1. A fat emergency fund
An emergency fund is the rock-bottom basic thing you need. With no money to tide you over when work is thin — as it will be now and then — you can forget your freelance dreams.
What’s “fat”? Some financial advisers suggest a fund that can cover you for six months. Consider more, though. It can take 60 to 90 days or more to complete some jobs. That’s not counting how long it takes to land new clients, or to get some clients to pay you.