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
- Book an inspiring public speaker
- About Hilary:
- Video version of the episode
- Join us and become a Simplifier!
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
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:
Video version of the episode
Join us and become a Simplifier!
Well hello there, thanks for stopping by and having a listen to The Simplifiers Podcast! Our mission is to take topics in business and in life… and SIMPLIFY them!
If you loved this episode, you’ll want to go ahead and hit the SUBSCRIBE button in your podcast player to get more of this coming your way.
In addition, we’ve created a free online community called the SUPER Insiders, so you can connect with other entrepreneurs and aspiring Simplifiers around the world.
Disclaimer: This blog post includes affiliate links because we wholeheartedly believe in the products, books and courses featured on the podcast. Therefore, we get compensated when you click on the links above and decide to purchase these items, which helps us continue to serve and support you. We share only the very best resources with our listeners and hope you find great value in them, as well.