From the course: Freelance Work Strategies for Video and Motion Graphics Creators
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Paying yourself
From the course: Freelance Work Strategies for Video and Motion Graphics Creators
Paying yourself
- One of the things we need to do as self-employed people is take care of our own retirement accounts. It doesn't have to be complicated. You learned about compound interest, and now there's another little tool that's gonna help you grow that retirement account for yourself, 'cause you're your own business, and that's called dollar cost averaging. And it's really pretty simple. Let's say this is your big bag of money, right? Your income, and you're gonna use a bunch of it for your expenses and your profits. But a little bit of it is gonna go into your retirement account. And one of the things that's nice about dollar cost averaging is, instead of putting one lump sum in, maybe just once a year. I know a couple of freelancers who just want to get a big job, they just dump a big amount in there, but that's kind of random. So, what's nicer is actually if you divide it up into regular payments, either quarterly, or even monthly. I just have it go in monthly out of my account, I just don't…
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