Book of the Month. It’s all about the money, whether you’re the CEO of an established company or an entrepreneur just starting out with a new business opportunity. You need to get the dollars coming in and then manage it if you want to be successful. That’s the whole focus of The Money Book for Freelancers, Part-Timers, and the Self-Employed: The Only Personal Finance System for People with Not-So-Regular Jobs by Joseph D’Agnese and Denise Kieman, published in 2010 by the publisher Crown Business.
Many entrepreneurs are freelancers with side hustle they run from home. Bringing in money this way can be fun, frantic and frustrating. Handling the money can definitely be a challenge. The Money Book, Book of the Month, gives you a system to handle it sensibly.
Book of the Month Financial Reality:
Part-timers and freelancers live without a net because the benefits aren’t built into their job. They have no company-sponsored 401(k) or health insurance. They are responsible for their own full-range of financial needs. That includes retirement, what to do during dry spells, how to have money on hand for taxes and how to pay off old debts.
These financial basics can be overwhelming to writers, designers, network marketers, direct salespeople and others who are self-employed. The authors aren’t threatening in their tone, but instead make their points in a light-hearted way. The book is directed to those who find budgets confusing or just plain distasteful.
It’s fun making a few dollars on the side. But when it becomes an essential part of your income, or your entire income, you need to get real about how much is coming in, keeping the books and hanging on to as much of it as possible.
The first part of The Money Book helps you get clear about basic personal finance, the importance of setting up an emergency fund and setting aside money for taxes and retirement. It advises part-timers to set up targets or categories for your money and then direct each dollar you make into one of them. In short, don’t let it slip through your fingers.
It recommends setting up one account where all income goes. From there it moves into accounts for taxes, retirement and taxes, as well as expenses.
Book of the Month Growing Your Money:
Over time, you income will grow. The plan in the book grows with you. You can easily chance the percentages that are coming out for each category. You can allot more for equipment and training after your emergency fund established.
The book is comprehensive and covers what you need to know about managing your cash flow. Specific topics include:
- Getting out of debt
- Saving money consistently, which is hard when you income is up and down
- Handling slow periods
- Health savings accounts
- Retirement and taxes
Book of the Month From the Trenches:
Both authors understand these money challenges from first-hand experience. D’Agnese is a freelance writer whose work has appeared in The New York Times and Wall Street Journal. Kiernan is a freelance writer for Ms., the New York Daily News, Saveur, Discover. She has also authored books for children and adults. They put together the money program outlined in the book after much trial and error in their own lives. Please check back for our coming Book of the Month choices.