Strong Female Leaders: Feature

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By Freelance Contributor | Strong Female Leaders | Reading Time: Five Minutes
Are you self-employed and do you want to save up for retirement? You might consider investing in the Solo 401K. The program is designed specifically for solo-entrepreneurs with one or two employees and offers many benefits. Scroll down for more information including the Solo 401K's benefits, how it works, and what questions you should ask your financial advisors.

Solo 401K: Is It for You?

1. Why should you invest in a Solo 401K?

If you are self-employed with one or two employees or have a side gig, then you qualify for the solo 401K. There are many benefits to investing in a solo 401K. For one, you are allowed to contribute more than an employer-sponsored 401K and an IRA. With a Solo 401K, you can contribute as both an employee and an employer. As an employee, in 2022, you can contribute up to $20,500 per year. As an employer, you can contribute up to 25% of your total annual compensation. Additionally, if you are 50 or older, you are allowed up to $6,500 per year of catch-up contribution. All of these are pre-taxed money that will compound in your account.
Another benefit is that there are no age or income restrictions for opening an account. It's a great fit for entreprneurs of all ages.
Last but not least, if your business is incorporated, you can expense your contributions as a business expense. This can give you a nice tax break.

2. How to open a Solo 401K account and maximize your investments?

Like with any investment account, your best first step is to choose a well-known financial institution and speak with an advisor. Any of them will be happy to assist.

3. What are some of the questions you should ask your financial advisor?

Questions about opening a Solo 401K account include application fees, hidden fees, roll over questions, investment options such as mutual funds, ETF's, stocks, bonds and CD's, and various tools that will help you maximize your earning potential.
As with employer-sponsored 401K programs, the solo 401K will discourage you from early withdraw, unless you experience hardships. You would want to clarify with your financial advisor regarding such conditions.

Parting Thoughts

If you've made it this far in today's article, you most likely already know if a Solo 401K is for you or not. If you are a solo-entrepreneur, then you most likely are certainly considering it seriously. We leave you by congratulating you on being a solo-preneur, because it is one of the hardest jobs yet. You are constantly taking care of your business, clients and wear many hats. But first, you need to take care of yourself and especially your future self. So good luck with everything and may you prosper.

1) Solo 401(k) In a Nutshell

2) Life Hacks For A Happy Retirement: The 7 Most Effective Strategies on Financial Planning That Experts Love for a Stress-Free Retirement

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[ Disclaimer: this article includes affiliate links.]

By Freelance Contributor | Strong Female Leaders

Life-Changing YouTube Videos

1. The Meaning by Jim Carey

2. The Secret

3. Any Successful Person MUST Do This by Simon Sinek

4. Elon Musk's Legendary Commencement Speech

5. Graham Stephan

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[ Disclaimer: this article includes affiliate links.]

By Christopher O | Strong Female Leaders | Reading Time: 3 minutes
If you need ideas for easy grab-and-go breakfasts, we've got you covered. Scroll down for quick and easy breakfast ideas for rushed workdays. Bonus: they are healthy too.

10 Quick Easy Breakfast Ideas for Workdays

1. Mango Banana Smoothiee Bowl

2. Chunky Monkey Overnight Oats

3. Yogurt Parfaits

4. Make Ahead Breakfast Sandwich

5. Cherry Breakfast Bars

6. Maple Syrup Granola

7. Pineapple Spinach Green Juice

8. Egg White Bites

9. Keto Breakfast Rolls

10. Healthy Blueberry Muffins

1. Enjoy healthy easy meals from the Easy Keto Dinners: Flavorful Low-Carb Meals for Any Night of the Week

2. Get your treats on with The Healthy Smoothie Cookbook

3. Find gluten- and grain-free recipes from Eat Happy: Gluten Free, Grain Free, Low Carb Recipes Made from Real Foods For A Joyful Life

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[ Disclaimer: this article includes affiliate links.]

Pins

By Freelance Contributor | Strong Female Leaders | Reading Time: Five Minutes
Need a boost in the personal finance department? Start with savings, because a penny saved is a penny earned. If you need fresh money-saving tips, scroll down and find creative ways to save money, build a rainy day fund, and invest for the future.

10 Creative Saving Tips

1. Pay with cash.

If you can see how much money leaves your wallet during each shopping trip, you will be more likely to spend less.
Start by freezing all of your credit and bank cards, literally. As in, store them in the freezer. If you can't take them with you, you will not use them.
Next, delete all payment apps. Or, leave your phone at home during shopping trips. There was a time when people did not bring their phones to stores and they lived good lives just as we do today.
Whatever necessities you need, use cash to purchase them instead. You'd be surprised at how willingly you would want to save just by seeing money leave your wallet.

