5 Financial Must-Dos If You Are A Brand Ambassador or Independent Contractor
/“Empowered women, empower women.”
Introducing Maritza Barrios, the newest Socialite for Money & Mimosas
Money & Mimosas is a movement and on a mission to empower women with the financial tools they need to live their happiest, healthiest, and wealthiest lives. We believe that when women are in control of their money, they are in control of their lives.
As a part of our mission, we are committed to providing women with opportunities to advance their careers and build wealth. And we are so excited to be in a position where we can add our newest team member, Maritza Barrios.
Maritza is the reigning Miss San Jose with a goal of becoming Miss Universe. She is a rockstar brand ambassador and manager who has worked with over 200 brands. As she will say, she is “totally not a 9-5 type gal” and works tirelessly to create a unique career that allows flexibility in her schedule. Click here to learn more about Maritza.
If you’re like Maritza, being a brand ambassador/independent contractor may be the best career fit for you. Here are some practical steps to take to set your career path up for success.
Open a bank account. This should be solely dedicated to your brand ambassador projects. Every brand has a different pay schedule and it’s imperative that you keep all of your hours/payments organized and in one place. Our favorite bank account for this is Radius Bank’s Hybrid Checking. Unlike most checking accounts who offer zero percent interest, the hybrid account actually pays you for the money you deposit into it. Cha-ching.
Calendar your payment dates and follow up a couple of days prior to confirm. This will help you manage your cash flow and plan for things like bill payments. Nothing is worse than expecting a payment on a specific date and it not being there!
Set up an accounting system. As a brand ambassador and independent contractor, you are your own business! Be a boss and use a program like Xero or Freshbooks to keep track of your business related expenses and invoices.
File for a business license. When you first begin as an independent contractor, keep it simple and file as a sole proprietor in your local area. Once you earn $70K+ gross (before taxes and expenses), it will be time to start considering a change in your business entity status to a LLC or S-Corp.
Weekly money date. You already know that we PREACH having a weekly money date. The biggest step to remember during your date is to transfer a percentage of your earnings to your savings account. This is especially important as an independent contractor because there will be times when the cash coming in is lower than usual. You can avoid stress during these times by boosting your cash reserves.
For more money tips, join the Money & Mimosas Insider list.
This post is sponsored by Radius Bank.
