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How to Fund Your Self-Employed Home Office

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Have you ever wondered what it might be like to go self-employed? Instead of running around after an often-unappreciative boss, you could commit your time to working on things you’re actually passionate about instead. You might even be able to choose your own hours and decide which clients you’re most interested in working with.

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Of course, there is a decent amount of work and investment that goes into life as a self-employed individual. For instance, before you can start your job from home, you may need to find the extra cash required to make your own office space, complete with a new computer, a strong internet connection, and a comfortable desk. So, how do you find the funding for this important change in your life?

Calculate Your Expenses

Calculate Your Expenses Self-Employed

The first step in finding the funds for your new office, is calculating exactly how much you’re going to need to spend. For the most part, the cost of your office expenses will depend on the kind of work you’re going to be doing. For instance, if you’re a freelance graphic designer, you’re going to need a computer, but you’ll also need access to software like Photoshop, and hardware like drawing tablets to help bring your designs to life.

If you’re going to be writing copy from home, you might need a high-quality keyboard which can give you excellent feedback and performance. If you’re recording videos, you’ll need a good camera and microphone to capture your content. Make a list of your must-have items and do your research to determine how much cash you’re going to need.

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Consider Your Funding Options

Once you know how much cash you’re going to need for your home office, you can begin to look at your options. For instance, if you only need a little bit of extra money to pay for a new web cam and you already have the rest of the tools you need at home, you might be able to use some savings from a few months at your day job to fund your new career. If you’re going to need to invest in a much more extensive selection of tools for your home office, like a new computer with high-quality software, you might need to look into ways of accessing more funds.

You could consider looking into a life settlement, which allows you to sell your existing life insurance policy in exchange for a cash payout. Although you may need to consider getting another insurance policy in place later, you can at least use the money you need right now to start a new stage in your life which could help you to feel more confident financially right now. There are guides online to help you understand everything there is to know about life settlements.

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Start Setting Up

Once you have your funding in place, you can begin personalizing your home office and getting to work. Keep in mind, the chances are you’ll need to update your technology and equipment in the future. This will mean you need to keep some additional cash back from your earnings in your new self-employed career for future purchases.

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