“Compound interest is the eighth wonder of the world.”

Einstien
(allegedly)

thank you all who participated in office hours last week. It was a tremendous success and has resulted in a slightly different format of newsletter this week.

Due to it’s success I will be doing it again this Thursday I WANT TO TALK TO YOU -if you have a project youre working on, an idea for a play or film you want someone else’s ear, feedback about the newsletter, or a virtual coffee – just book in a slot and we’ll put the world to rights. It’s as easy as that.

Here’s the link.

Now let’s to it:

EARN MONEY WITHOUT DOING ANYTHING.

Put your savings into a high interest account.

“But I’m not earning enough to save” – FALSE.

see below

Interest-Ed?

As freelancers we all have to put money aside for our taxes.

Until it goes to the taxman, let’s call him Phil, this “tax money” is still technically our savings.

If you put this tax money into a savings account it will make you money without you having to do anything apart from sit on your butt until tax time.

Love your Taxes (yup)

How much you need to put aside for tax depends on your income level

The general rule for freelancers is the following:

If you expect to earn less than £50,000 a year –
Save 30% of your income

If you expect to earn more than £50,000 a year –

Save 40% of your income.

If you are unsure – save 40% (and have leftovers at the end of the year)

This money will make you money until the day you hand it over to taxman Phil.

This is what I do:

As soon as money comes into my account. I open my mac calculator (because I’m a boss) and work out 40% of how much I was paid. LOUD NOTE: THIS IS BEFORE AGENT COMMISSION + VAT (see image below)

I then send that amount immediately into a high interest account.
I have made sure it is one that pays interest monthly. This means I earn every month.
Yippie ki-yay muthertrucker – the interest pays for a cinema trip every month and then some.
I’m happy to put tax money aside if it helps me go to the muthertrucking cinema or something else just as important.

Where can you find high interest accounts?

Here is a link to the best high interest bank accounts out there (courtesy of Money Saving Expert aka Martin Lewis).

Pick One
Start Saving
Love your taxes

Do sign up to Martin’s newsletter here for more weekly hints and tips.

QUOTE OF THE WEEK

“Get it down. Take chances. It may be bad, but it’s the only way you can do anything really good.”

William Faulkner

OFFICE HOURS SUCCESS!

As a result of last weeks brilliantly bonkers office hours – I have made some time this week to do it again!

If you want to talk about anything – an idea your working on, career strategising, you want to run lines, the best budgeting app, how to ready yourself for kids (you can’t but worth a chat), or you just want to hang out –

let’s friggin go:

Just click any of the spots on the left there!

*apologies if the time you want is now taken – the app doesnt take the down when someone else selects it

Here’s what I’ve been watching this week:

Transformers
Transformers: Revenge of the Fallen
Sound of Music
Bluey
Avatar
Human (bbc doc)
Fosse/Verdun

This new newsletter format – Yay or Nay?

As always – if you have any specific feedback, or you feel like I am insulting you with these emails – please feel free to hit reply to this email and send me your thoughts/abuse. I’ll send you a gif in return.

Either way – you are friggin awesome. More and more I am bowled over by this little community’s creativity, resilience, honesty and bravery.

Keep fucking going.

Can’t wait to see you Thursday.

Al x