Upstate Alliance for the Creative Economy
This list is an online resource developed by and for freelance artists and those interested in supporting the independent artist community. This includes, but is not limited to, actors, designers, producers, technicians, stage managers, musicians, composers, choreographers, visual artists, filmmakers, craft artists, teaching artists, dancers, writers & playwrights, photographers, etc.
We at ACE found it useful and hope you might, too.
Our February 2020 Creative Economy Mixer was at Collectiveffort in Troy, a new creative agency and workspace whose mission is building and bridging communities. We enjoyed entertainment from The Age, an informative tax workshop (especially for freelancers!) with Kelly Saposnick of Wojeski & Company, food from K-Plate Korean BBQ, beverages from Rare Form Brewing and much more.
Special thanks to the event sponsors Center for Economic Growth,MVP Health Care, The Community Loan Fund, Rensselaer County Chamber, and promotional partners Redburn Development, CapGirls, The Collaborative, Troy BID and Rensco Tourism. Event production by 2440 Design Studio.
I did not exactly plan to have a working vacation during Freelancing February. I’d booked this trip to Portugal last year, long before I knew that I’d be up to my elbows in the Regional Brand project (it’s a new initiative that we’re launching in the fall — more about that soon!). I also didn’t know at that time that I’d be traveling alone (I’d had the trip planned with a friend). I was tempted to cancel. I’d never taken a major trip by myself, let alone a two-week excursion to a foreign country. But here’s what I thought about:
So, should I stay or should I go?
The answer is, I decided to go. I’d freelance, on a part-time schedule for two weeks, from Portugal. Crazy? For sure. But, why not give it a try.
I started my trip in Lisbon on a Sunday, after a super-easy, five-and-a-half-hour flight from JFK. It took less than five minutes to know that my month of studying Portuguese had not done much good at all, because they speak way too fast, and it’s a notoriously difficult language to begin with. It all worked, though. I got a $15 Uber to my apartment, and within an hour of landing, I jumped onto email, just to make sure I was set. Everything worked. I spent the day walking up the ridiculously hilly streets, and took an “Airbnb Experience” tour, where local people show you their city. It’s much more personal than a corporate tour. I’ve become quite enamored of them.
Monday was the moment of truth – would I be able to work? I woke at 8 a.m. and worked for two hours as planned, making cappuccino in my lovely apartment. By the time I finished my “shift”, it was 10 a.m. in Lisbon, and 5 a.m. in New York. I headed out for an amazing day, then came back after supper and worked 90 minutes til 9 p.m. By the time I finished, it was 4 p.m. in New York. I’d spent about the same amount of time working as I do on a normal work day, if I’d had two meetings that were 30 minutes from my home.
While working and doing email, I rarely mentioned that I was in Portugal unless it was pertinent to the conversation – it actually didn’t matter where I was. I scheduled phone calls at mutually convenient times, and used WhatsApp when it was someone who knew I was away.
I’m on Day 11 of my working vacation. The usual things go “wrong” and need to be worked out, same as any other work week, AND I’m in my fourth Portuguese city — it’s in the south, called Evora. I’ve also been to Lisbon, Coimbra, and Porto. All have been wonderful.
Like I said, I did not plan this as a working vacation, or my first big solo trip. Life just happened that way. It’s been a life-changing experience. I feel brave and competent and bad-ass, because there have been some damn challenging moments – like driving the wrong way down ridiculously narrow, cobbled streets — that totally worked out.
This working vacation NEVER would have happened if I’d not become a freelancer. I wouldn’t have had the imagination and gumption for it. It’s been fifteen years since my last traditional job. Fifteen years without health insurance, paid vacation, or 401K. And it’s been the best fifteen years of my working life, AND my personal life. Here’s to Freelancer February! Freelance forever. That’s my goal and motto.
