We are entering a new age…
According to Bloomberg, over the past few years millions of people have entered the ranks of the self-employed. The digital economy has made it easier for the business savvy to go off on their own and be their own boss. Facebook has brought people closer together, texting and email have increased communication. Associations and Meet-up groups create networking opportunities. LinkedIn in particular has created rolodex transparency within companies and whole industries. (1)
While being self-employed is not for everyone, it is easier now than ever before. A connection on Facebook or LinkedIn is a potential client. Whatever you do, whatever your expertise the reality is there are hundreds and thousands of people who need to talk to you. Many of these are newly sprouted entrepreneurs as well. Building connections to individuals, as well as businesses is the new road to success.
For the newly self-employed, you need to be aware of the change from employee to entrepreneur. A recent court case in California looked at company obligations to “gig employees”. The case found “that a gig-economy driver doesn’t qualify for the protections of employees under California law.” (2)
“Under California law whether an individual performing services for another is an employee or an independent contractor is an all-or-nothing proposition,” the judge wrote.
If you are one of these people in the burgeoning entrepreneurial class, be sure to have a financial plan in place that protects you and your family, now and in the future. You cannot rely on the “company” providing your medical, disability or life insurance plans, let alone a 401k or pension. Work with a financial adviser who understands and appreciates the unique needs of the entrepreneur.
It is one thing to run with scissors… make sure you are managing the risks that come with living life.
I have worked with many, many entrepreneurs over the past 20 years. Many have become great successes, some have failed. All of them sought happiness on their own terms.
Failure to plan is a plan to fail. Plan to succeed.
Contact me at james.cox@FFGadvisors.com to learn more.
Retirement Income. Tax Efficient Planning.
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First Financial Group 744 W Lancaster Av Suite 235 Wayne, PA 19087
Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 954 Ridgebrook Rd. Suite 300, Sparks MD 21152. 410-828-5400. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is an indirect, wholly-owned subsidiary of Guardian. Devon Financial Partners, LLC is not an affiliate or subsidiary of PAS or Guardian. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation.
Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation.
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PAS is a member FINRA, SIPC.