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The worst part of self-employment...

May 28th, 2008 at 03:56 pm

is collecting the checks! I love freelancing. I get to write different stories, I get to work in my pajamas, make my own schedule, and most important I can say "No" to projects I don't want to do. My last boss didn't afford me that option.

But the worst part is tracking down the cash once the project is done. Most companies pay Net 30, so you get your check 30 days after the end of the month in which you finished it. I have no beef with that.

However, a lot of times there's a hitch-- the editor loses my invoice or forgets to turn it in on time and I have to send the dreaded reminder email. The "could you please check the status of my invoice?" email.

I hate doing it. But, it happens a lot. Today, I had to send two reminders for March invoices totalling $4600 and change.
They checks should have arrived in May, but alas, May is almost over and no checks. so the emails go out. Then waiting another 30 days or so to get paid.

Boo. This is why I keep a pad in my checking account. So I'm not too dependent on any one check, because you never know when they are going to arrive!

That said... What to do with the $4,600 when it does arrive. I have toyed with the idea of opening a self directed 401k which would allow me to stash a lot more for retirement than an IRA. But, I may skip that this and put the money toward our last home improvement project-- a new roof. It's the last big cash outlay for a necessity for the house . Looks like I have a month to think about what to do with the cash!

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