She Strengthens

The Freelance Writer’s Reality Check

As a seasoned freelance writer, I’ve learned that the glamorous life of a freelancer comes with its fair share of hidden pitfalls. My journey began in 2013, when I took the leap and left my social media job to pursue editorial writing full-time. With a strong network of connections and a knack for pitching, I landed articles in well-known magazines, earning a respectable $100 per piece.

The Thrill of Success

In the early days, I was on cloud nine, raking in around $700 per week. I was fortunate to start my career at a high rate, unlike many of my peers who began at $25 per article. However, I soon realized that freelance writing involves a lot of unpaid work, from researching pitches to dealing with rejected articles.

The Dark Side of Freelancing

By the end of 2013, I was earning around $800 per week, but my workload had become overwhelming. I was constantly busy, juggling multiple freelance contracts, pitching editors, and working on a shift schedule. Despite my happiness, I began to neglect essential aspects of my life, such as doctor’s appointments and tax planning.

Tax Trouble

In 2014, I failed to plan for taxes, despite my accountant’s warnings. I adopted a “save-some-money-and-be-fine” approach, but it backfired. When I finally sat down with my accountant, I was hit with a $4,500 tax bill, with only $1,700 in savings. I was forced to borrow $3,000 from my parents, promising to pay them back within 12 months.

Lessons Learned

This experience taught me a valuable lesson: as a freelancer, it’s crucial to prioritize tax planning and savings. I now pay my taxes quarterly and have started rebuilding my emergency fund. My advice to fellow freelancers is to set aside at least one-third of your income for taxes and to create a solid savings plan.

A Cautionary Tale

Don’t let my story become yours. Remember that your freelance income isn’t entirely yours to spend. Be proactive about tax planning, and don’t wait until it’s too late. With discipline and foresight, you can avoid the financial pitfalls that come with freelancing.