Financial Focus Financial tips for the self-employed another, depending on whether you have employees. You have to make quarterly estimated payments. Plus, you're may want to consult with a financial advisor to determine responsible for all your Social Security taxes, which, if you worked for someone else, would be split between you and your employer. To make sure you've got enough money available to pay your taxes, you might want to set up a spe- cial account - one that's not used for any other purpose. Get proper insurance. Depending on the nature of your vulnerable to financial stress when you face an unexpected work, you may or may not need some type of business insurance, but if you have a family, you should certainly consider the need for life insurance, and you may also Being self-employed has some benefits: You get to choose your own hours, you don't have to count "vacation days" and you'll never worry about getting downsized. On the other hand, you're truly on your own - theres no employ- er-sponsored retirement plan and no benefits package. So, if business or other organization, your income is predict- you've recently started a business or become a "gig worker," possibly due to the COVID-19 pandemic, what can you do ployed. And when your earnings are uneven, you can be to get on the road to financial security? There are several steps you can take, including the following: expense. To help protect yourself from these threats, try Establish a budget. When you're self-employed - and especially when you're first starting out - you need to keep tight control over where your money is going. So, establish a a liquid, low-risk account. budget and stick to it. Open a retirement plan. As a self-employed individu- al, you can choose a retirement plan, such as a SEP-IRA, a SIMPLE-IRA or an "owner-only" 401(k). When your earnings are limited, you can contribute modest amounts to any of these plans, but when your income rises, you can boost your contributions. While these retirement plans have debts down as fast you'd like, but, over time, your efforts some things in common, induding tax-deferred growth of earnings, they differ in other areas, such as contribution limits, and one plan may be more suitable for you than which plan is best for your needs. Build an emergency fund. When you work for a able - but that's usually not the case when you're self-em- to gradually build an emergency fund containing a few months' worth of living expenses, with the money kept in want to consider disability insurance. Self-employment can be quite fulfilling - and you'll find it Pay down your debts. Some debts, such as loans to help even more rewarding when you make the right financial your business, may be unavoidable - and even productive. moves. But other debts, especially those that can't be deducted from your taxes and carry a high interest rate, are far less useful, so you may want to set up a repayment plan. With Edwand Jones, Member SIPC your other expenses, you might not be able to whittle these Edwand Jones is a licensed insurance producer in all states This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. can pay off. Put money aside for taxes. Because no employer is withholding taxes from your paychecks, you will likely and Washington, D.C., through Edward D. Jones & Co., LP, and in Califormia, New Mexico and Massachusetts through Edwand Jones Insurance Agency of California, LLC.; Edwand Jones Insurance Agency of New Mexico, LLC.; and Edwand Jones Insurance Agency of Massachusetts, LLC. Edward Jones Michael C. Caley AAMS Pam Covington CFP" AAMS Edward Jones Edward Jones Sean P. Asiala AAMS Edward Jones Tod Heisler AAMS Edward Jones Jason Korner CFP Edward Jones Quinn Nofziger Edward Jones Gwen Ruppert AAMS Edward Jones Karen Rupert AAMS Financial Advisor Financial Advisor Financial Advisor 91 Chestrut His Parkway Fort Wayne, IN 4G814 Sean Asialdedwardjones.com 625-5700 Making Sense of Investing Financial Advisor 414 S. Scom Rd Fort Weyne, IN 4814 Ounn Notsedardones com 399-5853 Making Sense of Investing Financial Advisor 7525 West Jatferaon Blvd. Financial Advisor 7030 Ponpe inverness Way Sute 125 Fort Wayne, iN 46804 Tod Healerdedwardones.com Financial Advisor 14413 linois Rd Ste E Fort Wayne, IN 46814 Owen Ruppert@edwardjones.com 625-3524 Making Sense of Investing Financial Advisor 7122 Homestead Rd. Suite C Fort Wayno, IN 46814 Karen Pupertdedwardiones.com 263-4760 Making Sense of Investing 6525 Constitution Dr 7329 West Jetferson Blvd. Fort Wiyne, IN 46804 Michael.Caley@ednardones.com Fort Wayne, IN 46804 Pam.Covingnon@edardones.com 478-8038 Fort Wayne, IN 46804 Jason Komerdedwardones com 444-3134 Making Sense of Investing 432-0304 Making Sense of investing 432-3613 Making Sense of Investing Making Sense of Investing