The Wealthy Freelancer Summary
6 min read ⌚
12 Secrets to a Great Income and an Enviable Lifestyle
If one could choose, choosing to be your own boss is probably something of a no-brainer. You can decide who to work with and when, and even how much you’ll earn.
Then, why isn’t everybody a freelancer?
There are many possible answers to this question. Two immediately spring to mind.
One: because being a freelancer is not as reliable and you wouldn’t want to risk the comfort of a regular paying job for something so unexplored.
And two: because you don’t know how to do it right.
“The Wealthy Freelancer” is a book-length directory of strategies and techniques, and a list of tips and tricks to help you get it right.
And we are summarizing it so you can get it right as soon as possible.
Who Should Read “The Wealthy Freelancer”? And Why?
There are two types of people in the world: many who are prepared to take a risk and see where this will get them, and many more who would not leave their comfort zone even if a perfect chance comes out of nowhere and hits them in the head.
This book is probably more suited for the second kind of people. But, it’s a worthwhile read for the first group as well. The risk-takers can pick up a technique or two and learn how to earn more while working less. And the comfort-zoners can be inspired by it to take the plunge/
Current solo-professionals and wannabe/would-be freelancers are, of course, the main target group of “The Wealthy Freelancer”.
About Steve Slaunwhite, Ed Gandia, and Pete Savage
Steve Slaunwhite is a popular copywriter and award-winning marketing consultant. He is the author of many books in the niches, such as “Start & Run a Copywriting Business,” “The Complete Idiot’s Guide to Starting a Web-Based Business,” and “The Everything Guide To Writing Copy.” You can reach him via his website.
Ed Gandia is a thriving copywriter, coach, and author, whose focus is mainly freelancing. He is the host of a popular podcast, “High-Income Business Writing.” In addition to “The Wealthy Freelancer,” he has authored one more book on a similar topic, “Warm Email Prospecting.”
Pete Savage is a freelancer with a portfolio which includes companies in the range of AT&T Wireless and AOL, Motorola, HP, and Siemens. He is a sought-after motivational speaker and business coach. This is the only book he has worked on so far.
The Wealthy Freelancer Summary
“The Wealthy Freelancer” consists of twelve chapters, each an insight into a separate idea of how to become wealthy and lead an enviable lifestyle.
Let’s look at all twelve, paragraph by paragraph.
Secret 1: Master the Mental Game
Freelancing is more difficult than having a job, because you are under constant pressure of finding work – which is usually your boss’s concern.
However, you can overcome this by accepting it. And you can do this by memorizing a simple acronym: IDEA. It stands for:
- Invest. Buy books, go to seminars, visit conferences. In short: learn everything you can about what you’re doing.
- Develop confidence. Belief in yourself.
- Expect that your self-belief will be tested. But, don’t forget that it’s only temporary.
- Absorb the success. If things go well – enjoy it.
OK, that was a long and an obviously important secret!
Moving on to number 2!
Secret 2: Simplify the Process of Getting Clients
It’s easy – because the authors provide you with a 5-step equation for success, the Master Marketing formula. It goes like this:
- Make a list of your Top 200 dream clients. Be specific and exhaustive.
- Start contacting them one by one with your portfolio.
- When a company is interested, turn it into a client.
- Give it a competitive and reasonable, but non-negotiable quota.
- If it fails – move on to the next client.
You already knew this?
But what about our secrets 3-5? They are all marketing-related:
Secret 3: Create Your Amazing Buzz Piece
Your buzz piece is your ticket to success. It has to be both original and appealing. But it also has to be targeted at the right audience. And it has to have a brilliant title.
For example, if you are a designer, try something along the lines of “A Five-Step Strategy for Selecting the Perfect Logo Design.”
Secret 4: Employ High-Impact Prospecting Tactics
As great a buzz piece usually is, your marketing tactics must be more efficient than it.
So, smartly use the Marketing Effectiveness Matrix (MEM), join boards and committees that may be useful, and volunteer wherever possible.
Secret 5: Cultivate Repeat and Referral Business
Don’t sever contacts with former employers: there might be new projects in the future, so you’d want them to think of you when those come.
Also, always ask for referrals. You’ll need them to grow even when successful.
