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Solopreneur Money

Jan 3, 2022

Happy New Year! As you begin the new year it is a good idea to reassess your financial and business situation. In this episode, you’ll hear tips for fresh beginnings both financially and in your business. Press play to hear what you need to do to start the year off right.

I have amazing news to share with you! My book is published and ready to purchase! Head on over to Amazon to grab your copy of The Solopreneur’s Money Manifesto: How to Master Your Finances and Create the Life You Want. After you read it please leave a review so that we can make it a bestseller.

You will want to hear this episode if you are interested in...

  • Updating your vision [3:22]
  • Reassessing your financial plan [5:35]
  • Understanding your risk management situation [9:55]
  • Preparing for the tax year [12:35]
  • Updating your will [14:17]

What is your vision? 

The beginning of a new year is an ideal time to reassess your vision. Has it changed over the past year? Where are you trying to go with your business and your life? Are your personal and professional visions changing? 

Revisit your mission. If your personal and business goals have changed, what do you need to be doing to accomplish those goals? Think about action items and habits that you need to start to form to make your vision come true and write them down so that you can get started. 

How is your financial plan?

Take a look at your financial plan to see what you need to adjust throughout the coming year. Assess your cash flow: is it up or down from the past year? Have there been any major changes in your finances? Are there any bills from last year that you no longer have to pay this year? If so, what do you want to do with that money now? Make a plan for it.

How is your debt situation? Have you paid off any old debts? Do you need to refinance your home? If your mortgage rate is more than 4% then now is a good time to refinance. 

Make sure to revisit your savings. Do you have 6-12 months of emergency savings set aside in your business and personal accounts? Do you have any major expenses coming up like large purchases or vacations? Start setting aside money to pay for those upcoming expenditures

Where are you at with your retirement savings goals? As a solopreneur, there is no one offering you a retirement plan, so you need to build it yourself. Do you max out your SEP IRA? Do you need to open a solo 401K? Do you need to add more per month or put a pension in place? 

Do you want to help your kids financially with their college goals? If so, do you need to increase or decrease those savings?

How is your risk management situation?

The heading of risk management includes life insurance, health insurance, and disability insurance. It is important to assess your insurance needs periodically. 

Health insurance is expensive yet important. If you enroll in a high deductible plan you’ll be able to open an HSA. I’m a huge fan of HSAs, so if you can start saving in one then do. 

Check that you have the right amount of life insurance. You should have 5-10 times your yearly earnings in life insurance. Do you have disability insurance? If so, you may not even need it. Listen in to discover why. 

Check your investment portfolio 

How are your investments? After the year the markets have had chances are they are up! But that could mean that you need to rebalance. Revisit your portfolio to see if it matches your risk tolerance and make sure you are invested the way you want to be.

Are you ready to create action items to get your financial affairs in order for 2022? Think about who you need to call to start moving the needle to continue to master your finances to live the life you want. If you need help reaching your financial goals head on over to to schedule an introductory consultation. 

Check out this episode to hear what else you should be doing to improve your financial and business situation in the coming year. 

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