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re: Basic finance questions for self employed
Posted on 11/4/19 at 8:57 pm to dirtsandwich
Posted on 11/4/19 at 8:57 pm to dirtsandwich
Yes I would try your best to save 15% to retirement in a retirement account as best you can every year. As a base, as a minimum. If you want to invest more outside of that, spend less and save more.
That’s from experience. It’s very very easy to justify spending whether it be a business expense that’s kinda an investment, side gig, investment, etc.
But at the end of the day you have to save for yourself and your future or you never will.
That’s from experience. It’s very very easy to justify spending whether it be a business expense that’s kinda an investment, side gig, investment, etc.
But at the end of the day you have to save for yourself and your future or you never will.
0
Posted on 11/5/19 at 6:20 am to TheOcean
quote:
Lynx -- the issue is scale. In a service industry (law firm) I only have my time to sell. If I grow any larger then I have to hire someone full time (right now I have a 1099 part time legal assistant). That creates a whole new set of issues (and expense).
I'd rather keep my business expense low while continuing to invest in my website/content creation/SEO/adwords. That way if I have a few bad months then it won't be an issue. I also have other stuff I need to clean up in terms of work flow before I hire someone full time.
SFP can probably relate to a lot of that.
all of it
Posted on 11/5/19 at 6:58 am to TheOcean
I would start by doing an a real budget with accurate numbers. The numbers you provided are not realistic and don't include costs for regular expenses like clothing, auto insurance, house supplies, yada yada yada.
After that I would focus on eliminating all debt. When you are self employed the income can go away in an instant. Your rainy day fund will be a lot more helpful the less debt you have. It will allow you to consider many more options if you have to change jobs than being stuck with something that pays as much or more than your current job. The lower stress levels can be worth it for many.
After that I would focus on eliminating all debt. When you are self employed the income can go away in an instant. Your rainy day fund will be a lot more helpful the less debt you have. It will allow you to consider many more options if you have to change jobs than being stuck with something that pays as much or more than your current job. The lower stress levels can be worth it for many.
Posted on 11/5/19 at 7:07 am to notsince98
Now that OP has some money saved, the easiest way to budget personally is to pay yourself a salary. Let’s say $60,000 and that’s $5,000/ month. Just make the deposit on the 1st from your Business account to personal. Now you will still have to pay taxes on top of that, but that will be very easy for your to budget your personal expenses on.
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