How to retire as a freelancer

-How do you plan for retirement when self-employed? It’s tricky and it seems overwhelming, but you should try to put a little away in two main accounts if at all possible. (LONG NOTES TODAY. I NEVER ASK YOU TO READ IF YOU DON’T WANT TO BUT PLEASE. PLEASE. PLEASE. IF YOU ONLY EVER READ ONE MORE OF MY POSTS, LET IT BE THIS ONE. SET YOURSELF UP TO SUCCEED FINANCIALLY, YALL. IT’S HARD BUT THERE ARE AVENUES TO GET THERE.)

# 1) a HYSA (High yield savings account) great for shorter term savings. Want to buy a house, upgrade studio or set aside money for taxes? This is the spot. I really like Marcus by Goldman Sachs just because of its simplicity. It’s got a nice easy app. Every time you get paid, at the very least you should take out 20% and transfer it over to this account so you won’t be blindsided by taxes.

# 2) Roth IRA. These can get a bit more complicated for the uniformed so let me break it down very simply. I use Fidelity (again, I like a simple app that works and that’s what they have) and try to put 10% every time I get paid into this. Do NOT plan to take this money out. This is long term savings that will compound over time.

There are many many ways to go about long term and retirement savings that I won’t get into here. But for beginners, here’s a simple approach. Either put 100% of the money that goes into your Roth IRA in a VTI (this owns the US stock market). There is a good bit that goes into this, and as a beginner you may understand about 0% of it. That’s okay. Watch a few YT vids and inform yourself. My best advice is to start conservatively and invest basic while you learn and grow your income. Time in the market always beats timing of the market. It’s never too late, just start somewhere.

If you want this job to be your career, you have to understand and plan around the fact that you won't have employers paying into your retirement. It's all on you

(THIS IS JUST MY OPINION. NOT TAX ADVICE OR ANYTHING ELSE OF THE SORT. PLEASE DO YOUR OWN RESEARCH AS WELL. I AM NOT SPONSORED OR AFFILIATED WITH ANYTHING MENTIONED IN THIS POST)