Freelancers and entrepreneurs: get your money in order
Creative freedom, the ability to work when and where you want, and the income potential, are just a few reasons why freelancing is such an awesome career field. Despite it’s awesomeness, it can be overwhelming managing everything on your own, and taking over responsibilities that an entire human resources department would usually be responsible for: especially time and finance management.
A lot of freelancers, including myself, like to act as half super hero and say yes to every project in hopes of increasing exposure, experience and of course pay. However, at the end of the day we are just human, and have to admit that managing finance and time isn’t as easy as we’d like. But, thanks to these three finance and time management apps, being half super hero may be possible after all.
Payzo, is an app that allows freelancers to accept credit card payment for all of their work. Instead of wasting time, energy and effort, on creating a website to accept payments, Payzo offers users the simplicity of their own payment gateway; no coding or developer required. Users take just minutes to sign up, upload their logo, and receive a customized link to give to clients.
When clients visit the link, they are able to send a payment along with payment description seamlessly. Payzo is fairly affordable too; offering free services for freelancers who accept less than $200 in payments a month, they charge a $9 fee for making less than $2000, and $!5 dollars for unlimited transactions.
Harpoon, is an app that helps “freelancers set and hit their financial goals.” They assist with Invoicing, revenue goals, expense tracking, scheduling, time tracking and robust analytics reporting. They realize a lot of freelancers don’t have tangible revenue goals, and solve the problem by strategizing and coming up with a customized revenue objective. To help reach each revenue goal Harpoon manages each online payment, work schedule, and revenue schedule amongst other things. They are a little more expensive than Payzo, as they offer more services, coming in at $29 month, but just in case you aren’t ready to drop that much dough, they do offer a free 14 day trial.
Pendium is a time and finance tracking resource for collaborating freelancers. When a client pays a team invoice, Pendium ensures that each collaborating freelancer is paid in an even split. It also includes a time tracking feature, bill overview, and invoice creation. The site is still in construction so you and your partners aren’t able to take advantage at this point, however there is a way to sign up and be notified when they do launch.
Thanks to Payzo, Harppon and Pendium, our dreams of being half super hero, are now possible. Whether you struggle with time management like me, or have a hard time invoicing appropriately, these apps are awesome solutions to your time and finance management needs. Take a look at your own personal situation, and see which resource is the best for you.
A tiger shows its stripes: The growth of Tiger Global and their investments
(BUSINESS FINANCE) Tiger Global has been acquiring a load of tech companies – let’s talk about who they have and how they’ve been so successful.
In 2003, Tiger Global was founded by Chase Coleman who began his career at Tiger Management (brilliant name choice). In the ensuing years the investing firm expanded to include private equity and venture investing. Today it’s hitting the charts at $65B with its employees (number at ~100) being the firms’ biggest shareholders.
Earlier this month, Tiger Global raised one of the largest pots of VC money ever recorded, coming in at $6.7B. These came from a list of occurrences and investments.
- Roblox: A sandbox gaming startup, Tiger Global owned 10% when it went public in March and the value is hitting ~$38B+
- Stripe: A fintech firm Tiger Global leaped onto this investment when Stripe announced a $600m rise in value at a $95B monetary evaluation of the company.
- M&A wins: In 2020, 3 portfolio companies (Postmates, Kustomer, & Credit Karma) of Tiger Global were acquired in billion-dollar deals.
The tactics that Tiger Global stands by are well documented in a few different locations. One of the biggest that they push is speed. The deals that fly across their tables are completed in just 3 days, far outpacing other firms. When you are an investment firm hour are a time between success and failure. To keep up with these ideas, they have a pre-emptive approach to startups. Doing thorough research and throwing money at people before they even start looking for it. Knowledge is power and this lets them get their foot in the door faster than anybody else.
Resources and a monstrous war chest are 2 of the other factors that they set their claim to fame on. The numerous portfolio companies have high-priced consultants thrown at them for advice on a regular basis. These consultants just add to the success of the companies and keep things building. Where does this money come from? The stakeholders. The mountainous mounds of money that this firm keeps on hand is matched very few in the world. Scrouge McDuck would be hard pressed to keep up with these guys.
They also keep to long-term holdings as an approach to their methods. Unlike traditional VCs, Tiger Global operates public market hedge funds which provides price stability for startups since it doesn’t have to distribute funds after an IPO, unlike traditional VCs.
In the first quarter of 2021 Tiger Global has closed 60 deals, keeping with their hit the ground sprinting approach. They have bids on a number of different companies already as well (ByteDance, Discord, Hopin, & Coinbase). At least one of these reaches a value into the tens of billions. This company is set to be one of the fastest growing groups in the globe. Who knows where it will stop? Let’s wait and see, or join. Whatever hits your fancy.
India bans cryptocurrency prior to releasing their own
(BUSINESS FINANCE) India is potentially planning to ban cryptocurrency — and instead, they’re planning to introduce their own version of it for purchase.
