ a CRM tool

Also, Read – Understanding Customer Relationship Management 

Final Note on Real Estate Business

Achieving success in real estate is not merely a matter of getting rich quickly; rather, it is a long-term endeavour. In order to achieve success, you need to be willing to put in the effort and continue to develop by continuously acquiring new knowledge.

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.

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