Empowered Planning Blog

Or listen on Apple Podcasts or Spotify

Episode Summary:

I’m so excited to have a long time client and friend on the podcast today, Betsy Smith. Betsy is a multi-passionate entrepreneur who owns her own hair salon and handcrafted souvenir shop. The best part? She didn’t take action on these businesses until she was 29 years old which shows it’s never too late to pivot. Throughout our conversation, you’ll hear a bit about Betsy’s Amish upbringing and how this informed the way she feels about money and financial decisions as a whole. Betsy has done so much work in not only creating a business (and life!) that she’s proud of, but healing and overcoming negative money narratives. I hope this conversation leaves you feeling inspired.

Topics:

• Where Betsy’s entrepreneurial and rebel spirit comes from and how it informs her decisions today 
• What the financial conversations for Betsy were like growing up in the Amish community...

Entrepreneurship comes with freedom and flexibility making it exciting to take the leap of faith. As you find success, you also find new challenges: new level, new devil. With so many balls to juggle, like visionary, sales, marketing, the list goes on, financial goals can be put on the back burner. So it’s not surprising that many entrepreneurs neglect saving and investing for their future. To help you navigate the wild world of entrepreneurship I've picked 3 financial areas you shouldn't neglect: 

#1- Set money aside for taxes.

Depending on your type of work, cash infusions into the business can ebb and flow making it difficult to predict your total income. It’s a safe bet to set aside 30% of your business income for taxes purposes.  If you don’t pay enough taxes throughout the year, you can be charged a penalty by the time you file. It’s important to explore paying quarterly estimated taxes. Click Here to learn more from the IRS website.

#2-...

3 Financial Considerations Before You Make The Leap

Whether you’re starting your own business, changing careers or , you may be presented with a bump in pay or the tough choice of taking a step back in salary. Before you take a leap of faith I want to give you 3 financial considerations because hindsight can be 20/20. Don’t worry, I got your back!

Monthly Cash Flow

The first thing to consider is the pay increase or pay cut you’ll be taking. I often hear people say they'll save more money when they're making more money. But more often than not when you start making more money, you find ways to spend it- I'm totally guilty of this! Here are some examples, you move into a nicer place or get the new car you’ve been waiting for so, the list goes on! Any time you have a change in income, it’s a great practice to pause and look at your monthly spending and set guidelines on what you’ll do with this extra income. Click here to find out more...