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We all know how important saving money is. Whether you’re a dedicated saver or just beginning to build your savings; we offer a variety of safe and secure savings plans to help your money grow.
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When you join AMOCO Federal Credit Union you begin your membership by opening a basic savings. This account establishes your ownership in the credit union and is the foundation you can build on to achieve your financial goals.
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Spending money is a daily part of living; however, smart spending allows you to save for your future. At AMOCO, we believe in investing in you and helping you build your nest egg to take care of yourself and your family.
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Our goal to make your financial dreams come true. Whether you are purchasing your first car, looking for a great credit card or want to own vacation homes, we help you fund your future.
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At AMOCO, we have loans for your wants and needs. We work hard to provide members with high-quality service, lower rates, and flexible payment options so you can get the most for your money.
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Prepare for the unexpected. Our insurance plans can help you save big while offering excellent coverage. Don’t wait until it’s too late – contact us today to learn more about your options.
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We’ve broadened our insurance offerings by partnering with reputable organizations. Let us help you find the coverage you need for the things that matter most to you. And the best part? You can potentially save hundreds of dollars annually.
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Plan our financial dreams – from saving for college to planning retirement. We’ll discover where you want to go and how you will get there.
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Through LPL Financial, you have the ability to manage multiple types of investments, access your account anywhere, anytime and partner with a professional to help understand your unique financial situation.
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The Financial Life of a Freelancer
Whether you're a computer programmer, a driver for Uber, or you make your living as a writer, the freelance lifestyle offers a few intriguing advantages: You have plenty of flexibility with your schedule, the commute is as short as it gets, and you're guaranteed to get along with your boss.
Yet one aspect of freelancing makes it a non-starter for many individuals accustomed to a traditional job: a lack of income predictability. In some cases, this situation isn't necessarily a bad thing - some freelancers make more money independently than they did in an office setting, so variability is a plus.
However, if you're starting out or your freelance income barely covers your expenses, this unpredictability can be challenging. When it comes to budgeting, saving, and even handling taxes, freelancers often have to show much more discipline and foresight than salaried workers.
Once you decide to go out on your own, the buck stops with you, for better or worse.
The Growing Freelance Landscape
Let's begin with the starkest difference between freelancers and salaried workers: one has work given to them while the other has to actively seek out and secure work to keep getting paid.
It's true that talented freelancers are, and will likely always be, in high demand. Doing business with contract workers is often less expensive for companies than hiring full-time employees. This fact has created an ever-increasing appetite for freelance labor. A recent survey estimated that about 60 million freelancers work nationwide - roughly one-third of the entire workforce.
Technology has also significantly contributed to the growth of the freelance market. Ridesharing apps like Uber and Lyft have created an enormous new pool of freelancers almost overnight. Online platforms like Upwork, Fiverr, and Freelancer.com have made it easier than ever for businesses to connect with freelancers, offering a wide range of services, from graphic design and programming to writing and virtual assistance.
This trend is expected to continue as more and more businesses embrace the flexibility and cost savings contract workers offer.
The Challenges of Freelance Life
Despite the growing opportunities for freelance workers, the challenges remain essentially the same. Monthly income can vary radically, as freelancers must adjust to the ebb and flow of client work. Getting paid can also sometimes be tricky. It may take weeks or even months for a freelancer to receive payment for a project, depending on the invoicing and billing procedures involved or the client's pay schedule.
This income variance can make everyday budgeting a challenging task, let alone trying to pay for health insurance, fund a retirement plan, and keep up with taxes - three critical items on any freelancer's agenda.
Thriving in the Freelance Economy
Despite these challenges, many freelancers find the benefits outweigh the drawbacks. The freedom to set your own schedule, choose your own projects, and work from anywhere can be incredibly appealing. For some, freelancing offers the opportunity to turn a passion into a career or to achieve a better work-life balance.
However, success as a freelancer requires more than talent and drive. It demands financial discipline, self-motivation, and the ability to adapt and learn constantly. Here are a few strategies freelancers can employ to thrive in this dynamic landscape:
- Build a solid financial safety net - Aim to save at least six months' living expenses in an emergency fund to weather any dry spells at work.
- Diversify your client base - Don't rely on just one or two major clients. Cultivate a diverse portfolio of clients to mitigate the impact of losing any single source of income.
- Invest in your own development - Continuously update your skills and knowledge to stay competitive in your field. Take online courses, attend workshops, and earn certifications.
- Network relentlessly - Build relationships with other freelancers and potential clients. Attend industry events, join online communities, and reach out to people you admire.
- Set clear boundaries - Establish clear guidelines with clients about work hours, communication preferences, and project timelines to avoid burnout and maintain a healthy work-life balance.
- Stay on top of your finances - Use accounting software to track your income and expenses, set aside money for quarterly estimated tax payments, and consider working with a financial advisor or accountant to optimize your financial plan.
The Takeaway
As the economy continues to evolve, it's clear that freelancing will play an increasingly significant role in the future of work. While this shift presents challenges, it also opens up new opportunities for workers to take control of their careers and forge their own paths.
For those considering making the leap into freelancing, it's essential to go in with eyes wide open. Understand the financial realities, develop a plan to manage the challenges, and cultivate the skills and mindset necessary to thrive in this dynamic environment.