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.

Let’s dive in! 🏊‍♂️

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In this week’s Independent Money Newsletter, we’ll be covering:

• Your business travel can be tax deductible

• 3 financial takeaways from Sam Altman’s OpenAI firing (and rehiring)

• What’s happening at Carry?

Wait, you can get travel savings after Travel Tuesday?

It’s almost Travel Tuesday, but if you’re a business owner who’s conference schedule and business travel is a bit too unpredictable to book that far in advance, then this is for you.

Most of the regular costs of business travel are tax-deductible, and this includes traveling to conferences and meetups with other peers in your industry. 

So what do you have to do? Appropriately document why you’re traveling, and only take deductions you are entitled to.

That means setting your business purpose before your travel by:

• booking conferences

• setting meetings

• creating an itinerary with documented evidence. 

Learn more about using this hack and 20 others in our (free) Tax Hacks Resource.

3 financial takeaways from Sam Altman’s OpenAI firing (and rehiring)

Over the last week, Sam Altman (CEO and Co-Founder of OpenAI) was fired from OpenAI and then rehired. Here are 3 financially savvy ways you can prepare in case you’re ever in a similar situation. (Sam, hopefully you’re reading this).

1) Diversify your income streams — As a business owner with business profits as your only source of income, you’re not always in control of what happens. For example, what if there’s a major event that changes the economic climate or a major life event affecting your ability to work.

• Having diverse income streams like investing in stocks, ETFs, or alternative assets can be helpful

• Depending how you have it all set up, your money can compound on its own.

2) Set up an emergency fund — Similarly, having funds that are easily accessible in case of emergencies or major life events can be a great safety net to land on your feet. Also, it gives you flexibility in case you decide to quit your job to start your own thing.

3) Have a retirement account outside of your employer — aka an IRA or a Solo 401k if you’re self-employed. These give you flexibility outside of just your corporate 401k. You’re able to invest in a variety of assets rather than simply what your employer allows.

If you don’t have one setup yet, try ours or seamlessly move yours over. (Have any questions? reply to this email).

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!

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

• The Solo 401k handbook 

• Common Solo 401k FAQ

• What is a Solo 401k?

• How to Open a Solo 401k

• Solo 401k Contribution Calculator