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🎧 3 Non-Negotiable Financial Rules for the Self-Employed
Podcast Finance / PodCast / Oct 9, 2025 / Posted by Lisa Conway-Hughes / 0

🎧 3 Non-Negotiable Financial Rules for the Self-Employed

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Are you a self-employed professional finally ready to build absolute financial security? We recently spoke with Chartered Financial Adviser Lisa Conway Hughes, and her message is clear: the path to freedom starts with financial discipline. Here are the three non-negotiable foundations for sustainable small business money management.

1. Build the Financial Firewall (Immediately!): The single most prominent mistake entrepreneurs make? Mixing personal and business accounts. This is a massive legal and tracking hazard. From day one, you must open separate bank accounts for your business. Then, pay yourself a regular salary from your business account into your personal one. This simple step professionalizes your operation and creates a legal “firewall” that protects your personal assets.

2. Master the Feast-or-Famine Cycle: Entrepreneur cash flow is rarely linear. To survive the unpredictable nature of sales, you need a substantial buffer. Lisa advocates for an aggressive approach: aim to build a business emergency fund (or “War Chest”) equivalent to 2–4 years of operating income. While this is a long-term goal, start with a 6-month reserve and consistently grow it to insulate your business from economic shocks or prolonged client payment cycles.

3. The 15-Minute Tax Discipline: Don’t let tax season be a massive, terrifying surprise. Treat tax planning as an ongoing, weekly task. Dedicate just 15 minutes to setting aside funds. A smart benchmark? Save 25% of all income for taxes, and save another 25% into a separate Profit Account. This proactive approach ensures you always have the capital you need, eliminating cash-flow crises and setting you up for scalable growth.

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About Author

Lisa Conway-Hughes is a financial expert who is passionate about making financial education open to all through writing, speaking and blogging on all things money related. She is a Chartered Financial Adviser and Fellow of the Personal Finance Society (PFS), a qualification held by fewer than 2% of PFS members. In addition to Miss Lolly.com where she shares practical, jargon-free guidance, Lisa is the founder of LCH Wealth in the City of London and also the author of Money Lessons: How to manage your finances to get the life you want.

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About Author

Lisa Conway-Hughes is a financial expert who is passionate about making financial education open to all through writing, speaking and blogging on all things money related. She is a Chartered Financial Adviser and Fellow of the Personal Finance Society (PFS), a qualification held by fewer than 2% of PFS members. In addition to Miss Lolly.com where she shares practical, jargon-free guidance, Lisa is the founder of LCH Wealth in the City of London and also the author of Money Lessons: How to manage your finances to get the life you want.

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