One group that will get hurt is the 42 million independent freelancers who make up 30 percent of today's workforce. In other words, you and me.
Who doesn't expect an imminent rise in taxes?
If that isn't bad enough, the money you do have is not keeping pace with inflation.
The average inflation rate for this year so far is 3.50 percent.
Today's top rate for a 1-year CD is 1.15 percent (cdrates.bankaholic.com).
The difference is a 2.35 percent loss on the spending power of your money in 2011.
So if today's financial realities will methodically chip off pieces of your dollar and if looming tax law changes dig deeper into your pocketbook, a financially aware copywriter would see that not only will you have to earn more in the coming years just to stay even...
...but that in order to advance your financial situation, you'll have to sit down and do some serious strategic planning in order to thrive in today's world.
HOW MUCH DO YOU EARN IN A YEAR?
According to Census data (the 2002 Survey of Business Owners), the average revenues at non-employee businesses (read: freelance) have declined about 12 percent since 2002.
That means that freelancers are earning less and less. At the time of this Census survey, average revenues were less than $50,000 per year.
My own 2005 Freelance Copywriters Fee & Compensation Survey confirms that most copywriters earn between $40,000 and $60,000 per year.
Thank heavens we have the skill set to earn much more if we simply put our heads to it!
My 2005 survey reveals that 9 percent of the survey respondents earned between $100,000 and $150,000; and that 13 percent earned between $150,000 and $1 million. One respondent came in at over $1 million.
So there certainly is room for improvement.
HOW TO INCREASE YOUR INCOME IN 2012
There are a number of ways you can increase your income next year. You can take a good hard look at your niche. This is where most gains can be realized.
You can offer more valuable services. You can increase the quality of client you work with. And you can raise your fees.
There's a formula for not only earning more but also making those extra earnings work for you in terms of wealth building.
Learn more about it at my exciting Webinar, where, as always you learn concepts about successful copywriting that can't be found anywhere else.
Sign up now for the "Copywriters Wealth Bowl: 3 Steps to Boosting Your Earnings AND Increasing Your Wealth In 2012 — Guaranteed!"
Here's the link, and see you there!
http://bit.ly/t2Oarl
Chris Marlow
The Original Copywriters Coach
Achieving Goals Through Trusted Advice™ Since 2003
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