Money-Smart Solopreneur: A Personal Finance System for Freelancers, Entrepreneurs, and Side-Hustlers

by Laura D. Adams

As a Solopreneur, you can take control of your life, use your unique talents, and choose the work you love. But avoiding the pitfalls of being your own boss can be a challenge. Money-Smart Solopreneur gives you the essential knowledge, tools and inspiration you need to live a successful Solopreneur life as a full- or part-time freelancer, independent contractor, or side-hustler in the on-demand economy.
In plain English, personal finance expert and host of the Money Girl podcast Laura D. Adams cover legal, financial, and tax issues you need to know to stay out of trouble. You'll learn how to manage variable income, use an automatic money system, and create a self-employed benefits package that meets your needs. Laura's smart tips and chapter exercises show you how to earn more, manage the unexpected, and reach your financial goals. You'll come away empowered to build your solo business and create long-lasting financial security.

Genres: Business, Finance, Nonfiction, Personal Finance, Entrepreneurship, Self Help, Money

269 pages, Paperback

Published September 1, 2020

Reviews

[Chad · Rating 3 out of 5]

Very basic financial advice for one-person businesses (solopreneurs), aimed at the business owner who's just getting started. It covers accounting, taxes, health insurance, life insurance, and retirement. It's a decent primer, but I expected more detailed advice and more uncommon wisdom.

The book, especially parts 1 and 2, also touches on non-financial topics, such as business planning, business entities, business names, and business documents, but here too the details are minimal and the advice is elementary.

I read this because I’ve been a longtime fan of Adams’ Money Girl podcast.

Notes
Choose a traditional, pretax (non-Roth) retirement account if you think you're earning more now than you will in retirement. But, because we don't know what will happen to earnings or income tax rates in the future, diversify by having both traditional and Roth accounts.

[Leandra März · Rating 1 out of 5]

there are motivating books and there are demotivating books. I guess its full of information but A) I allready knew most of it and i feel like all those things were just told but not explained and B) the way everything that needs to be done was told in a verry depressing and demotivating way. Maybe its just how I took it but I read books about finance who were motivating as hell for exapmle F.U. Money, after that i felt like starting a business IMEADIATLY and that it will be hard but as long as i start and dont quit it does not matter how often I fail. With this book here I feel like Its too hard and one should never try.

[Sym · Rating 3 out of 5]

Detailed, descriptive and practical advice abound in this book. It is USA focused, so the official business types and legal and tax compliance stuff were not relevant for me (I'm UK based). However, I thoroughly enjoyed listening to this, in particular the reality of organising and managing yourself, clients and business. It didn't linger on the emotional aspects but they were mentioned, so I felt it gave a more holistic approach to venturing alone than I had expected.

Found the narrator easy to listen to, her tone was informative and warm.

[Malvin · Rating 3 out of 5]

You can call this book the simplified version of a For Dummies, specialized in personal finance for self-employers/small business owners. The structure is very similar to the For Dummies series, including the list of 10 at the end.

I like that it is not discouragingly thick as a regular For Dummies. Everything is short and straight to the point. But in the other hand, it is pretty basic and similar to other books in the same topic. There is not so much takeaway if you are somewhat familiar with this topic.

[Falon Barton · Rating 3 out of 5]

It annoys me when niche books, that you pick up for specific information and insight, spend a ton of time — whole chapters — on broad topics (e.g., investing and health insurance), with granular details that are out of date within a year, to the neglect of granular details in areas more specific to the niche. For example, I would have loved more specifics for service-oriented solopreneurships that don’t have products, inventory, employees, etc.

[Ayoola Efunkoya · Rating 5 out of 5]

Whether you live and work in Nigeria or New Zealand, Laura Adams' Money-Smart Solopreneur is the guide you need to begin your entrepreneurship journey on the right footing. Although the book was written from a U.S. standpoint (based on the examples and scenarios cited), the overall steps, tips and ideas are applicable anywhere in the world your business-creation and management plan find you.

[Samantha · Rating 5 out of 5]

This is honestly one of the most useful business books that I have read. I have read many other, but I always was confused about the specific details and steps to take (taxes, licensing, banking, etc). This lists them out in order. So helpful!

[Kaela · Rating 4 out of 5]

Great overview for someone just starting out or just thinking of striking out on there own. Covers most of the things you need to consider, as well as building a helpful To Do list for you! Also, love the Money Girl podcast!

[L · Rating 3 out of 5]

If you are a newbie to all this, this would be a good place to start. Very clear and easy to understand. If you have been at this awhile or have read a few other books on the topic, you can probably skip this one.

[Jeff · Rating 2 out of 5]

Fairly basic information if you've read any personal finance book before.

[Shari Craddock · Rating 5 out of 5]

Great book for all the details of starting a business. The tax laws were very helpful.

[Danielle · Rating 4 out of 5]

This book is great for someone starting their journey as a solo. Will definitely recommend this to my clients who are early in their businesses.