The Unexpected Costs of Chasing Your Dreams

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Whether your current job just isn’t cutting it financially, or you simply wish you had more time to do what you love, many Americans want more than the usual 9 to 5. That’s why 33 percent of the American workforce is currently self-employed. It’s a great way to gain control over your income or chase a life-long dream.

Despite this, setting out as a freelancer or as your own business owner is often a daunting task. You need to have confidence that your abilities are worth paying for and have to be ready to work hard. Securing your first clients as a freelancer or solopreneur takes diligence and persistence. This means long hours with little pay, facing numerous rejections, and not seeing returns for some time. The effort and costs alone leave many people working their dream jobs on the side for years before they can afford to quit their day job.

In short, it’s a huge commitment of time and money. However, if you find yourself among the dreamers who know the work will be worth the reward, it’s important to educate yourself on the financial implications of chasing your dreams. There will be fees associated with creating a business entity, marketing your services, and getting the right equipment. While some expenses are expected, there are plenty of costs that can surprise you if you aren’t informed.

To help you achieve your goals without going broke, we compiled a list of expenses you may not have considered — and how you can make paying for them easy. If you have a dream, your finances shouldn’t hold you back from achieving it.

Sources: Bankrate 1, 2 |  BusinessNewsDaily 1, 2 | Marketwatch | WhoisHostingThis | Forbes | Statista | Insureon | TheCollegeInvestor | CNBC | Everlance

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