Poll: The uncertainty of my freelancing income has kept me from making certain big financial decisions Thread poster: ProZ.com Staff
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This forum topic is for the discussion of the poll question "The uncertainty of my freelancing income has kept me from making certain big financial decisions".
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A forum topic will appear each time a new poll is run. For more information, see: http://proz.com/topic/33629
| | | | Anabel Martínez 
Spain
Local time: 06:03
Member (2005)
English to Spanish
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| Uncertainty of workflow, more like | Feb 20, 2008 |
I'd say that, in my case, it's never a matter of money only, but also of the amount of work I have at a given moment.
For instance, now I have had a few months which have been a bit slow, and I was planning a big overseas trip taking place in May, but I'm waiting to see if the workflow situation changes, because maybe then I'll be handling too much work and won't be able to say no, due to this slow period...
I guess it's only natural that in times of crisis, people ar... See more I'd say that, in my case, it's never a matter of money only, but also of the amount of work I have at a given moment.
For instance, now I have had a few months which have been a bit slow, and I was planning a big overseas trip taking place in May, but I'm waiting to see if the workflow situation changes, because maybe then I'll be handling too much work and won't be able to say no, due to this slow period...
I guess it's only natural that in times of crisis, people are more cautious with investments... Which I guess makes the crisis a bit more serious...
Cheers,
Anabel ▲ Collapse
| | | | R. Alex Jenkins
Brazil
Local time: 01:03
Member (2006)
Portuguese to English
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| You must have read my mind | Feb 20, 2008 |
I was just discussing this in-house about five minutes ago.
It's not that one cannot make large financial decisions, one can, but personally I only feel comfortable stretching the financial envelope so far and no further. I will not put myself under the same financial pressure that I used to when I had a fixed income, in terms of car loans and mortgages, for example.
I suppose it's rather psychological because earnings tend to even themselves out over the year.
| | | | | because I am freelancer | Feb 20, 2008 |
no flexible options for down payment and premiums, when I decided to buy a car.
Unless my bank account balance covers the total price, or I have any other guarantee, I must pay half of the total price as down payment.
One with lower but fixed monthly income can have more flexible options, coz he /she is able to provide a certificate of income.
[Editado a las 2008-02-20 15:32]
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At the moment when the Mexican middle class is snowed under with debt, I am very glad I was never in a position to buy now and pay later.
I don't pay interest and as much as I can, I try to help my friends and neighbours not to pay interest.
| | | | | retirement savings | Feb 20, 2008 |
For me, as a relatively new freelancer, the uncertainty in income has made me hesitant to stash surplus savings into retirement savings accounts that are difficult to tap into if funds dry up for a period of time. Right now I feel comfortable about the amount of work I'm getting and the amount of income it's generating, but the fear of slow/no paying clients makes me nervous! It doesn't help that as a freelancer, I have to make a conscious decision to put money into retirement as opposed to it a... See more For me, as a relatively new freelancer, the uncertainty in income has made me hesitant to stash surplus savings into retirement savings accounts that are difficult to tap into if funds dry up for a period of time. Right now I feel comfortable about the amount of work I'm getting and the amount of income it's generating, but the fear of slow/no paying clients makes me nervous! It doesn't help that as a freelancer, I have to make a conscious decision to put money into retirement as opposed to it automatically coming out of my paycheck every month. ▲ Collapse
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As I am only a part time freelancer, my regular job takes care of the mortgage and car payments.
The freelance money are for holidays,extras and sudden, unforeseen expenses - and maybe, in the years to come - a supplement to my pension?
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An impending major financial decision (purchase of our first house!) was a big factor in how I have been planning my transition from a salaried position to a freelance translator. Now that the mortage is secured (in France payslips are a must I am free to step up my freelance business. In the meantime I have been learning the ropes and developing my client base, and I feel more confident about being able to pay the mortage withou... See more An impending major financial decision (purchase of our first house!) was a big factor in how I have been planning my transition from a salaried position to a freelance translator. Now that the mortage is secured (in France payslips are a must I am free to step up my freelance business. In the meantime I have been learning the ropes and developing my client base, and I feel more confident about being able to pay the mortage without a day job. ▲ Collapse
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Not only the big ones, the small ones, too...
| | | | Jocelyne S
France
Local time: 06:03
French to English
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| That's what we thought too... | Feb 21, 2008 |
Lori Cirefice wrote: An impending major financial decision (purchase of our first house!) was a big factor in how I have been planning my transition from a salaried position to a freelance translator. Now that the mortage is secured (in France payslips are a must I am free to step up my freelance business. In the meantime I have been learning the ropes and developing my client base, and I feel more confident about being able to pay the mortage without a day job.
Hi Lori,
We bought our first house last summer and right up till the day we actually had the keys in hand, we were suspicious as it all seemed too easy. Neither my partner (a stone carver) nor I (freelance) had any actual "job security" (a.k.a. a CDI in France). When we visited the bank the first time, we expected them to laugh us out of their office... But they didn't. They actually encouraged us to buy a more expensive house (we told them to buzz off).
The other day we were wondering if today (not even a year later!), with the sub-prime crisis, they would be as indulgent.
In any case, our mortgage costs no more than our rent did and, heck, you've got to live somewhere, so my freelancer status really made no difference in the decision to commit. This way at least we may someday get back (some of) what we pay in (a bit like Kathryn's retirement plan, maybe) and we're no longer fattening up a landlord (but a bank instead, for now).
I know roughly how much money I need to live. I try to always have a few months' lead in my business account and if ever things do start to bottom out, well, I suppose that I would go back out and get a 9-to-5 job if I had to - long before they decided to take the house away!
Best,
Jocelyne
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My income varies considerably from month to month, but year on year it's been steadily increasing. I see no reason not to make major financial decisions and I have done so since becoming a freelancer.
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Yes, sometimes I avoid or postpone making certain big financial decisions.
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Williamson
United Kingdom
Local time: 05:03
Flemish to English
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| From a banker's point of view | Feb 21, 2008 |
Unless you have proven a growing turnover and an average income which is higher than an employee, it will be difficult to convince a bank-manager to get a mortgage. From his point of view "the security" that he will get his money back is the number one criterion.
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