Achieving Financial Independence with Pat Furey
Are you set up for retirement? Roth – IRA, 401k, SEP IRA, LLC but being taxed as an S-Corp? What does it all mean and most importantly: how can it benefit me as a freelancer?
In this episode, I talk with Pat Furey of Pat Furey Photography about how he achieved a 10 year runway, the benefits of investing and how to get your start.
*Neither Pat or Adam Mason are financial advisors or accountants in any way. They’re both photographers who’ve been learning through years of trial and error and want to share ideas on what worked for them.
Pat’s Tips on Achieving Financial Independence
- Pat’s first year in business, he began working with an accountant who knew more about taxes than he did. He told Pat to put money away while he was young, and that set him up for success.
- If you have another job and are trying to transition, having leeway financially is going to do you a lot of favors. Have an emergency fund with 6-12 months income and it will set you up for success.
- Money is power, and being able to talk freely about it is super important in how you approach life.
- Pat has been shooting since he was 18. Because he’s been living by these principles since he began, he has a 10 year financial runway.
- Live within and below your means.
- Find out where your money is going. See where it’s going, and let that inform choices. If you don’t work with an accountant, get one. It will save you money in the long run.
- Break everything down with your accountant, and see what the best options are for your business and achieving financial independence.
- There are pros and cons to sole proprietorship, LLC, and S-Corps. Do your research, but talk over everything with your accountant to make sure you’re making the right choice for you.
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