Money-Smart Solopreneur. Laura D. Adams
15 MONEY MISTAKES SOLOPRENEURS MUST AVOID
Pitfalls that Every Solopreneur Should Avoid
15 Resources for Solopreneurs
SETTLING UP WITH UNCLE SAM THE RIGHT WAY
Paying Income Taxes
Which Tax Forms You Must File
What to Know About Hiring Employees
What to Know About Hiring Independent Contractors
Do You Have a Business or a Hobby? Exercise
DON’T MISS OUT ON VALUABLE TAX DEDUCTIONS
Taking Advantage of Tax Deductions
Master Your Record Keeping Exercise
GETTING COZY SAVINGS FROM A HOME OFFICE
Pros of Working from a Home Office
Cons of Working from a Home Office
Who Can Claim a Home Office?
Home Office Expenses You Can Deduct
Defining Your Home Office Exercise
RECORD-KEEPING RULES TO LIVE BY
Tips to Manage Records Like a Pro
How Long to Keep Business Records
Monitoring Your Business Progress
Your Best Business Bank Account Exercise
BUILDING YOUR OWN BENEFITS PACKAGE
PROTECTING YOUR HEALTH AND LIFE WITH INSURANCE
Understanding Health Insurance Regulations
How to Get Health Insurance
Choosing the Best Health Insurance
How to Get Life Insurance
Insurance Savings Tip
GETTING HEALTHY, WEALTHY, AND WISE WITH AN HSA
Using an HSA to Cut Costs
What You Can Purchase with an HSA
How Using an HSA Boosts Retirement Savings
Summary of HSA Benefits
PLANNING FOR RETIREMENT AS A SOLOPRENEUR
Understanding Retirement Accounts
Should You Choose a Traditional or Roth Account?
How Much to Save for Retirement
Tips for Choosing Retirement Investments
Creating Your Retirement Vision
FINAL THOUGHTS: TEN ACTION TIPS FOR SOLOPRENEUR SUCCESS
Tip #1: Define Your Vision for Success
Tip #2: Create Your Own Income Security
Tip #3: Don’t Underestimate the Need for a Cash Reserve
Tip #4: Choose a Realistic Business Timeline
Tip #5: Surround Yourself with Like-Minded People
Tip #6: Face Your Fears by Reducing Risk
Tip #7: Build Your Skills Deliberately
Tip #8: Make More and Spend Less
Tip #9: Become Savvy at Inbound Marketing
Tip #10: Get Good Advice When You Need It
INTRODUCTION
Years ago, I broke away from the traditional, nine-to-five world and started working for myself. I wanted to do fulfilling work in my own way without having to fight layers of bureaucracy or fill my calendar with company meetings. I desperately wanted to use my skills, make the rules, define my future, and earn a great living.
If you too pine for the freedom and flexibility to do truly gratifying work and wake up every morning excited about your job, you can do what I did. All you need is a good idea or subject-matter knowledge, plus some hard work.
But the barrier to starting a profitable business may not be a lack of determination or a good idea. What may be holding you back is that you don’t know how. You may not know the answers to basic questions, such as “Do I need to