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Monitor all your finances 'use your strengths to your advantage, nobody can achieve brilliance in a shaky area," Leonard affirms. Utilising your strengths to your advantage and managing your weaknesses are part of a robust existance." A beneficial way to handle cash as a freelancer is to detail your wages, recurring payments and unexpected expenses. Here's a way: - Detail all your regular expenses such as groceries, rent, insurance and utilities. - Keep a report of your income - over time you will be able to estimate months where you make more money and months where you earn less. - Dont forget the tax man and payments that are due to him. - Keep a credit card on hand for months where you may be a bit strapped for cash - be careful to use your credit card wisely as to not go into too much debt. Spend a litte less than you earn and invest a bit According to Leonard, one way to spend less is to simplify your life. Every possession you acquire or contract you sign brings about its own set of burdens and restraints, remember this when you decide to take on a new cellphone package, subscription or hire purchase. The problem with progress is that we are trapped in a vortex of more and more, faster and faster, to the extent that the slightest upward turn in our income is speedily consumed by an unappeasable list of wants. Unless we ask ourselves how much is enough and consciously create a margin in our monthly budget, we will never earn enough, and we will never be able to save. A highly effective means of saving is to set up an automatic payment from your cheque account into an investment which you then forget about. Luckily you only decide on this once (not like making a payment every month) and results in a portion of your earings allocated to investment. This is how you get caught into cell phone or holiday point contracts - you decide once and commit your future income to these organisations." Get the best return from your investments "Putting R1000 away every month for 40 years will give you a return of R3.4 million ," Leonard claims. "If you increase that return to 10%, you will have R6,3 million at the end. Buying companies is the most effective way to increase long term results. You do this by investing into shares, and you can invest in shares directly through a stock broker or indirectly through vehicles such as unit trusts.
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Tax will be a difficult issue while you are a freelancer. To circumvent the pitfalls of tax and filing your tax returns, ponder the employment of a tax consultant. Constantly consult with associates and family in a related situation. Find out who does their taxes. It is always hard to beat individual know-how, and then you can be guaranteed a frank point of view. Mainly important, while shopping for a tax consultant, you need someone who you can entrust your finances to. Consequently here are some helpful guidelines in seeking an honest tax consultant.
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