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:

• An Entrepreneur’s Journey: Learn how Erica Wenger’s financial journey has changed over time from early stage founder to venture capitalist.

• Money Talk: Andrew Wilkinson asked his followers how much money they need in their bank account to feel like they have “enough.” Check out some of the responses.

• Current Events: Hurricane Idalia reminds us of the importance of some basic financial principles.

• Financial Tip: PSA that you can still save money on your 2022 taxes by contributing to a Solo401k!

Financial Tips 💰️ 

Just in case you forgot, our founder Ankur Nagpal wants you to remember that you might still be able to save money on your 2022 taxes by contributing to a solo 401k! Check out his full thread here!

An Entrepreneur’s Journey 💬 

Erica Wenger is an early stage investor, serial entrepreneur, and content creator who recently launched her own venture capital fund, Park Rangers Capital. Today, she shares inside her financial journey as an entrepreneur.

Was there anything else you changed or started doing differently in your financial journey once you started working on your own thing?

I've always been obsessive about my finances. I budget monthly, track my net worth, etc., and when I started working on my own thing I had to be even more careful. I cut back on my spending and made enough money consulting month to month so I was able to break even on expenses.

Do you have a retirement plan or any long-term financial goals for yourself?

I hope to be financially independent/retire by the time I'm 35. I will work and build hopefully until the day I die because it's in my bones, but ideally I’d like to live off of my investments/savings and just pursue the projects I'm most excited about.

What’s one money rule you live by?

Focus on earning more, not spending less.

Money Talk 🫰 

What is your “enough” number? Some people say it changes, some people say they’ve met it. Check out the interesting discussion sparked by Andrew Wilkinson:

Here were a few interesting responses:

• “Somewhere in the $20 million to $50 million range. The problem, it always scales.”

• “I think you can live a pretty great life at 10-12k net monthly. Of course, there’s a lot of things you can’t have but you can basically have a great house, car, and still have money to live very well.”

• “Twice whatever I have when you ask the question.”

• “When returns on investments easily cover living expenses.”

What’s your take?

Current Events 📰 

Hurricane Idalia’s Lesson For Business Owners

A recent report estimates that Hurricane Idalia’s financial toll may total between $12 and $20 billion in damages, making it one of the costliest disasters in U.S. history.

This is a major blow for both homeowners and business owners, and it’s a strong reminder that while investing is critical for long-term success, it’s also important to have a strong emergency fund in place.

We recommend having at least a six to twelve month emergency fund in place so that you can bounce back from any unexpected events.

What’s Happening at Carry?

Here’s what you can expect in the coming weeks

See the full list of events here. ⏰

Want More?

Still can’t get enough? Well, we’ve got you covered!

Think your friends might like it? Be sure to share it with them! 📩

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