065: How to save for retirement when you’re self-employed – with Hilary Hendershott

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Alright ladies and gents… it’s time to start simplifying money. More specifically, let’s talk about how to save for retirement, especially if you’re self-employed like me.

My special guest today is a Certified Financial Planner.


Hilary Hendershott simplifies how to save for retirement when you’re self-employed

In this episode, you will learn:

  • The best way to pay yourself, considering the pros and cons of being on payroll vs. taking owner’s draw
  • The different retirement account options that are available to you now
    • How to decide what is right for you and your business
  • The best time to start saving
    • Is there a ‘right’ age, or stage of your business?
  • How much you should save every month/quarter/year
  • How to save for retirement now, and still pay the bills

I’ll be the first to admit – I don’t have it all figured out myself, in this arena either. So, know that I was feverishly taking notes throughout this entire episode, as I’m sure you will be too. Grab a pen and paper!

Whatever you do, pinky promise you won’t throw your arms up and hit pause on your podcast player while listening to this one.

I made sure Hilary simplified the technical jargon, making it easy to understand. It means you can create saving systems in your work and in your life, starting today.

Plus, do you want to increase your wealth by $50,000+ in the next 24 months? You’ll definitely want to check out her 50k Wealth Multiplier experience.

This will help you commit to growing your net worth and putting a plan in place to get there.


My challenge for you this week:

Take an honest look at where you are spending, and where you are saving. Plan your steps in ‘How to save for retirement’. Share it with me, privately or publicly. Snap a photo of you doing the thing, and tag @thesimplifiers on Instagram for added accountability and support!

Links, people and apps mentioned:

Extra information: Self employment retirement plan from Hilary

Hilary’s wealth management course: 50kwealthmultiplier. This course is designed to help you increase your wealth by $50,000+ in the next 24 months. The next one starts on Jun 8, 2019.

Financial company mention: Black Rock Financial

Book: The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It – Michael E. Gerber

Book: Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine – Mike Michalowicz

Favorite quotes from this episode:

[07:34] “If you’re a business owner who believes that wanting money or serving for money is bad and fundamentally evil, this creates a major conflict in your mind – Hilary

[10:12] “If you’re working seven days a week, 360 days a year earning minimum wage (or equivalent), you might as well go get a job. Let’s have entrepreneurship be the golden road to an amazing lifestyle. You’ve got to create profitable revenue streams and pay yourself handsomely.” – Hilary

[11:20] “It comes back to realizing that you jumped off the corporate 9 to 5 train to build a business that suits your lifestyle. So it should also pay you, bottom line. And if it doesn’t, over time, start to question why you’re doing it.” – Mary

[12:25] “What is a CEO in your industry making? You should be able to pay yourself that on payroll, wearing your CEO hat as soon as possible. And then anything else that’s left over, those are your profit draws.” – Hilary

Hire an inspiring public speaker

Book an inspiring public speaker

Would you like me to speak at your upcoming conference, workshop or retreat? I want to meet you!

I’m traveling around the UK this summer 2019 and I’d love to come and speak in your hometown!

I’m super passionate and love to talk about:

  • How to hire your first VA (aka. Virtual Assistant)
  • How to simplify how you use social media, personally and professionally
  • How to continue STRONG
  • helping you laser focus on your annual business goals
  • give you the tools and motivation to stay on track
  • teach you how to simplify, as a business owner

Plus, if your event is anywhere near the coast, go ahead and COUNT ME IN.

No matter if your event is big or small, let’s chat. I want to meet you!

Go to thesimplifiers.com/public-speaking/ to learn more about the topics I love to speak on, and to get the ball rolling!

Book me to speak

About Hilary:

Hilary Hendershott is the founder of Hendershott Wealth Management, a leading financial advisory firm for women. Hilary’s mission is to motivate women and their loved ones to become financially empowered.

Hilary hosts Profit Boss® Radio, a weekly podcast. Hilary and her guests offer inspiration and actionable advice to support women on their financial journey. She’s a TEDx speaker, and has been featured in the Wall Street Journal, NBC, ABC, FOX, DailyWorth, Forbes, and Investopedia.

Hilary was recognized as a Top 40 Under 40 Entrepreneur in Silicon Valley. In 2018, Investopedia named her one of the Top 100 Most Influential Advisors in the US. After more than 30 television appearances, Hilary is the go-to personal finance expert in Silicon Valley for NBC. So much so, that Hilary has been nicknamed “The Investor’s Voice of Reason.”

Hilary has an MBA from Santa Clara University, and is a Certified Financial Planner.

Hilary’s vote for the perfect guest on The Simplifiers Podcast:

Amber De La Garza – The Productivity Specialist who provides entrepreneurs with the straight talk on productivity.

Where Hilary hangs out online:

Websites: hilaryhendershott.com and 50kwealthmultiplier.com

Facebook: @hilarity

Twitter: @HilarytheCFP

LinkedIn: @hilarythecfp

Video version of the episode

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