In this engaging discussion, Laura Adams, author of nine books and host of the Money Girl podcast, shares her journey to self-employment and the essentials of solopreneurship. She tackles common fears about leaving a day job and offers invaluable tips on client acquisition and pricing strategies. Listeners will discover how to recognize underpricing and avoid pitfalls in budgeting and tax obligations. With insights on investing in personal health and fostering motivation, Laura empowers aspiring solopreneurs to take the leap into entrepreneurship.
Transitioning to solopreneurship requires careful financial planning and an understanding of the risks associated with losing employee benefits.
Solopreneurs contribute significantly to the economy and can enhance their success by leveraging technology and building networks with other independent contractors.
Identifying and addressing common mistakes, such as undercharging clients, is crucial for budding entrepreneurs to thrive in their ventures.
Deep dives
Maximizing Travel Rewards with United Explorer Card
The United Explorer Card offers an enticing 50,000 bonus miles after signing up, providing cardholders with significant benefits as they embark on their travels. Members enjoy perks such as a free checked bag on flights and the opportunity to earn double miles on United purchases, dining, and hotel bookings, making every transaction more rewarding. The card also includes access to United Club lounges, enhancing the travel experience with comfort and convenience. Overall, this card is designed to empower travelers to explore new destinations while reaping various travel rewards.
Unlimited Cash Back with Navy Federal Credit Union
The new Cash Rewards Plus card from Navy Federal Credit Union offers an attractive 2% cash back on every purchase, presenting an excellent opportunity for consumers to maximize their spending. This card simplifies the cashback process by eliminating the need to track changing spending categories, making it user-friendly for cardholders. Additionally, a $200 cashback bonus can be earned after spending $2,000 within the first three months, along with a complimentary annual membership to Walmart Plus. This straightforward cash back structure makes this card a valuable choice for savvy spenders.
Freddie Mac's My Home Resource
Freddie Mac's My Home serves as a comprehensive online resource for individuals navigating various aspects of homeownership. It offers expert guidance, free tools, and calculators designed to assist users whether they are renting, intending to buy a home, or considering renovations. The platform addresses essential questions related to housing, enabling users to make informed decisions about their living situations. By centralizing valuable information, My Home equips users with the resources necessary to successfully navigate their housing goals.
Transitioning from Employee to Entrepreneur
Transitioning from a traditional nine-to-five job to becoming a solopreneur involves overcoming challenges and making informed decisions before quitting. Prospective solopreneurs often wrestle with questions such as how to exit their current job gracefully and whether they have the financial means to make the leap. It is essential to understand the value of mitigating risks associated with leaving a job, including the loss of employee benefits. By organizing their finances and preparing for unexpected hurdles, individuals can create a smoother transition into entrepreneurship.
Understanding the Solopreneur Ecosystem
Solopreneurs play a critical role in the economy, as they often serve as the backbone of various industries and markets. These individuals frequently collaborate with others, leading to a network of independent contractors that supports their businesses. It is increasingly easy for solopreneurs to start and grow their businesses thanks to technological advancements and online platforms. By leveraging skills and connections within the solopreneur ecosystem, individuals can amplify their success while enjoying the freedoms that come with self-employment.
This is the episode to motivate you to quit your 9-5 and start your own business, OR, to inspire you to use the skills you already have at your current job to moonlight on the side! Entrepreneurship – it’s not all that hard… right?! You might have a great idea, or you’ve stumbled upon a unique niche that you can step into, so you see an opportunity! But then you start thinking it through and some major questions start bubbling up to the surface, like how do you go about exiting your day job, or how do you know if you have enough work on the side to go all in? What about giving up W2 benefits? Or what about getting organized and paying taxes? These are questions that all would-be solopreneurs need to ask themselves, but luckily we’re joined today by the author of the Money-Smart Solopreneur, Laura Adams. Laura is actually the author of nine books, she’s the host of the Money Girl podcast, and by the end of this episode, we hope you’ll be empowered to hang your own shingle. She shares how she transitioned to self-employment, how to invest even more when you’re a solopreneur, ways to determine if you’re undercharging clients, mistakes that budding small businesses make, and more!
Want more How To Money in your life? Here are some additional ways to get ahead with your personal finances:
Knowing your ‘money gear’ is a crucial part of your personal finance journey. Start here.
Sign up for the weekly HTM newsletter. It’s fun, free, & practical.
During this episode we enjoyed a Head High by Kane Brewing – a huge thank you to Michael G for sending this extra delicious beer our way! And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money!