Freelancers Should Spend Money to Make Money, Adviser Recommends

Financial adviser Linda Stern advised freelance journalists to spend money to make money at a June 15 program at the Club.

"Invest in yourself," Stern said and recommended buying technology, business cards and other equipment that make one more effective and appear appropriately professional.

She also advised freelancers to choose assignments that will help them get them where they want to be in five years and to use a reporter’s aggressive skills in billing.

Stern described some of the particular financial considerations for freelancers, including itemizing tax-deductible expenses, buying insurance, and being solely responsible for one’s retirement savings.

Stern acknowledged that, with an increasing number of publications laying off staffers, the freelance market is increasingly tight. However, there’s still good news for people who can turn around clean, on-time copy: the self-employed may find that their diverse client base provides job security and that they can make more money working for themselves than in a salaried job.