As part of our ongoing conversation about $$$, we asked our community to share their most powerful and productive money advice.
Here’s what they told us:
“Price your work based on cost rather than value. This runs counter to most advice I've read, which tells entrepreneurs we will earn more money if they charge based on the perceived value of our product/service rather than what it costs to produce. But I found my businesses became far more sustainable when I picked an hourly rate (or more accurately, a set of them) and priced everything I worked on based on that. ‘Value’ is subjective. Labor is less so."
- Rachel Hills, Powerbitches founder
“Get an accountant with lots of clients who are self-employed/freelance/in the arts. Folks like us have specialized reporting requirements and fluctuating incomes, and my accountant has saved my ass so many times I've lost count. She walked me through becoming an LLC and a legit business in the eyes of the IRS, starting Roth IRA and SEP retirement accounts and gently harassing me to contribute every year, figuring out sales tax filings, and recommending other professionals to fill in the gaps. Her fees are more than worth the money and stress she's saved me–and they are deductible. I love Jadah Carroll, who I always recommend.”
- Therese Shechter, Trixie Films
“There are plenty of practical steps I've taken that have benefitted my finances, from using the Qapital app to raising my rates to more accurately reflect what my labor and experience are worth, but the most powerful work I've done is re-adjusting my attitude about money by seeing a financial therapist. So many of us carry shame and even trauma about work and money and living under capitalism. In my experience, these feelings must be addressed to really make way for abundance in its many incarnations.”
- Kristen Sollee, author, Witches, Sluts, Feminists
“Outsource what you habitually don't like or have time to do - for me, it’s my accounting. I think of it as the rule of threes. Make a list of the three things you are naturally good at. Do those things. Next, choose three things you are not super good at yet but that you think you could and want to get really good at. Dedicate yourself to those things and become an expert in them. Finally, choose three things you habitually hate doing and are always behind on, and outsource them.”
- Jillian Foster, Global Insight and Continuum
“Fuck the ‘shoulds.’ You don't need the fanciest new software, an office space, or anything else to legitimize you. In fact, keeping expenses to a minimum and creating systems that allow you to streamline and automate is one of the best ways to earn more...and invest it into the causes and business you care about.”
- Kait Scalisi, MPH, Passion by Kait
“Money is personal, and it’s not personal. Everyone has dozens of opportunities and constraints they’re working with and around at all times that other people simply cannot see. If someone can’t pay you what you ask for, that’s not on you. Only your client knows their own budget and constraints.”
- Lex Schroeder, Freelance writer and communications strategist
“Two small pieces of advice:
1. Brass Taxes is a local and very affordable outfit that specializes in tax prep for freelancers and self-employed people -- they know how to comb through your expenses! www.brasstaxes.com
2. I have automated most of my donations to go out on a monthly basis. This helps me remember to do it and makes it feel like a normal, ordinary part of money life, not a big stretch at the end of the year.”
- Jen Peirce, Criminal justice researcher
“I read the book Overcoming Underearning by Barbara Stanny and it was so helpful! It's both practical and inspirational, and ends up being a journey in valuing yourself, taking yourself seriously, and being honest and loving with your finances. She also suggests to go through the book with other people, and that helped immensely! Well after reading the book, a small group and I still meet together to discuss finances, get real with each other, and open up about our fears and wins. It's been life saving! “
- Kimmay Caldwell, Hurray Kimmay
“Wanting to make the world a better place and helping uplift others are important elements of my mindset as well as business. But I have also learned the hard way that you can't help others from an empty space. That's negative martyrdom. If my business makes more money, I can help nonprofits and causes close to my heart. And a flourishing business means I can hire women employees. Conscious living all the way.”
- Sweta Vikram, Entrepreneur and author, Louisiana Catch