Random Day Jobs usually hire people as Independent Contractors. This means a company hires you to work on a specific project and once the assignment is complete, you are no longer committed. The pay might be hourly, a set rate for the day or entire project. Some jobs will pay enough to get you through the week; others might pay for your entire month or year!
I love working as an Independent Contractor. A few days or weeks are spent working for a client, and then you move on to something else once the job is complete. Life can be sporadic and exciting this way, never really knowing what will develop in the next month or two. Many people become stressed in this environment, but I thrive. Uncertainty keeps me on my toes, never comfortable and always striving for more.
Now, for those of you that Random Day Jobs are extra income, there will probably be less stress in finding the next job. Most likely, you are just looking for enjoyable ways to make some extra cash.
Regardless of your financial motivation, there are a few things everyone interested in Random Day Jobs should be keeping in mind about their money gains through freelance work. I will touch on these issues in more detail later, but this will get you started:
1. BUDGET/GOAL – This is extremely important! If you plan to make financial strides and success, then you must know where your money is going and what your financial goals include.
2. TAXES - Usually, taxes are NOT taken from Independent Contract work. So, it’s up the individual to set aside money for taxes owed. The percentage depends on your income level and tax deductions. For more on taxes, click here.
3. RESERVE FUND – No matter how busy jobs are keeping you now, there will be a time when it slows down. Or, you will be waiting to be paid for a job you completed over 60 or 90 days ago. So, make sure you have a cash reserve fund that will support you in the meantime.
4. RECORDS – Freelancers need an organized and detailed system to keep their finances in order. Accurate records of payment, receipts, bills, mileage, etc are an extremely important part of success as an Independent Contractor.
