Hey there! Welcome to Independent Money 👋 We’ll be exploring the latest financial news and discussing how it affects entrepreneurs like you. Plus, we'll share some awesome wealth creation insights from successful entrepreneurs that you won't find anywhere else.

Let’s dive in! 🏊‍♂️

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This week, we’ll discuss:

• Market Watch: We’re now halfway through the year! Here's what you need to know about the US economy and how it impacts your business.

• Entrepreneur’s Corner: Learn about Codie Sanchez’s three methods to make money.

• Inside An Entrepreneur’s Financial Journey: Jamie Russo (founder of Tweetjoy) shares his financial journey after switching from corporate employee to solopreneur.

Market Watch ⏱

Things are Looking Up: The Pessimists Haven’t Won… Yet

It’s halfway through the year, and the pessimists who predicted this would be a year of economic misery are still wrong. That being said, the US economy isn’t exactly winning any awards.

Here’s a glimpse of what you should know, especially as a business owner:

• Inflation dropped to 4% in May 2023 from 6.4% in January 2023 – the lowest it’s been since March 2021. But still higher than ideal.

• Unemployment rose slightly from 3.5% in December to 3.7% in May. Not bad, but it’s steadily rising.

• The S&P 500 index is up to 16.4%, just 7% lower than its peak in 2022.

• Interest rates are hovering around 4.9%. Higher than January but lower than the 5+% range following the SVB collapse.

• VCs are holding their Benjamins – Deals in the US decreased by 13.1% from Q1 2023.

What does this mean for entrepreneurs?

The economy isn’t in chaos, but there’s no telling how long this good news will last. To prepare your business for anything, ask yourself:

• Do we have at least a six-month emergency fund in place?

• Are we staying on top of accounts receivables?

• Are there any expenses we can proactively cut or replace with automation?

Entrepreneur’s Corner 📚

The Three Methods to Making Money

In a recent thread, investor and entrepreneur Codie Sanchez discusses the three methods to make money; time, leverage, or expertise. Just pick one to start making it..

• Time: This could be investing in a retirement account. (We might know where you could set one up..)

• Leverage: This is using borrowed money to invest. Businesses often use leverage to fund their growth.

• Expertise: This could be selling your knowledge as a product or service.

Inside an Entrepreneur’s Financial Journey 💬

A Conversation with Jamie Russo, the founder of Tweetjoy.

After a decade of climbing the corporate ladder at companies like WeWork and Amazon, Jamie Russo left the 9-5 grind to build a new life with intention.

He launched a boutique ghostwriting agency (Tweetjoy) to help CEOs build their social media presence by capturing attention and building authority. Today, he writes for some of your favorite voices on Twitter.

We asked Jamie to share his financial journey from a corporate employee to a solopreneur with our Independent Money readers like yourself. He discusses how he prices his services, his approach to long-term financial goals, and more.

How do you think about pricing?

• Initially I created 2-3 packages for my services and priced them in a range where I could replace my full-time income by landing 3-4 clients.

• After filling my client load, I doubled my prices.

• To generate referrals and keep a full pipeline, I under promise and over deliver.

• Since I have happy clients, I haven't needed to send a single cold email or DM and I optimize for net promoter score (not revenue).

What are your long-term financial goals?

• I saved for retirement during my first decade while working in corporate.

• I currently don’t have clear financial goals. I am young, early in my entrepreneurial journey, and have plans to reshape the business into a more profitable business model.

• I’m lucky to have a partner that works a stable job in a steady industry that provides a pension.

How has your financial journey evolved since starting your own business?

• Originally, I wanted to build a lifestyle business, only wanting to work 20 hours a week, and earn a healthy living to support my family

• As demand increased, happy clients and an unmet need inspired me to expand my agency, and I now work 40-60 hours per week.

• I view this as a short term sacrifice to make long term gains towards financial freedom.

If you’re interested in hiring him as a ghostwriter, check out Tweetjoy.

What’s Happening at Carry?

Here’s what you can expect in the coming weeks

See the full list of events here. ⏰

Want More?

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If you want more resources on building wealth as an solopreneur/entrepreneur, check these out:

• What is a Solo 401k?

• How to Open a Solo 401k

• Common Solo 401k FAQs

• Solo 401k Contribution Calculator