Freelance Lessons + Money Series

Money Mindset + My Own Financial Growth

It seems like nobody talks about money, am I right? Which I totally get – it’s not an easy thing to talk about publicly. But looking back on my first days in business, I know that I would have benefitted so much from an honest conversation about money. Well today I’m gonna get really vulnerable with you all, so here we go.

 

Quarter 1 of this year was my most successful quarter ever. I’ve actually made more money since January than what I made all of last year, which is crazy. Now a little disclaimer, I made VERY LITTLE money during my first 2 years in business. There are lots of reasons for that, so I’m gonna walk you through what I made each year.

But before I do that, I want to explain how our situation has influenced my income because I think it’s important. We move around every year for my husband’s job (he’s a professional basketball player). The basketball world is a very unique one. Whenever we move to a new place, my husband’s team takes care of most of our necessities – our visas, an apartment, and usually a car. So during the season, we really don’t have many bills to pay. And in the offseason, we usually just stay with family since we don’t know when we’ll have to leave again. All of this has been a huge factor in my own money mindset. Most young freelancers have to ease into things slowly and save up as much as they can before going full-time, but I didn’t have that option. Instead, I was fresh out of college with no connections and barely any money saved up. BUT because of our unique situation, I didn’t have the pressure to make a ton of money right away and I’m so so lucky for that. I was able to grow my business slowly and you’ll see that reflected below.

Yearly Income

Not many people would want to share exact numbers like this, especially when they’re so low and, honestly, a little embarrassing. But I really want to get this across – starting a business is HARD. And starting a business straight out of college with little experience and no plan is EXTRA HARD. There’s a good reason why the majority of people ease into this job and if it weren’t for our unique situation, I probably wouldn’t have been able to do this. 

Words to Remember
Words to Remember
Words to Remember

Starting a business is HARD. And starting a business straight out of college with little experience and no plan is EXTRA HARD. There’s a good reason why the majority of people ease into this job and if it weren’t for our unique situation, I probably wouldn’t have been able to do this. 

Now let’s talk about 2019! We just finished quarter 1 and guys, things look SO different for me. After expenses, I’ve already made $16,000 this year. My bank account is bigger than it’s ever been and that’s exciting, but honestly, it’s a little scary too. I had gotten pretty comfortable with the fact that I didn’t need to make a lot of money. It seemed easier because in my head, more money meant more responsibility. More possibilities for spending money, more opportunities to make bad decisions, more pressure to keep making more and more. And that’s where money mindset came in – I truly think that I was scared to make good money for those first 2 years.

Words to Remember
Words to Remember
Words to Remember

I truly think that I was scared to make good money for those first 2 years. In my head, more money meant more responsibility. More possibilities for spending money, more opportunities to make bad decisions, more pressure to keep making more and more.

But last December was a turning point for me. I realized that if I really wanted to grow Wayfarer the way that I knew I could, I needed to make some changes + shift my money mindset. Here are the things that I changed + how they effected my wallet:

These 3 things made the biggest difference for me and triggered the big financial growth that I’ve seen so far in 2019. I have no idea how much more I’ll make this year. I’m planning on raising my prices again soon because I’ve been booking out consistently. (Someone once told me that if you book 3+ clients in a row really quickly, that means you’re in high demand and should raise your prices, so I’m taking that as a sign.) I’m also re-launching my course this summer, but this time it will have some evergreen products that I’m hoping will do well and give me more passive income. And finally, I’m about to start outsourcing all of my web development which I’m hoping will ease my workload and allow me to take on a higher volume of projects. Lots and lots of changes, but all good things happening 🙂 

Few people talk about money, especially this openly, and that’s exactly why I wanted to share this post with all of you. I barely made any money during my first 2 years and I think that’s important for other young designers to know – it takes work! And it’s not just about knowing business stuff, it’s also about your mindset. I wasn’t making good money because I was scared of the responsibilities that come along with it. Hopefully that realization is helpful to you if you’re currently struggling to make what you want. 

I’ll be doing plenty more posts about money over the next few weeks, talking about things like pricing, taxes, paying yourself, and more. So excited for this new series and if you have specific questions that you would like for me to cover, leave me a comment or shoot me a message! 

9 thoughts on “Money Mindset + My Own Financial Growth

  1. You are a badass! Thank you for sharing!! I can completely relate to you situation and hope to be where you are someday. When I finished my taxes last month and saw how little money I made on freelance gigs, I wrote that number on a post-it note and stuck it to my laptop. The reality check is necessary. Reassuring to see I’m not the only one going through this process.

    1. Yay, I’m so glad that it resonated with you! It’s definitely tough to think about the numbers in the beginning, but we have to be easy on ourselves. We’re basically building businesses out of nothing – that’s going to take some time! (If we’re doing it right, it SHOULD take time)

  2. Thank you so much for sharing your experience! As a Designer about to be done with college and starting to do freelance on the side, I totally feel this. Pricing yourself is the hardest part of the job. It’s encouraging and empowering to hear your mindset!

    1. So glad that it resonated with you! Freelancing straight out of college was really scary, but totally doable. You’ll learn so much as you go and the best part is that there are lots of experienced designers out there who are more than willing to share advice about pricing!

  3. Thanks so much for sharing! You’re so right that it’s not talked about enough, can’t wait to read more about how you value your services and set your pricing now. I went freelance in January and while my focus this year has just been to save as much as possible for our wedding in September, my current approach is not sustainable! It’s so great to hear your experience and get some perspective on how I could restructure my approach.

    1. Yeah, saving is tough and like I mentioned in the post, it really wasn’t until this year that I got to a place where I felt financially stable. Mindset is a huge part, but I think pricing yourself fairly is the most crucial. You have to figure out how much money you need and then calculate prices that will get you there. I’ll be talking about that next week 🙂

  4. Thank you SO much for sharing. Finances seem like such a taboo subject, but I feel like I’ve been shooting in the dark with my pricing and what my income could look like with no one being willing to be open about their business side of things! It’s easy to undervalue yourself when you are isolated and have no barometer to measure against. Thank you again!

  5. Thank you for letting us in on so much of your journey. I stumbled upon your instagram about a month back as I was restructuring my own design studio and the way you run your business has been a huge source of inspiration for me. I had been working as a freelance designer for a couple of years and last year took the step of officially rebranding as a studio. Very exciting, but I’ve also had my ups and downs – there have been times in the past couple of months where I’ve really felt like I’ve let myself down because I haven’t hit my financial goals – so it’s reassuring to see that growth doesn’t have to happen over night and that things take time to grow and manifest. Thank you also for giving us insight on how you are growing, and congratulations on a wonderful first quarter. Much love to you Abbey!

  6. LOVE this!! Thanks for sharing. I’m starting my path as a freelance designer and I’ve yet to really dive in.. mostly because of fear, not knowing what to expect, and just general nervousness that it will all crash down on me and I should just stick to the traditional route are all reasons, but reading articles like this make it feel so real, and possible, and proves that sticking to it will get me there. Thank you SO much for sharing.

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