And now it’s all about the money: secrets 6 &7!
Secret 6: Nurture Prospects Perpetually
Most freelancers sometimes have loads of work, and sometimes no work at all. Solve this problem by using the DIP technique. First, discover your passion, then identify the market, and, finally, position yourself within it. Afterwards, clients will
Secret 7: Price Your Services for Success
And this means few things, but the most important is probably project pricing. Hourly rates are not so great – since there’s a lot you won’t get paid for (marketing, bookkeeping, etc.) and since you can’t really improve.
With project pricing – you can! Because, once you become better, you’ll finish your job faster and get the same – if not more – money!
Finally, it’s about organization: secrets 8-12!
Secret 8: Bring Focus to Your Freelance Business
We’ve already talked about focusing. And you’re probably already aware of a thing called the Pomodoro technique (you can read some more here). Well, that’s how you become a wealthy freelancer: when working – you work.
In this case, in chunks of 50 minutes. With no distractions whatsoever!
Secret 9: Boost Your Productivity – Without Perspiration!
Studies have shown that if you find your optimal working hours and stick to them, you’ll get a lot more done in a lot less time.
So, what’s stopping you?
Secret 10: Construct Your Own Work-Life Reality
As jobs start to pour in, start organizing them better. Outsource the things you hate, and work only as much as necessary on those you like.
Balance is not a quest. It’s your right.
Secret 11: Create Alternative Streams of Income
A serious problem every freelancer faces down the line is the problem of having a normal life. Namely, the more a freelancer works the more he or she earns – but the less he or she lives. To overcome this problem, find a way to earn money passively.
Create ready-made products, author books and podcasts, sell seminars. That way, even when you’re not actively working, you’ll be still earning. In other words, less doing and more living!
Secret 12: Live and Work in the Wealthy Triangle
The three points of the Wealthy Triangle are a) great income, b) freedom to choose your jobs, and 3) having flexible working hours.
Follow these steps and you’ll achieve this.
Key Lessons from “The Wealthy Freelancer”
1. Freelancing Is Great!
2. You Can Be a Wealthy Freelancer
3. It’s a 12-Step Program
Freelancing Is Great!
It may be difficult in the beginning, but, after a while, it is as good as it gets. You’re your own boss, with a healthy income, and flexible working hours.
That’s right: it’s the life you’ve always dreamed about!
You Can Be a Wealthy Freelancer
Many of the wealthy freelancers you’ve heard about – including the authors of this book – are just normal people. The only difference is – they’ve obtained healthier habits.
Here’s your chance to do the same.
It’s a 12-Step Program
Look at the Amazon reviews. Most of the people say the book works like a charm.
We’ve uncovered for you each secret in the summary. Your move.
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“The Wealthy Freelancer” QuotesA wealthy freelancer is someone who consistently gets the projects, clients, income, and lifestyle he or she wants. Click To Tweet Wealthy freelancers don’t just make a living. They design a fulfilling and meaningful life. Click To Tweet It’s crucial for every aspiring wealthy freelancer to get comfortable with the idea – and the feeling – of being in control. Most freelancers are completely out of control. Click To Tweet Research continues to tell us that most people simply do not take the time to set goals and put them in writing. Click To Tweet You have to believe you will succeed. I know, this sounds cliché, but recognize that this alone is the number-one determining factor in whether or not you will achieve your goals and realize your true potential. Click To Tweet
Our Critical Review
“The Wealthy Freelancer” may have a glitzy title and an even flashier subtitle, but don’t mistake the book for a fluff: it has some serious substance too. The twelve chapter may not amount to twelve secrets per se, and the secrets are not really in the same range of importance.
However, the central among them – how to master your mental game, how to write a buzz piece that will get you the right job, etc. – can be inspiring to every freelancer, whether a beginner or someone already knee-deep in the ocean.
Speaking of oceans, there are not many useful self-help books. This one, fortunately, is not one of them. It’s not a magic stick for everybody, but it’s certainly a Good Fairy if you are or want to become a freelancer.
Just a regular guy with a knack for writing, and digital marketing.
Emir is the Head of International and SEO at 12Min. In his spare time, he loves to meditate and play soccer.