Friday, January 23, 2009

An Online Freelance Writer? Be Aware of these Financial Pitfalls

There are many articles and information out there that tackles about how to start up becoming an online freelance writer. You may have had a large dose of this and probably reeling from the same information being rehashed over and over again. Nevertheless, this article is not for beginners but for those who have successfully boarded the bandwagon of SEO, SEM article writing, research and copywriting.

So, you already bagged a contract, on the way of doing a gig or employed by an online site primarily hired as an online freelance writer. You have been into this business for several months and most probably you can tell the difference of your earnings compared if you are working in a traditional 9-to-5 office work. Your bank account is probably having a good load of dough because of many wire transfers and paypal withdrawals.

When everything is going well , we all have this illusion that everything will last forever or just the same pace of work will be like this until infinity. You will bid and buyers will pick you for their projects. Your online company site gives you research projects beyond your capacity to do it all. Your editor throws you bulk jobs that there seems the mirage of years of future work. In short, you are a successful start up freelance writer.

 If you are a serious freelance writer, be aware and realistic that nothing last forever. This does not mean to frighten you that you will lose your online writing jobs or what. It is merely a reminder that it is not all that time that this will be the pace of your work when you just starting your way as a freelance writer.

In a random survey of freelance writers working for online sites, there is a finding that three months averages as the employment period of any start up freelance writer. This may be caused by many factors. The site is new and no new projects that are arriving. Miscommunication between editors and writers is prevalent due to the limitation of instant messaging. There is also the issue of regulations that the site impose on the writer that either the employer or the freelance writer cannot function harmoniously.

When this happens, your bank account’s fund starts to deplete. There is also a possibility that the remaining site you work for as a freelance writer pay late, so this adds up to the pressure of your savings deflating faster than the time you earn them.

It is then an advice for any start up freelance writer who has not established a reputation and loyal clients to take care of their financial health. It is not uncommon for a beginner to experience a windfall of dough and then in the next day suffer a life of a pauper because there is no job available for him.

The intelligent thing to do then is to save as much as you can while the pace of work is pouring in. Do not be disillusioned that the day when there is no work for you to do will never come. Save at least three times of your expenses for a month in your bank account to avoid any unfortunate financial event.  This buffer savings will save you the headache of scrounging for funds when bills starts to come in and when your food shelves are devoid of supply.

Since there are still many jobs online for a freelance writer, this three month buffer savings will ease your way of comfortably waiting for the next gig or contract or employment for a site. Try to observe this and be calm when the windfall of dough comes and you will be ready to face the circumstances of any financial draught.

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