Ever wondered how to retire when you’re self-employed? When you don’t have the benefit of a workplace retirement plan (like a 401k or 403b) with automatic contributions coming out of your paycheck, you have to take more responsibility for your financial future
In this show Laura and Kate interview Dr. Jim Jackson, author of No One Loves Your Money Like You Do: The Ultimate Retirement Planning Guide for Business Owners and Private Practitioners.
Jim has the unique distinction of being a doctor of dental surgery and a certified financial planner. So he really understands the challenges that small businesses, freelancers, and professionals (like dentists and doctors) face when it comes to managing money and preparing for the future.
We discuss strategies to retire with plenty of money no matter if you’re already in business for yourself—or are toying with the idea of becoming a self-employed either full- or part-time.
Richer Life Lab Podcast show quote
“In the long run, it’s not just how much money you make that will determine your future prosperity. It’s how much of that money you put to work by saving it and investing it.” – Peter Lynch
How to Retire When You’re Self-Employed
There are so many upsides to going into business for yourself or starting a professional practice. But successfully managing how to retire seems to be a big downside.
Tune into the show to learn:
- Important financial tasks you should complete if you become part the “gig economy” and earn additional income on the side–or want to work for yourself full time.
- How to choose the right investments and have a diversified portfolio as we move from our 20s and 30s into middle age and then approach a target retirement date.
- What common financial mistakes trip up small business owners and freelancers and keep them knowing how to retire the right way.
Richer Life Lab Podcast practical
This week’s Richer Life Lab assignment is to get a handle on what your current expenses are today and how they may change in retirement. Will you want to live a more expensive lifestyle than you do now–or are you more likely to scale back in retirement? Considering future needs, in addition to likely inflation, is the first step to figuring out how big your nest egg need should be to safely sustain your retirement expenses.
Send us a Lab Report to firstname.lastname@example.org or record a voice message on this page. You can delete and re-record your message if you need to.
A big thanks to our Richer Life Lab sponsor
SoFi – As the online marketplace leader in student loan refinancing, SoFi has helped over 90,000 borrowers refinance both federal and private student loans, cut their interest rates, and save around $18k on average! SoFi also offers personal loans of up to $100k. Learn more at sofi.com/richer.
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