29 Jan Five ways in which financial advice can help the self-employed
Being self-employed has many benefits but it can also at times feel like attempting to navigate a minefield in the dark. Unless you are lucky enough to have regular contracts, then it will inevitably lead to periods of financial instability. Here are five ways in which financial advice can help the self-employed.
Create a safety net
Life can be unpredictable at the best of times. However, self-employment comes with its own unique set of challenges. There is a high probability that you will experience lean times – and having a safety net in place is essential if you are to maintain a decent quality of life and pay essential bills. Financial planning doesn’t come easily to everyone – which is why good, financial advice is key.
Efficient tax affairs
No-one wants to fall foul of the tax man. Being self-employed gives you a lot of freedom, but equally comes with a lot of responsibility. Getting regular financial advice will not only keep you within the law, but it will also ensure that you are able to make the system work in your interests. Can you afford not to?
Savings and Investments
Saving for a rainy day is essential if you are self-employed. However, do you really know which products are most suited to you? Software for financial advisors means that they can give you the best possible advice, all at the click of a button (https://www.intelliflo.com/financial-adviser-software).
Most employees benefit from a company pension. As a self-employed individual, the onus is on you to ensure that you have enough put aside for the future. Financial advice is the best way to ensure that you get the right pension at the right price.
Goal setting for the future
Planning for three, five and even ten years might seem like your worst nightmare. However, when it comes to being self-employed, the motto ‘fail to prepare, prepare to fail’ has never been truer. So much in life can change, and it is really important that the self-employed have a laser-like focus. If you keep flip-flopping or changing your plans, you are unlikely to make the progress that will give you the sustainable growth that you need to soar. Get the advice that you need and watch your dreams become reality.