Financial Focus Financial tips for the self-employed another, depending on whether you have employees. You have to make quarterly estimated payments. Plus, you're may want to consult with a financial advisor to determine responsible for all your Social Security taxes, which, if you worked for someone else, would be split between you and your employer. To make sure you've got enough money available to pay your taxes, you might want to set up a spe- cial account - one that's not used for any other purpose. Get proper insurance. Depending on the nature of your vulnerable to financial stress when you face an unexpected work, you may or may not need some type of business insurance, but if you have a family, you should certainly consider the need for life insurance, and you may also Being self-employed has some benefits: You get to choose your own hours, you don't have to count "vacation days" and you'll never worry about getting downsized. On the other hand, you're truly on your own - theres no employ- er-sponsored retirement plan and no benefits package. So, if business or other organization, your income is predict- you've recently started a business or become a "gig worker," possibly due to the COVID-19 pandemic, what can you do ployed. And when your earnings are uneven, you can be to get on the road to financial security? There are several steps you can take, including the following: expense. To help protect yourself from these threats, try Establish a budget. When you're self-employed - and especially when you're first starting out - you need to keep tight control over where your money is going. So, establish a a liquid, low-risk account. budget and stick to it. Open a retirement plan. As a self-employed individu- al, you can choose a retirement plan, such as a SEP-IRA, a SIMPLE-IRA or an "owner-only" 401(k). When your earnings are limited, you can contribute modest amounts to any of these plans, but when your income rises, you can boost your contributions. While these retirement plans have debts down as fast you'd like, but, over time, your efforts some things in common, induding tax-deferred growth of earnings, they differ in other areas, such as contribution limits, and one plan may be more suitable for you than which plan is best for your needs. Build an emergency fund. When you work for a able - but that's usually not the case when you're self-em- to gradually build an emergency fund containing a few months' worth of living expenses, with the money kept in want to consider disability insurance. Self-employment can be quite fulfilling - and you'll find it Pay down your debts. Some debts, such as loans to help even more rewarding when you make the right financial your business, may be unavoidable - and even productive. moves. But other debts, especially those that can't be deducted from your taxes and carry a high interest rate, are far less useful, so you may want to set up a repayment plan. With Edwand Jones, Member SIPC your other expenses, you might not be able to whittle these Edwand Jones is a licensed insurance producer in all states This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. can pay off. Put money aside for taxes. Because no employer is withholding taxes from your paychecks, you will likely and Washington, D.C., through Edward D. Jones & Co., LP, and in Califormia, New Mexico and Massachusetts through Edwand Jones Insurance Agency of California, LLC.; Edwand Jones Insurance Agency of New Mexico, LLC.; and Edwand Jones Insurance Agency of Massachusetts, LLC. Edward Jones Michael C. Caley AAMS Pam Covington CFP" AAMS Edward Jones Edward Jones Sean P. Asiala AAMS Edward Jones Tod Heisler AAMS Edward Jones Jason Korner CFP Edward Jones Quinn Nofziger Edward Jones Gwen Ruppert AAMS Edward Jones Karen Rupert AAMS Financial Advisor Financial Advisor Financial Advisor 91 Chestrut His Parkway Fort Wayne, IN 4G814 Sean Asialdedwardjones.com 625-5700 Making Sense of Investing Financial Advisor 414 S. Scom Rd Fort Weyne, IN 4814 Ounn Notsedardones com 399-5853 Making Sense of Investing Financial Advisor 7525 West Jatferaon Blvd. Financial Advisor 7030 Ponpe inverness Way Sute 125 Fort Wayne, iN 46804 Tod Healerdedwardones.com Financial Advisor 14413 linois Rd Ste E Fort Wayne, IN 46814 Owen Ruppert@edwardjones.com 625-3524 Making Sense of Investing Financial Advisor 7122 Homestead Rd. Suite C Fort Wayno, IN 46814 Karen Pupertdedwardiones.com 263-4760 Making Sense of Investing 6525 Constitution Dr 7329 West Jetferson Blvd. Fort Wiyne, IN 46804 Michael.Caley@ednardones.com Fort Wayne, IN 46804 Pam.Covingnon@edardones.com 478-8038 Fort Wayne, IN 46804 Jason Komerdedwardones com 444-3134 Making Sense of Investing 432-0304 Making Sense of investing 432-3613 Making Sense of Investing Making Sense of Investing