A Guide to Preparing for Full-Time Self-Employment (Ep 58)
In this Mind and Money podcast episode, Sherry and Val discuss the essential steps and considerations for transitioning to full-time self-employment. They share personal experiences and practical advice on financial planning, including the importance of saving a buffer, understanding business expenses, and the impact of taxes. The conversation also touches on strategies for entrepreneurs with ADHD, emphasizing the need for support and structure in achieving business goals.
Key takeaways:
Self-employment requires careful financial planning and preparation.
Building a financial buffer of at least three months' salary is crucial.
Understanding personal and business expenses is key to a smooth transition.
It's important to keep personal and business finances separate.
Taxes play a significant role in self-employment income management.
Having a support system can help navigate the challenges of entrepreneurship.
Setting realistic timelines for transitioning to self-employment is essential.
Entrepreneurs with ADHD may need additional strategies for focus and accountability.
Living off business income while still employed can ease the transition.
Creating a structured plan can help mitigate the uncertainties of self-employment.
Connect with us:
Book a free call with Val (financial planner): https://calendly.com/valerie-stratford
Book a free call with Sherry (financial coach): https://app.acuityscheduling.com/schedule.php?owner=17480698&appointmentType=25737393
Val’s Instagram: http://www.instagram.com/you.me.and.money
Sherry’s Instagram: http://www.instagram.com/moneymindsetfc
Podcast Instagram: http://www.instagram.com/mind.money.adhd.podcast
Sherry’s TikTok: https://www.tiktok.com/@moneymindsetcoaching
Key words: self-employment, financial planning, entrepreneurship, side hustle, business expenses, income stability, ADHD, financial coach, business strategy, personal finance
