Are You Self-Employed and Worried About Your Personal Finances?

May 7, 2019 by OSYB Staff

If you are self-employed and are concerned about your personal finances, don’t worry you are not alone. QuickBooks surveyed 1,026 self-employed people for their 2019 Personal Finance Survey and discovered that “1 in 3 admitted to always thinking about their personal finances, 2 in 3 said they think about personal finances at least once per day, and 4 out of 5 said they were financially motivated to become an entrepreneur”. Here are some of the results of the survey:

• close to 64% or almost two-thirds of the 1,026 said they prioritize their personal finances over their business finances
• the 64% who prioritized their personal finances over their business finances, report that self-employment has had a positive impact on their personal debt, savings, credit score, earnings, and investments
• they reported self-employment had a favorable outcome on their earnings, investments, personal debt, credit score, disposable income, savings, and investments

Despite some positive responses, here are some of the areas that create personal financial stress:

1. Adapting to the cost of living
2. Inconsistent cash flow
3. Too many expenses

Some other areas covered in the survey:

• Stress level
• Personal budget expenses
• Self-employed healthcare benefits
• Personal Savings
• Retirement
• Personal
• Credit Scores

” Despite the stress of personal financial instability that often accompanies self-employment, the majority of self-employed workers (76%) agree that self-employment affords them the lifestyle they want.”

For more information: Personal finance struggles of self-employed revealed in new survey

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