Hey there! Welcome to the Independent Money newsletter 👋 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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In this newsletter, we’ll discuss:

• Current Events: Here’s how the government shutdown impacts your investments and how small business owners can respond to challenges caused by the shutdown.

• Financial Tips and Tricks: Nicolas Boucher provides ten dead simple accounting KPIs every business owner should understand. Knowing these numbers will help you make better investment decisions… and look smart in front of your entrepreneurial friends.

• Financial Wisdom: Anthony Pompliano shared a few of the secrets rich people don’t want everyone else to know.

What A Government Shutdown Means For Entrepreneurs

Now that the government has shut down, what should you do about your investments?

There is plenty of speculation about what could happen next, but data from the last government shutdown that began in 2018 shows that the S&P 500 ROSE by nearly 10.3%.

We aren’t here to provide financial advice, but we will say this: In our anecdotal experience, entrepreneurs that automate their investments and leave them alone for decades, without reacting to the current economic climate, tend to perform better in the long run.

How The Shutdown Might Impact Your Small Business

The U.S. Chamber of Commerce recently published an article detailing how the government shutdown impacts small businesses and what you can do about it.

Here’s a quick summary:

SBA Loans

If you have a loan application in process, you can expect it to be halted until the government reopens. This means some small businesses may look into alternative loan options, like bridge loans, though these often come with high interest rates and exorbitant fees.

The U.S. Chamber of Commerce recommends contacting your lender to learn more about your loan details. However, they also stated, "The SBA is likely to continue and issue disaster loans, since they did so during the 2018-2019 shutdown, but you should expect new EIDLs (Economic Injury Disaster Loans) to be slow going.”

Federal Contractors

If you are a prime contractor, pull out the contract you signed and look at the language related to a government shutdown (work stoppage).

The U.S. Chamber of Commerce states, "The federal government cannot award contracts, modify them, or exercise options during a government shutdown. However, the actual work is expected to continue unless the contracting officer terminates the contract or puts it on a stop-work status."

Are you a subcontractor? If so, contact your prime contractor for further information.

Unfortunately, subcontractors don't receive retroactive pay.

If you want more help, the SBA published a plan for navigating a government shutdown. 

Financial Tips And Tricks

As a business owner, hiring an accountant is always a good idea.

But, business owners who understand the basics of accounting are much more likely to make better investment decisions and have positive cash flow.

So here are a few basic accounting KPIs that Nicolas Boucher wrote out that will make you significantly more financially literate:  

Financial Wisdom From Anthony Pompliano

Anthony Pompliano shared some excellent wisdom about investing in this tweet:  

When asked in the comments why rich people don’t you know these tips, this was his response:

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:

• The Solo 401k handbook 

• What is a Solo 401k?

• How to Open a Solo 401k

• Common Solo 401k FAQs

• Solo 401k Contribution Calculator