Episode 19 is all about investing as a solopreneur. Listen now!
Entrepreneurship is a rollercoaster of emotions, especially if you are learning how to run an online business as a first-generation Latina. In this week’s episode, Luzy King talks about how to invest as an entrepreneur, when to outsource tasks and the mindset work you need to do to increase your cash flow.
If you want to learn about what investment accounts are available for you to invest in the stock market as an entrepreneur, this episode is for you.
- Why is it so important to start investing as an entrepreneur.
- Types of investment accounts available for entrepreneurs
- What is a solo 401k.
- How do you know if you should outsource.
- What is the difference between a Traditional IRA and vs. Roth IRA.
Here is a sneak pick of some of the things I covered in the podcast.
What is a solo 401k?
A solo 401K is an investment account available for Latina solopreneurs with no future plans to hire any employees. However, that doesn’t mean you have to be the CEO, the CFO, the VA, The Social Media Manager, etc. It all means that your name and perhaps your spouse’s name are the only ones showing on your payroll. You can hire a contractor outside your organization to perform all those other tasks that are not in your zone of genius.
How do you know if you should outsource?
When you first start your online coaching business, you will find yourself wearing most of the hats, but it should not stay that way for a long time unless you want to hit burnout fast and stop your business from growing. Here is a sample of some of the contractors I have worked with to date:
- Email Marketing
- Automation for my business, for some processing that I recently implemented.
- Website development
- And of course, my VA
Let me be clear: I started outsourcing once my business started to have consistent income, paying myself from my business and setting money away for business taxes.
Luzy King is an award-winning Latina Wealth Coach. She became a first-gen investor after learning about investing and wealth building by accident through her MBA program in 2019. During the same year, Luzy was denied access to financial advice because she didn’t have $100K to start investing, and she made a commitment to learn things on her own and become the first one in her family to start investing. Now she is passionate about teaching women of color all of the strategies she wishes someone would have taught her in school. Luzy is a certified trauma-informed Financial & Business Coach, contributing author, and Community Leader. Luzy is on a mission to destigmatize the idea of wanting more money, more money more options. She is ready to teach women of color how to build a legacy through stock market investing and entrepreneurship.
Follow her journey and tag along.