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Hit $50,000 in annual income for the first time last month
I've been freelancing as a graphic designer for about 4 years now, and I finally crossed the $50,000 mark in December. It surprised me because I never kept a strict budget or tracked every expense, just focused on getting steady work. The milestone made me realize I should probably set up a retirement account or something, because I've been burying cash in my checking account like a rookie. Has anyone else hit a round number that made them rethink their whole financial plan?
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michael8036d ago
Ha! @brooke448 is gonna send me to the principal's office over my finances.
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brooke4487d ago
50k is a good wakeup call, but you might be forgetting about the tax man. That extra income flips you into a higher bracket, and if you havent been paying quarterly estimates, you could be staring at a surprise bill come April. Ive seen freelancers hit that number and then spend half of it catching up on what they owe. A retirement account helps there too since it lowers your taxable income. Could be worth talking to a CPA before you stash anything away.
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