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! 🏊‍♂️

In this week’s newsletter, we’ll discuss:

• Market Watch: The latest news on inflation and what you can expect for the rest of 2023.

• Expert Money Q&A w/ Ankur Nagpal: Learn how he thinks about balancing personal and business income, investing in his business vs. retirement accounts, and more.

• Upcoming Events: including a workshop on the tax strategy that can turn into $700-800K in tax savings annually. 👀

Market Watch ⏱

Inflation Isn’t Declining Anytime Soon

Federal Reserve Chair Jerome Powell announced that we’ll likely experience more rate hikes before the end of 2023, and he stated that there’s still “a long way to go” to get inflation back down to 2%.

So what does this mean for entrepreneurs? 🤔

To lower inflation, the Fed raises interest rates to make it more expensive to take out a loan.

The idea is that businesses will then take out loans and the reduced supply of money in circulation, which will lower inflation.

So if you’re planning to take out a loan for a new business or project, now might not be the best time to do so. However, rising inflation also means that the value of your cash will be worth less in the future, so investing the cash you currently have on hand back into the business might be a better investment.

Expert Money Q&A w/ Ankur Nagpal 💸

If you have volatile income, how do you decide how much to contribute to retirement investments each month? 

First, conservatively estimate how much you think you'll make for the year. Then, make monthly contributions to your investment accounts based on that conservative number.

For example, let's say you estimate your income will land somewhere between $100,000 to $150,000 this year.

In that case, make monthly contributions based on a $75,000 annual income.

At the end of the year (between the end of December and early March), when you have a better idea of how much you made that year, you can make catch-up contributions to match the amount of money you actually made. 💰

The reason it's important to make monthly investment contributions versus investing a lump sum at the end of the year is that you'll lose out on gains if the market grows through the course of the year.  

What’s Happening at Carry This Week? ⏰

Mark your calendars because our upcoming events will help you level up your personal finances and build more wealth — don’t miss out, your bank account will thank you later. 👀

Want More?

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

First, make sure you’re subscribed to our newsletter to read it every Monday.

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:

• What is a Solo 401k?

• How to Open a Solo 401k

• Common Solo 401k FAQs

• Solo 401k Contribution Calculator