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Suddenly your side hustle is more than just pocket change.
You could be looking at a new phase of your business, says Kurt Wiegert, a certified financial planner and president of Towson Wealth Management in Towson, Maryland.
The trees are everywhere, yet sometimes you can’t see the big-picture forest.
For that, you might need an expert — someone who can help you figure out a plan, even when you are foggy on everything but the broadest goals.
With years of experience in digital marketing and content creation, Boulder, Colorado, resident Vee Weir realized she could work for herself. She took the leap and started her own digital marketing business in January 2019.
In just about a year, Weir, 27, went from invoicing under $100 at a time to thousands of dollars in monthly retainers. “As an entrepreneur, I made $3,000 less [in a year] than I made at my full-time job,” said Weir. “My mind is blown, how I broke even.”
Along with the increased revenue, though, came more questions and more decisions about business structure, how to pay herself and whether to use a CPA.
In every kind of business, people fail to think about risk, said Wiegert at Towson Wealth Management, “whether it’s insurance, investments [or] what is an exit strategy.”
A onetime consultation with a CFP can put you on the right path in terms of protecting yourself. If your insurance is inadequate, the CFP can help you uncover that. Wiegert recommends considering liability insurance and…
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