2022 Money Management Strategies for Creative Freelancers
New year, new beginnings. Creative freelancers, how do you intend to manage your money differently this year compared to previous years?
During our lunchtime series on 22 February 2022, we invited our special guests to share their plans with us and also tips for creative freelancers on how to better manage your money this year.
Timeless Financial Tips
Some of our guests shared timeless financial tips which are time-tested and proven. As our first guest said, “Doing very simple, boring things is the most sustainable way to manage your money.”
Film producer Raymus Chang (and also the latest member of our CreativesAtWork team!) recommends keeping your investment strategy simple by investing in a single type of asset that you understand. For him, he prefers ETFs, which are pegged to market indices such as the S&P 500 and UK FTSE. ETFs are known to grow gradually over the years, which makes them a great option for long-term investments. In addition, Raymus plans to cook more to help him cut down on expenses.
Film director Sean Lee will be cautious about inflation this year, with the war between Russia and Ukraine raging on. One of the investments assets he’ll be looking at closely is REITs.
Nirali Zaveri, the co-founder and CEO of Friz, advised freelancers to get organised with their business. For starters, do register a business entity if you haven’t already. Having one will give you access to financial tools and services which can help you manage your money better.
For the novice investor, taking the first step can be scary. But that’s where Yen-Lyng from CreativesAtWork is. She’s planning to slowly overcome her “fear of making money with (her) money”. She realised that there are dozens of apps out there that can help her with investing, and that she doesn’t necessarily need to have thousands of dollars in capital. These days it’s possible to start with even $10!
Embracing FinTech and the Metaverse
Once you’ve implemented the basic steps of money management, you can start to shop for more sophisticated financial products or investment tools.
Kelvin Lim, a medical writer, shared that he’ll be leveraging automated investment services to save time, now that he’s the co-founder of a podcasting business, Cite and Sound. It makes more sense for him to work on building the business than spending time poring over financial statements and researching the next best stocks to invest in.
Abigail Goh, an associate product manager from Lyte Ventures, suggests that freelancers always look for the best rewards and perks when signing up for financial services. It’s a competitive industry so “don’t settle for anything that doesn’t reward you.”
Felix Lee, who conducted our NFT101 workshop a few months ago, said he’ll be re-architecturing a digital mindset in his money management. This means catching up with the rest of the world who have ventured into the digital realm and looking how to exist in a virtual world.
Investing in Themselves
Lastly, no matter your investment strategy, choosing to invest in yourself can also bring unique returns to your life and career.
Daniel Yam, a filmmaker, shared that he’ll be trying to shift his mindset from being an unwilling spender to being willing to invest in himself through courses to hone more skills. He has realised that there are times when we need to spend – or rather, invest – in order to enjoy benefits from the money we’ve earned.
Jeremiah Su, Chief of Growth at SuperMinted, agreed. For 2022, he’s chosen to invest in his health and fitness by hiring a personal trainer. Jeremiah added that it’s also important to invest time in taking care of ourselves, whether it’s boosting our mental health or doing things we love. “When you do what you like, there is happiness. But when you do what you love, there is freedom,” he advised.
Catch all the tips by our guests by watching the full session on CreativesAtWork FB or down below. Follow our Facebook page for updates on the next lunchtime talk.
Speaking of investing in yourself, why not join our 6-week Freelancing Bootcamp where you’ll learn about finding clients, charging profitable rates, offering more value-added services and MORE! Work with experienced mentors and trainers to chart new growth areas for your freelancing business this year. Find out more about the Freelancing Bootcamp, which starts on 30 March 2022.
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