Ep. 51 Top Solopreneur Finance Strategies
Unlock the secret to financial success as a solopreneur in this episode where we review the top financial strategies tailored to solo business owners. You’ll discover the power of the SOLO 401(k), a retirement plan designed for your business and you, enabling you to save a substantial amount pre-tax for your future, with options like the Roth. We’ll also explore the Roth/pre-tax component, the benefits of having an S corp, how to handle profit sharing, and the intricate world of business entity selection.
Listen in to hear about unique advantages like paying your children as a solopreneur and how a Health Savings Account can elevate your financial game. I also share strategies to revolutionize your financial approach as a solopreneur and make your money work for you, as well as how to take your financial health to the next level, ensuring a prosperous future for both you and your business.
Listen To The Episode:
What You’ll Learn:
What a solopreneur is.
How the SOLO 401(k) works.
What you can do if you are an S corp.
How profit sharing works as a solopreneur.
How your spouse may fit into this.
What a C corp is.
The benefit of including your children in your business.
What a Health Savings Account is.
Ideas Worth Sharing:
“Having an S corp allows you to potentially save on tax.” - Eric Maldonado
“An LLC allows you to be taxed as an S corp at a later time.” - Eric Maldonado
“A big benefit of including your children in your business is teaching them an entrepreneurial mindset and good work ethic.” - Eric Maldonado
Resources:
Eric Maldonado, CFP®, MBA: (805)250-4552 | info@aquilawealth.com | Website | Contact Us
Profit First by Mike Michalowicz
Disclosure: Aquila Wealth Advisors, LLC is a registered investment advisor in the state of CA, LA, and in other jurisdictions where exempt. All content on this podcast is for information purposes only. All information or ideas provided should be discussed in detail with an advisor, accountant, or legal counsel prior to implementation.
If you like the Aquila Wealth Podcast...
Never miss an episode by subscribing via Apple Podcasts, Spotify, Google Podcasts, Amazon Music, or by RSS!