**2. Get a fun second job.**

How much time and money do you spend socializing with friends at pubs and coffee shops? Instead of spending money socializing, make socializing your job. If you frequent the neighborhood joint, then find a waitressing or hosting position there on the weekends. If you enjoy hitting the gym, then get certified and teach a class or become a personal trainer. If you like meeting new people and putting yourself out there, then get licensed as a real estate agent and host open houses on the weekends.
Whatever hobby you enjoy doing, find a way to turn it into a fun part-time job. Instead of spending money on fun, you will make money while having fun.

3. Start an envelope system.

Find three envelopes and label the first one "savings," the second one "education" and the last one "entertainment." For each paycheck, after paying off bills and setting enough aside to satisfy your monthly budget, take what's left out in cash. Put 50% of it into the "savings" envelope, 30% of it into the "education" envelope, and 20% of it into the "entertainment" envelope. Now try not to spend any of the cash until you've fattened each envelope. And if you do spend the cash, make sure that you spend it on the corresponding category, and avoid taking anything from the "savings" envelope.

4. Initiate a saving challenge.

If you are the competitive type, then you will thrive on a saving challenge. Challenges are fun ways to help you reach your goals. However, as much as you'd like to shoot for the stars, it's better to start small. Have a modest and specific amount in mind that will contribute to something exciting. For example, a $1,000 vacation with girlfriends or a $300 anniversary present for your spouse. With a specific goal in mind, put away $50 - $100, or however much you can afford, of each paycheck until you have achieved the goal. It's even better if you do it with a partner in order to keep eachother accountable.

5. Check your account daily.

You can't save much if you don't know how much is coming and going. Start the habit of checking your bank account daily, even if on most days your account doesn't experience any action. Visiting your account daily creates a trigger for you to be more mindful about spending and sets a reminder for you to save consistently. It's not about money; it's about psychology.

6. DIY personal care items.

Nails, facials and other self-care practices can be done by yourself for a fraction of the price of using professional services. If you can, DIY as many personal care items as possible. Over time, the savings will build up.

7. Go out during happy hours.

Everyone needs a social outlet. You can still get yours and not break the bank. Instead of paying $30 per plate and $15 for a drink during dinner and evening hours, go out during happy hour when the same food and drink cost much less.

8. Clean up unused subscriptions.

Once a month, take an inventory of all the magazines, services and apps that you subscribe to. Ask yourself if you can live without them. If you find any, discontinue them. Soon, you will not even notice that they are gone.

9. Write a shopping list.

How many times have you walked into the grocery store with milk in mind and walked out with bags of stuff? If you have a shopping list ready in hand before entering the store, you will be less likely to make compulsive purchases.

10. Plan vacations six months ahead.

If you purchase tickets to Hawaii for a trip in December during the heat of the summer, tickets will cost less. It's always a good idea to plan ahead, purchase in advance, and budget with the future in mind.

Parting Thoughts

At the end of the day, it's about mindset. If you are mindful about money and intend to save, you will succeed. Whatever you need to save up for, be it a pair of designer shoes, a class that will advance your skills, student loans, vacation, a rainy day fund or retirement, if you practice good saving habits, you will achieve what you want. Saving money is hard, and that's why using creative methods helps. Start with just a couple of the tips above and see how things go. If you keep at it, you will get far.

1) Get Good with Money: Ten Simple Steps to Becoming Financially Whole

2) The No-Spend Challenge Guide: How to Stop Spending Money Impulsively, Pay off Debt Fast, and Make Your Finances Fit Your Dreams

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[ Disclaimer: this article includes affiliate links.]

By Freelance Contributor | Strong Female Leaders

Simply put, a business strategy is a peek into the future. It sets business goals, identifies the key principles and metrics that measure progress, and outlines the steps of how the business will achieve its goals. Some business strategies are complicated, while others are as simple as one sentence that says,"make more money." Regardless of how comprehensive, or not, your strategy is, having one is important because it serves as a guide for your business's day-to-day operations, predicts future trends and opportunities, conveys vision and direction, identifies competitive advantage, and sets you up for success.
If you would like to learn more about how to create a winning business strategy, scroll down and find more resources below.

5 Books About Business Strategy

1. HBR's 10 Must Reads On Strategy

2. Love as a Business Strategy: Resilience, Belonging & Success

3. The Seven Figure Agency Roadmap: How to Build a Million Dollar Digital Marketing Agency

4. Your Next Five Moves: Master the Art of Business Strategy

5. Blue Ocean Strategy, Expanded Edition: How to Create Uncontested Market Space and Make the Competition Irrelevant

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[ Disclaimer: this article includes affiliate links.]

By Christopher O | Strong Female Leaders | Reading Time: five Minutes Excited about fall fashion? Fall 2022's latest trends will get you even more excited. Even for workwear, new styles and ideas are popping up everywhere. Scroll down and find 10 of the most office-friendly fashion of fall 2022.