Getting Your Finances Straight For A New Year

If this last year was NOT smooth sailing for your Soloist business finances, now is an ideal time to pave the way to better. There’s still time to avoid unpleasant surprises (think giant tax bills) and start streamlining your financial life before year-end:

The five strategic pieces of information you want in your hands before year-end.

How to think about your financial team (and why it’s worth investing in the right experts).

How a financial surprise made me completely shift how I managed my business cash flow.Why you want to build a cash reserve for your business and a resource to get you started.

LINKS

Rochelle Moulton Email List | LinkedIn | Twitter | Instagram

Consultants + Money podcast episode on cash reserves (Erica Goode)

BOOK A STRATEGY CALL WITH ROCHELLE

RESOURCES FOR SOLOISTS

Join the Soloist email list: helping thousands of Soloist Consultants smash through their revenue plateau.

Soloist Events: in-person events for Soloists to gather, connect and learn.

The Authority Code: How to Position, Monetize and Sell Your Expertise: equal parts bible, blueprint and bushido. How to think like, become—and remain—an authority.

TRANSCRIPT

00:00 - 00:43

Rochelle Moulton: Think of it like a non-emergency emergency fund for your business. It's a way to smooth out the inevitable cash flow variations in our kinds of businesses. And once you fully fund a cash reserve, I can guarantee you will like the comfort and freedom that it provides. Hello, hello. Welcome to the Soloist Life podcast, where we're all about turning your expertise into wealth and impact. I'm Rochelle Moulton, and today I want to talk to you about getting your finances straight. It's late October as I'm recording this and it's the perfect time to get both strategic and tactical

00:43 - 01:18

Rochelle Moultob: as you pave the way for the year you want for your business and for your life. So let's start with the strategic. Okay, at this point in the year, you wanna have several things in the bag. 1, you want a reasonable idea of your current and projected financial position. That means how much revenue have you already closed and what's likely to hit before year end. Same thing with your expenses so you can get a feel for your bottom line year. It also means how much more can you tuck away in your taxed advantage solo 401k. Now

01:18 - 01:59

Rochelle Moultob: remember, you can make additional employer contributions above and beyond your salary deferrals. Don't have a solo 401k yet? Talk to your financial advisor or your CPA about the best options for you. Contributing consistently to your 401k is a baller move, especially for soloists since we don't have anyone funding our future life but ourselves. 2, take this understanding and combine it with whatever other income and expenses are happening in the other parts of your life. Maybe you have other sources of income like a spouse or other businesses. Share all of this with your CPA so you don't

01:59 - 02:39

Rochelle Moultob: get surprised with a whopping tax bill you haven't accrued for. 3, have your CPA give you a revised estimate