It's all about the money... Or at least it should be. Some of it.

Or, why are we so bad at the money stuff, a lot the time?

I know it's not just me, I know so many freelancers who struggle with their relationship to money, and plenty who have suffered severe consequences as a result - from under-pricing their services, not setting enough aside for taxes, or simply running out of it at the wrong moment - not managing cashflow effectively.

Perhaps it's the way we're taught? I have a teenage daughter struggling to get to grips with trigonometry and algebra at school, things she will never use again in this lifetime. But she's learning nothing about budgeting, economics, or compound interest, or what inflation is doing to everything her family has worked hard to save... And she remains unusual among her peers in taking a business studies certificate at high school level, when most of them are focused on purely academic qualifications.

For freelancers who operate across multiple currencies and locations it can be even harder, to get a sense of where you are at. Tools like the Xolo dashboard are invaluable in terms of seeing the total cash position in my business at any given time, as well as who you're waiting to get paid by - but how about figuring out work to pursue in the first place?

I keep a Google sheet as a sales ledger, with columns for all the different currencies my clients operate in, and a conversion into the euro amount that I operate in, which helps - especially when things are changing as fast as they are this year. Hello, my lovely US-based clients, is there anything you need doing this quarter? Because your dollars just became a lot more interesting to me to earn!

While I don't keep timesheets (other than as an occasional monitoring exercise), I pair this spreadsheet with a clear sense of 'this kind of job typically takes x days' (of as much time as I am able to focus optimally over that period), so I can easily think in terms of one kind of work being better for me to prioritise than that other kind. Then I can check and see if I have enough of it each month, in order to be able to pay myself what I want to, as well as meet any anticipated expenses.

It's not a perfect system, but it works for me.

My podcast guest this week takes things to a completely different level though, and has built a fascinating business around helping other freelancers and remote workers achieve mastery over their finances.

Shlomo Freund is a financial coach who specialises in working with remote workers and freelancers, to help them get a grip on their finances and achieve their goals.

His version of my business income spreadsheet is far more comprehensive and addresses total net worth - of all assets, liabilities, and expenses.

Not only does he track these details for himself and publish the topline info regularly, he makes the spreadsheet available to download for free, along with providing different tiers of support for those who want more active input on managing their day to day and building wealth for the future. 

So today's show is a really interesting conversation about an important topic, because as freelancers it's easy to take a very short-term view of these things. How much am I billing this month, how long is this next contract? And we are also far less likely to have the long-term structures in place, to save for retirement or a place to live.

But building true financial security depends on that higher perspective, as well as being able to realistically consider risk (what if you could no longer work and generate income?) and future changes (yes, one day you might no longer want to do this work you love so much...)

Also I do think there are cultural factors here which are also easy to overlook, because I know I experience peculiarly British hangups about discussing rates and negotiating deals, and Xolo's own data clearly shows that female freelancers are undervaluing themselves in comparison to men.  That's why it's essential that we talk about money, that we get paid what we're worth, and that we don't allow impostor syndrome or self deprecation or anything else, to get in the way of earning what we're worth and building the financial future we deserve!

So do enjoy the conversation with Shlomo, and if it sparks any concerns that you might need to look at your own financial stuff a bit more closely, then you'll find all his links in the show notes - to the products and services he has created especially to support people like us.

By the way, if you prefer, you can read Freelancing Freedom on LinkedIn instead: 

With very best wishes,

Maya Middlemiss

The Storyteller From The Future

PS - speaking of money, when you read this next week, I'll be hiking the Camino Finisterre to raise money for breast cancer support, so any sponsorship you can spare will go to a very good cause indeed - thank you.