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Financial planning for freelancers
Financial planning for freelancers

Dec 20 2022

Financial planning for freelancers

Krizzia Angelica Malicdem shares how she helps her clients achieve financial stability despite irregular income.

By Antonette Reyes

Topics Covered

Two financial services companies in the Philippines reported that the Philippines placed sixth in the world as the fastest-growing market in 2019, with a 35% growth in freelancer earnings. The report showed that even business owners and full-time employees do freelance work and content creation to earn additional income. There are currently 1.5 million Filipinos employed in freelance jobs, according to the Department of Labor and Employment, in 2022. 

However, the freelancer clients and prospects of two-year MDRT member Krizzia Angelica Malicdem shared that despite earning more, they are still worried about their financial situation as earnings depend on variables such as work hours, the value of sale items or services rendered, or the number of brands who hire them.  

Malicdem shares how a freelance client mentioned needing help to continue paying the premium. It would cost her more if she terminated her policy. If something happened, the expenses would be more prohibitive. To help her client overcome his challenge, Malicdem computed her income, bills, and the amount required for her policy and devised a feasible solution. 

“As financial advisors, we want our clients to achieve long-term economic stability and continue having protection despite having an irregular income. I encourage them to allocate money for their savings, policies, and emergency funds. I even created a Facebook group for my clients to help them stay on track with their goals through articles and videos of myself giving financial advice they can watch whenever they need to review their budgets,” Malicdem shares.  

She also takes a step further in providing guidance to her clients. For example, Malicdem had a client who is a millennial virtual assistant and earning six digits but had poor financial habits whom she helped by equitably allocating her earnings and investing in variable universal life (VUL) insurance. “She realized how important it is to plan her finances better because having savings isn’t enough. I advised her to invest her savings to earn its maximum potential and have a multiplier effect in her life.”  

Malicdem adds it should be easier for financial advisors to counsel freelancers as they are running their own business and do not draw a regular income. “It takes one to know one. We know what they’re going through, and we only have their best interest at heart.” 


Contact: MDRTeditorial@teamlewis.com