Optimal Work Daily - Career, Productivity and Entrepreneurship

1662: 4 Common Mistakes Made By The Self-Employed by Michelle Schroeder-Gardner of Making Sense of Cents

Apr 19, 2025

08:45

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Quick takeaways

Self-employed individuals often face pitfalls like inconsistent income planning, which necessitates a strong financial strategy for stability.

Neglecting retirement savings is a common mistake among the self-employed, underscoring the importance of proactive financial management and preparation.

Deep dives

The Importance of Organization for Self-Employed Individuals

Staying organized is crucial for self-employed individuals, yet many struggle with this aspect. An organized system for managing personal and business finances can significantly improve efficiency, especially during tax season. Disorganization can lead to lost documents and unnecessary stress, making it even more challenging to run a business. By keeping everything from receipts to financial reports in order, individuals can ensure smoother operations and better decision-making for their enterprises.

Intro

2min

Four Essential Mistakes to Avoid as a Self-Employed Individual

4min

Avoiding Common Pitfalls in Self-Employment

2min

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Episode 1662:

Michelle Schroeder-Gardner outlines the most common pitfalls that self-employed individuals face, from inconsistent income planning to neglecting retirement savings. Her insights help solopreneurs build smarter, more sustainable financial habits and avoid costly missteps in their business journey.

Read along with the original article(s) here: https://www.makingsenseofcents.com/2014/08/4-common-mistakes-made-by-the-self-employed.html

Quotes to ponder:

"One of the top financial mistakes I see among the self-employed is not having a plan for their irregular income."

"When you're self-employed, it's all up to you to save for retirement. You don't have an employer to help you."

"If you're self-employed and not separating your personal and business finances, it can become a huge mess quickly."

Episode references:

Mint: https://mint.intuit.com

YNAB (You Need A Budget): https://www.youneedabudget.com

IRS Self-Employed Tax Center: https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center

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Optimal Work Daily - Career, Productivity and Entrepreneurship

1662: 4 Common Mistakes Made By The Self-Employed by Michelle Schroeder-Gardner of Making Sense of Cents

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

The Importance of Organization for Self-Employed Individuals

The Reality of Self-Employment Challenges

Remember Everything You Learn from Podcasts