Financial Guidance for 1099 Workers (10-minute Summary of Main Points)

#1: Always get paid in your business name. Getting paid in your business name will help you to keep your business finances separate from your personal finances.
#2: Track every penny. Tracking your money promotes awareness. And when you become fully aware of how your money is flowing in and out, you are in a position to optimize the management of your money.
#3: Take advantage of the tax write-offs you qualify for. As a 1099 worker, you are classified by the IRS as being “Self-employed”, in other words, you have your own business. And therefore, you can write-off any expense that is ordinary and necessary for the operation of your business.
That can include a lot of expenses: Education, Training, Cell Phone, Supplies, Equipment, Mileage, Advertising, Contract Labor, Professional Services, Home Office, and anything else that can fit the description of being an ordinary and necessary expense.
#4: Systematize your money because things that become part of systems are easier to control.
#5: Build multiple streams of passive income because you reach financial freedom when your passive income exceeds your cost of living.

Let me know if you have any questions and I look forward to talking with you on an upcoming episode of the podcast.

**This material is for educational purposes only. Remember to always consult with your accounting, tax, and/or legal advisor before making any major decisions.**