Laura Adams shares her journey into personal finance, podcasting, and authorship with her new book Money-Smart Solopreneur. She shares how she transitioned from corporate finance aspirations to helping individuals improve their money management through writing and podcasting. She discusses the evolution of book publishing, the growing need for supplemental income due to inflation and stagnant wages by starting side businesses, and practical advice on identifying marketable skills.
We discuss...
- Laura Adams has worked in personal finance for nearly 15 years, transitioning from a corporate finance path after noticing even smart professionals struggled with money basics.
- Her passion for financial education led her to blogging and podcasting in the mid-2000s, eventually growing the "Money Girl" community.
- Writing books is a major undertaking that requires deep effort, especially when promotion is involved.
- Her dream of seeing her book on bookstore shelves motivated her to pursue traditional publishing, despite the changing landscape of book promotion.
- How the financial pressures facing many Americans today, especially due to inflation.
- Laura encouraged people to consider starting a side business to supplement income and access tax advantages.
- Side businesses should ideally be enjoyable since they often take place during personal time.
- Starting small and testing the market with minimal upfront investment is a smart approach to launching a side hustle.
- People should leverage existing skills and interests when brainstorming side business ideas.
- If your goal is quick income, practical gigs like freelancing, tutoring, or becoming a virtual assistant may be for you.
- Many people feel intimidated by starting a business but advised against overthinking early-stage logistics.
- Wait until a side business earns around $10,000 annually before worrying about formal structures like LLCs or accountants.
- Market research through conversation can spark ideas and reveal where your talents might fill a gap.
- Iterative experimentation are a great way to discover what business ideas are both enjoyable and viable.
For more information, visit the show notes at https://moneytreepodcast.com/money-smart-solopreneur-718
Today's Panelists:
Kirk Chisholm | Innovative Wealth
Douglas Heagren | ProCollege Planners
Follow on Facebook: https://www.facebook.com/moneytreepodcast
Follow LinkedIn: https://www.linkedin.com/showcase/money-tree-investing-podcast
Follow on Twitter/X: https://x.com/MTIPodcast