Being a McManus Associate means that you are the master of your own destiny. You get to determine your own income, when and where you want to work and, best of all, you operate alongside, not inside, the traditional corporate bureaucracy framework. The latter is a seemingly small but important distinction: because when clients are paying by the hour for you to sit at their offices, they are more likely to value your opinion and it’s easier to avoid the pitfalls of office politics, which can so often impact on a project’s execution (and even success).
You also get to work in different industries and gain diverse experience. This not only looks good on your CV but gives you fresh challenges on an ongoing basis, as opposed to the same old, same old experienced by working for the same company year after year.
Essentially, as a McManus Associate you have the best of both worlds: the freedom of self-employment, without the stress of having to find work for yourself.
Our Associates’ rates are calculated based on your requirements and all your benefits should be built into that rate. Prudent financial planning ensures that your employment “freedom” does not impact on your financial wellness. Here are some tips to consider:
- Set up your business correctly. Registering a sole proprietorship or a propriety limited company allows you to benefit from business tax breaks.
- Stick to a budget. Every self-employed person knows the ecstasy and agony of feast or famine, working to a budget eliminates the anguish.
- Create an emergency fund. Have an emergency fund of three to six months set aside to tide you over lean times.
- Plan your tax payments. If you’re a provisional tax payer, make sure that you put money aside to make your biannual payments.
- Save for your retirement. With no corporate pension fund coming your way it’s important to talk to a professional financial planner to ensure that you have enough money to retire comfortably one day.
- Insure appropriately. Talk to your insurance broker about income protection and disability insurance cover.
- Boost your medical cover. Consider topping up your medical aid cover with gap cover which pays the difference between what your medical aid pays and what a medical specialist charges. Some medical aids offer gap cover as an ancillary offering but there are also stand-alone options available.
© Tony McManus, McManus Consulting. | Image created by Freepik.com.