Best Financial Practices for
Your Self-Employment Side Hustle
Your Self-Employment Side Hustle
OFFERED INSIDE THE PERSONAL FINANCE FOR PHDS COMMUNITY
Taught by Dr. Emily Roberts
This Training Is for You If You Are Both:
A PhD or PhD-in-training:
- Graduate student
- Postdoc
- PhD with a Real Job
- Self-employed PhD
- Prospective graduate student
A business owner, aka:
- Self-employed
- A freelancer
- A contractor
- A gig worker
- A solopreneur or sole proprietor
Do You Want to...?
Use your side hustle income to reach your financial goals and lifestyle desires
Increase your contribution room to tax-advantaged retirement accounts using your side hustle
Determine the best types of accounts for your side hustle
Incorporate your side hustle income seamlessly into your budget
What you can expect from joining the course:
Video training: Self-Employment Retirement Account Options
- Evaluates of the three most popular self-employment retirement accounts
- Recommends one account type over the others for solopreneurs
- Explains how the contribution limit for that account type is affected by the retirement plan you have through your job (if any)
- Answers whether the preferred account type can be opened at the 13 most popular brokerage forms
- Demonstrates how to fill out the key IRS worksheet to determine contribution room
Video training: How to Budget with a Variable Income
- Explains why having a separate checking account for your business is necessary
- Reviews how best to budget for variable and irregular expenses
- Provides a formula for calculating how much tax to set aside from your side hustle income
- Presents five strategies for incorporating your side hustle income into your personal budget and how to select the best option(s) for you
What you can expect from joining the course:
The cost of the course is $28.
Frequently Asked Questions
Do I really have a business?
Often, self-employed side hustlers don't think about their side hustle as a "business." A business connotes formality when side hustles are often quite casual.
If you file a Schedule C with your tax return, you have a business. You are considered a sole proprietor if you run your business on your own, with no partners or employees. That is the type of business owner I have in mind for these trainings.
If you're not sure if you are supposed to file a Schedule C for your side hustle income, review the definition of sole proprietor available from The Balance. If you're earning money regularly but don't have an employer (instead, you likely have a number of clients or at least the option to take on several clients), chances. are very good that you're self-employed and should file a Schedule C.
Any business that turns a profit can benefit from learning the "Best Practices for Your Self-Employment Side Hustle."
If you file a Schedule C with your tax return, you have a business. You are considered a sole proprietor if you run your business on your own, with no partners or employees. That is the type of business owner I have in mind for these trainings.
If you're not sure if you are supposed to file a Schedule C for your side hustle income, review the definition of sole proprietor available from The Balance. If you're earning money regularly but don't have an employer (instead, you likely have a number of clients or at least the option to take on several clients), chances. are very good that you're self-employed and should file a Schedule C.
Any business that turns a profit can benefit from learning the "Best Practices for Your Self-Employment Side Hustle."