Financial Planning in the Gig Economy

Share on facebook
Share on twitter
Share on linkedin

Did you know the global gig economy is worth an estimated $204 Million? With such an opportunity amidst critical financial times, Black professionals must receive the support they need to succeed in this sector. Here are some tips to keep you ahead of the game.

Establish financial goals

Before you become a freelancer, take the time to evaluate what your financial goals are. Because you’ll be responsible for your own healthcare, taxes, and other tools and resources to perform your work, paying yourself a fair wage enough to cover this is essential. Resources like Wage Calculator and Gig Compare will help you discern the best rates for yourself.

Prepare for uncertainty

While the allure of working from your laptop on a beach waterfront may seem enticing, freelancing comes with cons. One is that clients must pay on time or consistently, making financial planning difficult. To avoid these pitfalls, create project plans that include payment milestones, require deposits, and create savings to cover your bills and other expenses. 

Take advantage of financial tech

When you’re fulfilling multiple roles as a freelancer, keeping track of your income can seem like a never-ending battle. Fortunately, tools like Mint, Quickbooks, and Loot can all streamline the process for you so you can focus on your work. 

Get insights and tips from the BYP US Leadership Summit

During our US Leadership Summit, you’ll have the opportunity to connect with other Black consultants, entrepreneurs, and seasoned freelancers who are eager to share knowledge and help you navigate and win in the gig economy and beyond.

Our agenda includes relevant topics such as:

  • Financial Freedom: Breaking the Racial Wealth Gap
  • Controlling the Narrative: How Black-owned Brands are Pushing Reputation
  • Funding your Future – Exiting your Business and Funding the Next Generation

You can join in-person or virtually, and it’s completely FREE for community members.

The clock is ticking!

Secure your place now for New York on May 19, 2023

Secure your place now for Atlanta on May 26, 2023

Follow BYP’s events for more financial takeaways

BYP recently collaborated with Harper Collins to host an informative ‘Get Your Money Right! In Conversation with Emmanuel Asuquo’ event on Wednesday 29th March, at the stunning Harper Collins head office in King’s Cross. It was a fantastic book signing event and fireside chat with the well known TV presenter and Financial Adviser known as @themaneffect on Instagram – and our attendees enjoyed coming away with their own signed copy of Asuquo’s book.

Check our Events page regularly to see what other finance and entrepreneurship events we’re hosting. To help you stay in the loop, sign up to our newsletter to get a weekly update on upcoming events.

Sign up to the mailing list

© 2023, BYP Network. All rights reserved