I’m very happy to share travel tips on Portugal – it’s been absolutely gorgeous, stunning and affordable! Hit me up, and share your travel stories with us! maureen@upstatecreative.org
Thanks to everyone who came out to enjoy our Creative Economy Mixer at PS21. We had a great time learning more about the facility, having a tour, and enjoying beverages from Hudson Chatham Winery, and Chatham Brewing. Special thanks to our event sponsors Columbia Economic Development Corporation, MVP Health Care, and Community Loan Fund of the Capital Region and promotional partner CREATE (Council for Resources to Enrich the Arts, Technology and Education).
We’ll see you at the next event!
Setting money aside for savings is not always an easy task, especially if you are planning on saving for a house or other big investments. It could be worth checking out something like debt consolidation loan chase if you find that you are struggling with your personal finances. You may even find a solution.
Try finding ways around your usual spendings for example, try using youtube to mp3 shark to download music. For freelancers and creatives, it can be even more difficult, because many of us have irregular cash flow, as our clients, assignments and payments often change from month to month. A survey by TD Ameritrade reveals that 40% of Freelancers don’t regularly save, and only do so when they can afford to. I can say I personally used to fit that statistic! If you’re looking to save up and track expenditure as well as tracking your mileage travelling for work, personal and other reasons to perhaps save on fuel costs, you could take a look at using this expense tracker app and see how much you can start saving once you can clearly see your outgoings.
The start of healthy financial practices often begins with savings and cashflow management. Cashflow is the total amount of money being transferred into and out of your business each month. For freelancers, cashflow can go up and down pretty frequently, but having savings can help to level things out. For example, let’s say in month A you get a lot of work, and invoices are all paid, Congratulations! The money coming in is greater than the expenses going out, creating positive cashflow. In month B, your invoices might not get paid in a timely way, or one of your clients might not have sent any assignments, so in month B, you might have a neutral or negative cashflow. If you saved a portion of your income from month A, when month B comes around, you will be in a better position to pay your expenses in month B.
When applying for a business loan or mortgage, having savings will be regarded positively, because it reduces the risk to the lender. However, having poor credit might hinder your chances of receiving a loan. If you’re unsure why you’ve been unable to successfully apply for a business loan, it might be worth contacting an organization, like deAsra, that helps small businesses set up their companies. To see an example of where this company was able to help another business successfully retreieve a loan after being denied initially, you can click here. Alternatively, you could try and enhance your chances of a loan by improving your credit and savings. Your savings are considered a financial asset. Why is this important? Read on.
Having a savings improves your personal balance sheet. A personal balance sheet provides an overall snapshot of your wealth at a specific period in time. It is a summary of your assets (what you own), your liabilities (what you owe) and your net worth (assets minus liabilities).
Tracking your balance sheet regularly is essential to knowing where you are with your finances, and what you can do to improve them and reach your financial goals.
Tracking your personal balance sheet is not difficult to do. There are many apps and software programs that are specialized to meet the needs of freelancers, while often offering benefits like creating invoices, tracking mileage, and more. QuickBooks Self-Employed and FreshBooks are two such programs, but there are dozens that can serve your needs. Search for a program that suits your particular business, or ask freelance friends or our ACE Discussion Group for their recommendations.
Some experts say that setting a target of at least 20 percent of your income going directly to savings, or $20 of every $100 you make. Set up an arrangement at your bank to auto transfer a certain amount to your savings account with every deposit, and you’ll be saving without even realizing it! Accountability also helps. Joining a financial support group, or having a money accountability buddy can help you stay focused on your end goal when cashflow is lower and you are tempted to skip that savings deposit. Lean on friends on that tough day where you just don’t think you can save. Even a small deposit in your savings account each month will set you in the right direction and start a healthy habit for the future.
Our Finances for Freelancers series is sponsored by Community Loan Fund. You can contact Paul Stewart and meet him at our monthly Creative Economy Mixer events.
Article By Ashleigh Kinsey, owner of AK Design and ACE Digital Manager