Owning mainstream cryptocurrency these days is a bit like owning a pair of Crocs: Potentially lucrative (especially if you’re Post Malone), but mostly just weird. A recent report shows that India is planning on adding “illegal” to that list, possibly ahead of launching their own cryptocurrency in place of the banned ones.
The proposed law would also fine anyone found trading—or even simply owning—banned cryptocurrencies in India. Mining and transferring ownership of cryptocurrency would similarly warrant punitive measures.
CNBC notes that this law would be “one of the world’s strictest policies against cryptocurrencies” to date. While some countries have imposed strict laws regarding things like mining and trading cryptocurrency, India would be the first country to make owning it illegal.
Some talk of jail time—including sentences of up to 10 years—for cryptocurrency owners and users was floated by Indian lawmakers back in 2019, but there is no explicit indication that those terms would be present in this rendition of the bill.
To be fair to the lawmakers involved here, the bill wouldn’t be as cut-and-dry as “has bitcoin, gets fined.” According to the CNBC report, people who own cryptocurrency would be able to “liquidate” their earnings for up to six months preceding the bill going into effect. This would theoretically allow investors to hold onto their portfolios for a bit longer before having to cash out.
But that leniency might not matter anyway. It doesn’t take a genius to see that this move could do two dramatic things to the cryptocurrency market: Add yet another niche option for investors, and destabilize every other pre-existing cryptocurrency option—or, at least, make them less stable than they already were.
In fact, the simple introduction and threat of this bill could be enough for the cryptocurrency market to take a nosedive—something that can’t be discounted as a factor in making this decision. Current reports put Indian-owned bitcoin values at roughly $1.4 billion, though, so it’s clear that the bill hasn’t had a deleterious effect at this point.
The fact that India’s central bank has plans to introduce a government-sponsored cryptocurrency of their own cannot be separated from this bill, either. While the official government position is that blockchain is to be trusted while existing cryptocurrencies are eschewed and dismissed as “Ponzi schemes”, it’s clear that at least part of this bill is motivated by a desire to thin out the competition.
Which generation has cried the most over money?
(BUSINESS FINANCE) Financial stress is tough on everyone. Here’s who has cried the most about money woes, and a few tips on how to alleviate some of that stress.
There’s been serious critique in the last several years about the educational system and what basic knowledge young people should be taught in the United States. Home Economics (Home Ec) comes to mind (everyone should probably know how to cook or sew a button), as well as financial literacy.
There are many young Americans who grow up not really having a deep understanding of budgeting and fixed and variable expenses… But it may not be their fault. Perhaps, Mom and Dad (or other guardians) have always been paying for all of their expenses, making sure they had a roof over their head, clothes on their backs, and food in their fridge. Because, that is what you’re supposed to do as a parent, correct?
So, while there’s no reason to blame anyone, often the process of learning what it costs to live and pay your bills is a rite of passage.
The current state of debt and financial fears also doesn’t mean that Millennials and Gen Zers weren’t educated around savings or working. Many young people have had part-time jobs (although much less in comparison to Gen X or Baby Boomers) but they may also be able to use the majority of that income for discretionary spending – which never created room for feelings of lack when they didn’t have to pay rent or a mortgage.
This scenario can ultimately create a challenge when you are finally out on your own and now have student loan debt, credit card debt, utility bills, and required car insurance. Especially if you are young person moving to a big city for exploration and/or new opportunities, where the cost of living can be quite high.
If you are feeling nervous or sad around finances, you are not alone. If you have cried over your personal balance sheet or your bank statements, you are also not alone. According to yahoo!money, a recent online survey of 1,004 Americans by CompareCards.com found that “7 in 10 Americans said they have cried about money in their lifetimes. Many cited worries over their job or making ends meet. Younger Americans appear the most vulnerable to financial tears. About half of millennials and half of Gen Zers said they cried at least once in the past month over money.”
So how can you cry LESS about money? Well, the first thing is to not be too hard on yourself. But you will also want to create a plan that works for you. Each person deserves financial freedom and not a bank statement that makes them cry on the regular.
Here are some financial literacy resources that may help you figure out how to navigate your way out of crippling debt.
Dave Ramsey Books – The Total Money Makeover – A Proven Plan for Financial Fitness
Bravely Go with Kara Perez – Feminist economics + inclusive personal finance
Debt Relief Programs – you’ll have to do your research but there may be a program that is right for you and an agency that can help you set up a realistic payment program for you
Student Loan Forgiveness – it is worth looking in to your options if you are feeling overwhelmed with student loan debt and there may be ways for your loans to be forgiven
Financial Advisor – consider working with a professional that can help you with your budgeting, investing and retirement savings/funds
And you may still cry because this is big adult stuff… But hopefully you trust yourself to do the research, explore, ask, and find options that work for you to gain a little more control over your financial situation.
If you are not already doing so, it may be as simple as starting with a budget to better understand your income and outgoing expenses. Being informed can help you to plan better for the future and make you feel less like crying.
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