Yahoo Finance 4 Things Rich Freelancers Don’t Spend Money On
What separates the successful freelancers from the rest comes down to this key trait: they know how to spend their money.
Rich freelancers don’t become rich without making specific, savvy financial decisions.
Try This: 8 Ways To Make $200 (or More) a Day Working From Home
For You: 4 Genius Things All Wealthy People Do With Their Money
“These insights reflect a broader philosophy of strategic frugality that supports sustainable success in freelancing,” said Justin Godur, CEO and founder of Capital Max. “Prioritizing long-term financial health over short-term appearances allows these individuals to invest in their growth and secure their financial future.”
Below are four more things wealthy freelancers don’t spend their money on.
Wealthy people know the best money secrets. Learn how to copy them.
High-End Office Space
“I’ve seen the habits that distinguish successful freelancers from the rest,” said Ben Klesinger, finance executive, co-founder and CEO of Reliant Insurance Group and Helping Hand Financial.
“Rich freelancers typically avoid sinking costs into fancy office spaces,” he explained. “Instead, they capitalize on remote working options and digital tools. For instance, my firm leverages cloud-based services and virtual meeting platforms like Zoom to maintain operational efficiency while minimizing overhead.”
Godur agreed. “Successful freelancers rarely splurge on luxurious office spaces. They recognize that productivity doesn’t necessarily correlate with opulent surroundings,” he noted. “Instead, they opt for more practical workspaces or home offices that minimize overheads without compromising functionality.”
Check Out: Tony Robbins: 10 Passive Income Ideas To Build Your Fortune
Expensive Marketing Gimmicks
“Wealthy freelancers understand the power of targeted, strategic marketing over splashy, expensive campaigns,” said Godur. “They tend to leverage personal networks, robust online presence, and client referrals rather than pouring funds into high-cost, low-return advertising methods.”
Erika Kullberg, founder of Erika, is an attorney who specializes in personal finance and also noted that successful freelancers don’t typically overspend on marketing.
“They recognize that an essential part of establishing any successful business is personal branding,” she said. “Much like the entrepreneur founders of tech startups or creative studios, there’s a strong need to organically market themselves by operating through a meaningful network.”
She added, “Engaged audiences on social media, delegated word-of-mouth, a well-crafted online presence, public speaking engagements, specialized writing, and the like. They’ll realize spending big on advertisements might be costly and rarely fruitful, while investing time into creating quality content and engaging with their ‘audience’ would be more meaningful and sustainable in the long game.”
Trendy Gadgets, Tools and Subscriptions
“One common place for thrifty freelancers to save money is on expensive tools and subscriptions,” said Kullberg. “Beginning freelancers often feel a desire to surround themselves with the latest technologies, buying premium software and subscriptions to keep up.”
But in practice, she stated that successful freelancers tend to avoid expensive software and opt for cost-effective or free alternatives instead, knowing that a productivity suite or cloud storage is there to serve, not to break the bank.
“Great productivity tools enhance the way you work, not waste money on a premium price,” she continued. “In this field, you can keep things cost-effective or even go for the open-source options, or enter businesses’ sandboxes for the basic versions until your venture becomes a huge one that justifies a significant investment.”
Godur noted the same. “Contrary to what one might expect, successful freelancers do not chase the latest tech releases. They focus on tools that enhance their productivity and offer real value to their services.”
He said this approach not only saves money but also avoids the time and effort needed to continually adapt to new technologies.
“These insights reflect a broader philosophy of strategic frugality that supports sustainable success in freelancing,” Godur explained. “Prioritizing long-term financial health over short-term appearances allows these individuals to invest in their growth and secure their financial future.”
Klesinger concurred. “Successful freelancers also steer clear of unnecessarily complex software. Rather than investing in costly enterprise-level solutions, they opt for more nimble and user-friendly systems.”
He added, “For example, simple accounting software like QuickBooks is often sufficient, providing the necessary functionality without the exorbitant price tag.”
Cheap Advice
“Wealthier freelancers don’t skimp on professional financial advice,” said Klesinger. “During my time at Horace Mann and now at my own ventures, I’ve consistently seen freelancers gain tremendous value from consulting with tax advisors and financial planners.”
He concluded, “These experts help maximize tax efficiency and ensure compliance, resulting in substantial long-term savings. Investing in trusted advice can make a significant difference in financial health and sustainability.”
More From GOBankingRates
This article originally appeared on GOBankingRates.com: 4 Things Rich Freelancers Don’t Spend Money On
