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Practical Money Matters Radio Series

June 20, 2011
Financial Tips for the Self-Employed

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If you are self-employed or considering going into business for yourself, keep these tips in mind to ensure you are covered financially.

Transcript

Working for yourself, it's nice to call all the shots. But being your own boss also means you're responsible for things like insurance and retirement plans. Here are a few things to consider:

Health insurance is vital; and liability insurance is also a good idea to protect your personal assets in case your business is sued. Talk to an insurance broker about your options. Unless you're an accounting whiz, it's wise to hire a pro to help with your taxes. The amount they might help you save in deductions and penalties could well cover their fees.

You also need to manage your own retirement savings. Ask a financial advisor about different retirement plan options available to self-employed people.

Bottom line: If you work for yourself, it's your job to keep covered.


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