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Planning Your Moonshot
Do you know what a moonshot is? In baseball, it's a homerun that is so big that it's almost unbelievable, for Elon Musk it's colonizing Mars, for us it's building a personal finance community on four pillars, growth, design, community, and transparency. What's your moonshot? Explore it with us and let us help lead the way through personal finance, business, and personal development conversations.
Planning Your Moonshot
Top 3 Finance Problems for Freelancers
In this episode of 'Planning Your Moonshot,' the financial challenges faced by freelancers and contractors are tackled. Topics include strategic budgeting, establishing buffer funds, and using the 'pay yourself first' system with the 50-30-20 rule. The episode also delves into setting up multiple savings accounts, retirement planning options like IRAs and Solo 401k, and ensuring financial consistency through automated contributions. Essential tax-saving tips, including maintaining separate tax savings accounts and paying quarterly taxes, are discussed. Emphasis is placed on practical advice, resources for tax deductions, and consulting professionals for personalized guidance.
00:00 Introduction to Managing Unpredictable Cash Flows
00:42 Budgeting for Freelancers: Start with Your Lowest Earning Month
01:36 Building a Buffer Fund: Your Safety Net
04:40 Pay Yourself First: The 50/30/20 Rule
08:15 Setting Up Separate Accounts for Financial Goals
09:43 Retirement Planning for Freelancers
11:13 Understanding Retirement Accounts
11:44 Automating Your Retirement Contributions
12:28 Maximizing Contributions During High Earning Months
12:53 Determining Your Retirement Needs
13:42 Retirement Calculators and Inflation Adjustments
15:08 Long-Term Investment Strategies
16:28 Managing Your Tax Situation
18:09 Quarterly Tax Payments
19:33 Taking Advantage of Deductions
20:50 Tracking Expenses and Deductions
21:33 Conclusion and Resources
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