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What are three common money mistakes freelancers make?
FEATURED EXPERT:
Chelsea Winstead
Cofounder and co-CEO of HerHQ
First is downplaying the value of your skills. At a corporate job, you’re often doing a hundred things. But with freelancing, you can be the expert at one thing and charge a higher price for it. It’s like going to the doctor: If you have a specific problem, you want to go to a specialist. You want to be a specialist. That way, your rates can reflect your specific value.
Number two is having the overall fear that freelancing is risky. There are many more opportunities for freelancers to work with clients on an ongoing basis than you might think — not everything is a project. Most of the students that we work with at HerHQ work with clients for anywhere from six to 12 months, minimum.
The third thing people don’t realize is that while you don’t get some of the benefits or the 401(k) of a full-time job, you can charge anywhere from 25% to 50% more than your hourly rate at a full-time job. You're not trading an apple for an apple. Employers are often willing to pay more per hour for fewer hours than they would be for someone working in that job as a full-time position.
This interview has been edited and condensed for clarity. You can read an extended version here.
money win
An inside look at how women are building wealth.
“I finally refinanced my student loans. I had five that ranged from 11% to 17% interest. I refinanced with SoFi and am paying less in monthly payments and only 5.73% fixed interest! We’re finally picking out flights to Cancún!”
— Nathalie M (NY). Debt do-over + PTO = A win-win.
Scored a raise, saved up for a big purchase, or reached another money goal? Tell us about it here. Quotes are edited and condensed for clarity.
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investment piece
The items celebs and influencers think are worth the big bucks.
From acting like ‘that guy’ at the gym to ‘that girl’ planning her wedding, comedian Joy Ofodu creates hilarious Instagram content. She also hosts a dating podcast called “Dating Unsettled” and works as a professional voice-over artist. Part of her comedic genius is her impressive vocal range, which she’s bolstered by investing in her training.
Tell us about a recent purchase that felt like an investment.
I invested in a game-changing, multiweek voice-over acting intensive with coach Carroll Kimble, an incredible Black woman who’s a casting director. We met remotely from my home studio and honed my commercial, promo, and PSA reads across the scripts she supplied.
How much did you spend on it?
$700.
Why do you consider it a worthy investment?
It was worth every penny. I booked my first commercial read through my voice-over agency and several animated roles after working with her. She grounded and changed my delivery approach. Any professional who regularly presents publicly or auditions for gigs can benefit from her empathetic yet constructive training.
This interview has been edited and condensed for clarity.
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