From the course: Budgeting in Real Life
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Common pitfalls for those with inconsistent income
From the course: Budgeting in Real Life
Common pitfalls for those with inconsistent income
- For those of us with inconsistent income, business owners, freelancers, commission-based professionals, it can be really hard to make consistent progress towards goals. I recently worked with a client who had an online business. Her income fluctuated every month, anywhere from $2,000 to $20,000 monthly. She was trying to cover her business expenses, personal expenses, save for taxes, and put money into a solo 401(k), but she struggled to know how much to add each month, since her income was all over the place, and it felt hard to cover fixed expenses with fluctuating income. Some months felt great, and she spent more in those months, but then she'd feel super anxious in those months when income was lower because it often wasn't even enough to cover her mortgage. Let's walk through some common pitfalls that people with inconsistent income face. First, saving the same dollar amount every month is super tough when income…
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