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5 Tips for Charging What Your Time is Worth

5 Tips for Charging What Your Time Is WorthBy Patricia Ryan Thomas

Starting a home-based business is exciting and rewarding. Exactly how rewarding is up to you. When you work for an employer the costs associated with doing business are hidden. When you hang out your own shingle, it’s important to accurately account for overhead. Expenses like space, equipment, materials, and labor must be calculated.

Of all the challenges, placing a value on your own time might be the most difficult. Money is an emotive topic. Discussing money and what to charge can fluster even the most talented, confident mompreneur.

This article will show you what’s holding you back from charging what your time is worth, and how to fix it immediately.

Do you value your time?

As a woman — and possibly a mother, daughter, sister and friend – you are accustomed to giving your time away for free. Have you ever stayed on the phone with a girlfriend beyond a sane amount of time to discuss her relationship, her decor, or a new pair of shoes? Just because your time is free to loved ones, doesn’t mean it isn’t valuable.

If you have decided to work for yourself as an artist, designer, yoga instructor, content writer, proofreader, tutor, massage therapist, virtual assistant, or event planner – you must have a sound pricing model in order to stay in business and continue doing what you love. (more…)

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11 Creative Ideas to Help You Earn Extra Money

old-3-compressor_x450By Holly Reisem Hanna

From a very young age, I was motivated to make money. I’m not sure if this was ingrained in me genetically or if my parents just taught me well — either way, I’ve always found creative ways to make money.

If you’re looking to increase your bottom line – here are some methods I have used throughout the years.

1. Making Money With Nature

One summer, I decided to collect salamanders from our backyard to try and sell them to pet stores. After finding nine salamanders, and storing them in a five gallon bucket with food and water, I went to the yellow pages and started calling pet shops. I remember I called a lot of stores, but after numerous attempts, one pet store owner agreed to purchase the salamanders for 50 cents a piece. Thrilled to find a buyer, I asked my Dad to drive to me to the store to make the sale – he did (thanks Dad)!

Yes, I only made $4.50, but that’s not the point. The lesson here is … if you think outside the box you can find creative ways to make money. While this salamander example isn’t going to translate well into a business today, there are people who make good money forging for wild food. In fact, here’s an interview with a guy who is making $30 an hour selling wild foods to restaurants – pretty impressive! (more…)

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8 Ways You Can Make Money When You Travel

8 Ways You Can Make Money When You TravelBy Anum Yoon

No matter how frugal you are while traveling, money also seems to go quicker than you thought it would. If there were a downside to traveling, it’d be the cost of going for as long as you want.

That’s why doing some work on your travels can extend your trip for quite a while. You won’t become rich by doing any of these jobs, but you will make enough to get by if you’re dedicated. Best of all, most of these following jobs aren’t particularly time intensive. For the most part, you can work put in a couple hours when you have some down time and enjoy your time on the road.

1. Transcription

Transcribing audio won’t exactly get the adrenaline pumping, but it’s one of the perfect gigs to do while traveling. There aren’t specific skills that are required, you can work on your own time and the work can be steady. There’s a bit of a learning curve, but once you get good at it then it becomes easier to earn money. There are a number of online companies offering up projects. Some of the better-regarded companies include Rev and Scribie.

To find out more about this career, check out this interview with experienced transcriber, Lisa Mills.

2. Freelance Writing or Design

If you know a thing or two about writing or design, check online for small projects that can earn you a little money. (more…)

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Preparing for Retirement: Discover the Three Essential Keys to Helping you Enjoy a Financially Secure Future

Preparing for Retirement: Discover the Three Essential Keys to Helping you Enjoy a Financially Secure FutureBy Edelman Financial Services

I recently read that a woman turning 65 today has a 50% change of living to age 88! And for a 65 year old married couple, at least one spouse has a 50% chance of living to age 92[1]!

That makes me stop and think. Although I love the idea of having a long life where I may get to meet my great grandchildren, I can’t help but feel anxious wondering if I’ll have enough money to last into my late 80’s or 90’s.

So rather than feel apprehensive—I’ve decided to feel empowered. After all, no one is going to do this for me. It’s entirely up to me to plan financially for a long (and happy) life. And the time to start is now.

Whether retirement is just around the corner for you or a decade or more away, there’s a brand new seminar coming to town that can help you plan for the financially secure future you want and deserve.

Planning for Retirement, presented by Edelman Financial Services, covers the three essential keys you should take into consideration when it comes to creating a comfortable retirement for yourself. Here they are: (more…)

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Handling Your Finances as a 1099 Contractor

Handling Your Finances as a 1099 ContractorBy Deborah Sweeney

Working from home is a dream of many, and running your own business is a great way to do just that. Chances are that, unless you’re selling a product, you’re doing a lot of freelance work. And when you freelance, businesses treat you as an independent contractor, or a 1099 contractor, which alludes to the 1099-MISC form businesses send to contractors they paid.

Being a 1099 contractor is a great way to make money while working from home, but you have to understand what your responsibilities are when you do 1099-eligible work. The Department of Labor is cracking down on businesses who misuse independent contractors, so the burden is on you to prove you do qualify as an independent contractor. That means handling your finances in a particular way.

1. Bill as Your Company

There is a slightly complicated test courts apply when judging worker classification, but the short of it is an independent contractor is a business, and the hiring company is a client. It is a business-to-business relationship, rather than an employer-to-employee one. So, to protect yourself and your clients, bill as your company.

This means you’ll need a DBA (doing-business-as) name and, for some banks, an EIN (Employer Identification Number). But after you get those in order, you can open a business bank account and accept checks payable to the company. (more…)

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