The second networking event I decided to attend was Personal Finance For Freelancers, Entrepreneurs, and Artists at The Freelancer’s Hub. This virtual gathering was hosted by Galia Gichon, an independent financial expert with over 20 years of experience in finance. Some of the topics discussed during this session were in regard to the CARE Act Programs, resources for freelancers, lessons about the current financial market, 3 month cash flows, retirement plans, credit scores and reports, and how to deal with your current financial situation.
The first discussion, lessons from the current financial market, offers helpful advice and suggestions such as buying equities, understanding 401ks and IRAs, researching robo-advisors, investing in retirement plans, or saving money for potential investments over time. The presentation briefly discusses stimulus checks, rent assistance, and grants for artists / designers who are currently unemployed due to COVID-19.Â
The second discussion, Examine Expenses, refers to prioritizing rent and important bills for the next 3 months if applicable. Recommending personal finance apps for those who have little to no budgeting experience, including: Your Bank, Mint.com, Prism, Acorns, Good Budget, YNAB, and many more. Ms. Gichon poses a question to her audience, asking: “Financially, where would you like to be one year from now?” And suggests a few milestones such as: eliminating debt, saving $500 to $5000 dollars, paying off mortgage, understanding mutual funds, saving for a down payment, and so forth.
For the last couple of discussions, Galia also provides weekly spending and saving tips, suggesting the use of cash over cards, and if employed, storing 20% of your check into a separate account. Furthermore, Galia informs us of an easier way to purchase investments from apps such as Acorns, Betterment, Robinhood, Stash, Stockpile, Vault, Wealthfront, and many more. In addition to why and where you should open your retirement account, including Vanguard, Fidelity, Schwab, Brokerage Firms or Money Managers.
