Vacation time is difficult for translators because, as we all know, when you’re not working you’re not getting paid.
Consider the type of lifestyle you see for yourself when you’re planning for retirement. Remember that you have the opportunity to work well into your 70s, or even later because translation is not a physically demanding job, and more importantly, your clients won’t know how old you are! On the other hand, if you’re planning on retiring at (say) 60 years of age, you’ll need to support yourself for the next (say) 30-or-so years.
Vacation Time
Vacation time is difficult for translators because, as we all know, when you’re not working you’re not getting paid. There are some options here, such as working while you’re away on vacation. Many translation specialists take their laptops with them on vacation and try to squeeze in a few hours of work each day. Obviously, this is not ideal, but it’s certainly better having no vacation at all.
The best solution for vacations is to set up a vacation savings account so that you can provide yourself with a paid vacation. The idea is that you pay yourself from this account during your vacation. Let’s say your business pays you $1000 a week net, and your intention is to take four weeks’ vacation per year: this means you need to put $83 per week into your savings account. Sadly, most freelancers don’t take vacations which, in the long term, adversely affects their personal lives, and of course their enthusiasm for their work.
Disability Insurance
Again, like life insurance, disability insurance is a personal choice. If you do decide to take out disability insurance, please review the policy very carefully and know exactly what you’re covered for. These policies can become quite complicated, so you need to know under what circumstances you’d be eligible to claim benefits under your policy. For example; if for some reason you’re unable to type but you’re able to use speech recognition software, would that be covered? If your arm was broken in an accident and you’re unable to type, would you be covered? Would you be covered if you developed an eye problem that made it difficult to use a computer at all, would that be covered? You should do extensive research if you feel that disability insurance is important.
The Little Pleasures in Life
Don’t forget to set aside some money to reward yourself with little bonuses. You’ve done a great job this week and put in many hours, so give yourself a bonus! Your bonus must be something that makes your life less stressful, something you really enjoy, and something that’s of benefit to you. Be kind to yourself and acknowledge that you work hard and that you’re earning good money. Pretend that you have a very generous boss who really appreciates your efforts – now reward yourself!
