As a professional blogger, you have two main alleyways to explore when it comes to career advancement: freelance blogging, and entrepreneurial blogging. You may choose to be a remote worker for a number of high-paying clients scattered around the world, or you might choose to launch your own blog site and write for global audiences.
No matter the route you choose, your ultimate goal should be to establish lifelong financial independence and long-term affluence. After all, just because you love to write doesn’t mean that you should be doing it out of passion alone – money does matter, as you already know.
With that in mind, it’s time to talk about finance management and how to establish long-term financial independence as a contract writer or an owner of your very own blog site by improving conversions and tending to some smart financial planning and investing. Here are the steps that will help you achieve your financial goals.
Establish your average living expenses
First things first, every aspiring blogger and contract writer needs to be realistic with their living expenses and operational costs. Unfortunately, people tend to abandon their steady jobs before they’re actually able to support these two massive financial burdens, which often leads to closing down your blog site prematurely or at the very least putting your blogging vocation on the back burner until you can get out of your financial slump. Needless to say, this is not the way to start a long and happy career as a financially-independent blogger.
This is also why you need to be realistic with your expenses and put everything down on a piece of paper, or a digital finance management tool, better yet. Leave no expense behind, and make sure to note down every single expense no matter how insignificant it might seem. With such a comprehensive overview of your living and operational costs, you can identify those extraneous money leaks and how to eliminate them in order to save more money in the long term.
Calculate your long-term financial needs
Speaking of the long term, if you want blogging to be your vocation, then that means you have a set of goals – you want to achieve something in the years to come.
No matter if you want to grow your personal brand, or if you want to expand your business and hire writers of your own, you need to complement your goals with a realistic long-term financial plan.
When you’re forecasting, you not only need to calculate your immediate financial needs but also your mid-term and long-term financial requirements. Start with the ultimate goal such as buying a house, a car, or simply being able to pay for everything you might need without checking your balance, and work your way back from there.
What are the steps you need to take to amass such wealth? Should you work on growing your business and exploring all alleyways of revenue as a blogger (more on that in a bit), or should you invest in other industries as well?
Invest in other lucrative opportunities
If you are to establish lifelong affluence as a blogger, you need to make your money work for you. Investing in your business and other lucrative opportunities as they present themselves is the best way to do that, but diversifying your investments over the years goes far beyond amassing wealth – it’s also about wealth security.
Simply put, there is no telling what financial pitfalls might await on the road to long-term success as a blogger, so you need to make sure that you have other income streams available.
Popular options include forex and currency trade because it has a low barrier to entry and a gradual learning curve that brokers such as Ever Forex make even easier to master with their non-stop support and user-friendly trading platforms.
Wherever you choose to invest, though, make sure it’s something as equally stable and safe as forex in order to secure your assets and build an income stream to support your blogging venture. With more money in the bank, you will be able to invest even more in the development of your brand.
Build an emergency fund
Another investment you need to make is to create an emergency fund. You can never be too careful when it comes to long-term financial stability, and a rainy-day fund is one of the best ways to safeguard your business.
What’s more, you can use the money to bridge the financial gap during the slower months of the year, or if you’re changing your blogging focus and thus waiting for your new audience to discover and engage with your brand.
If you’ve invested in a side gig and have established a passive income stream, then you can set aside a certain amount of incoming capital to build your emergency fund. However, the key here lies in consistency.
A long-term emergency fund is built over months and years of stable and regular investing, so make sure to set aside a certain percentage of revenue towards this goal every month and you will have no problem covering all of your financial bases.
Explore all revenue options
And finally, make sure to leave no revenue option unexplored. Blogging can be a very lucrative vocation, but only if you know how to monetize your skills and your site for maximum ROI.
From charging for sponsored guest posts, through selling advertising space on your site, all the way to affiliate marketing and sponsorship deals from reputable companies, you need to create numerous income streams on your site in order to build your wealth, and your brand.
Blogging is one of those modern-age vocations that allows you to have your cake and eat it too. The cake being freedom and flexibility and eating it being financial independence. If you’re about to embark on your blogging journey, be sure to use these tips to avoid financial pitfalls and ensure success in your field.