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TV Expert Interviews / Entrepreneurs / Jan 21, 2022 / Posted by Laura Adams / 1271

How to Create Financial Safety Nets – Business & Individuals (video)


In this Expert Insight Interview, Laura Adams discusses how to create financial safety nets, delivering tips for individuals and small-business owners to minimize risks and protect hard-earned assets and survive any crisis. Laura Adams is a nationally-recognized personal finance and business expert, author of nine books and audiobooks, including Money Girl’s Smart Moves to Grow Rich and her latest book Money-Smart Solopreneur: A Personal Finance System for Freelancers, Entrepreneurs, and Side-Hustlers.

This Expert Insight Interview discusses:

  • The most common financial mistakes people make when starting a business
  • How to build a “financial runway”
  • Why it might be a good idea to keep your day job for a bit longer

Taking Out an Insurance Policy

There certainly seem to be many more people nowadays who are thinking of going out on their own and becoming solopreneurs. As people start to think about going into business on their own, they should focus on some initial financial things to protect themselves from the get-go instead of learning about them the hard way.

One of the main things that Laura sees people overlook about starting a business is thinking about insurance. This is no surprise: people are generally very excited about their business opportunities. That excitement can be a great tool in generating revenue, but having some insurance is always a good idea as you never know what might happen.

Building a Financial Runway

Laura also suggests testing your idea before investing all your savings into it, especially if it is something you plan to do on the side. Think about your emergency savings goals and whether you have enough of a “financial runway” to ensure that you’re OK even if the business doesn’t do as well as you hoped for.

Most people don’t save up enough upfront, so they end up in panic mode when the business begins to eat into their savings.

Keeping Your Day Job

Another thing Laura Adams encourages aspiring entrepreneurs to do is to keep their day jobs as long as possible. If you’re doing something on the side, you might get excited about it and think it is what you want to do for the rest of your life.

However, keeping your day job for just a bit longer gives you the ability to save up a bit more and keep the benefits you have at work. In that case, the additional source of income becomes a type of insurance policy in its own right.

Our Host

John is the Amazon bestselling author of Winning the Battle for Sales: Lessons on Closing Every Deal from the World’s Greatest Military Victories and Social Upheaval: How to Win at Social Selling. A globally acknowledged Sales & Marketing thought leader, speaker, and strategist, he has conducted over 1500 video interviews of thought leaders for Sales POP! online sales magazine & YouTube Channel and for audio podcast channels where Sales POP! is rated in the top 2% of most popular shows out of 3,320,580 podcasts globally, ranked by Listen Score. He is CSMO at Pipeliner CRM. In his spare time, John is an avid Martial Artist.

About Author

Laura Adams is a personal finance and small business expert, award-winning author, and host of Money Girl, a top-rated weekly audio podcast and blog. She’s frequently quoted in the national media, and millions of readers and listeners benefit from her practical financial advice. Laura’s mission is to empower consumers to make smart money decisions every day through her speaking, spokesperson, and advocacy work. She received an MBA from the University of Florida and lives in Vero Beach, Florida.

Author's Publications on Amazon

This book is an easy-to-follow guide to eliminate debt faster than you ever thought possible and create the financial future you deserve.
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Laura doesn't tell you what you can and can not buy with your own hard-earned money; instead, she gives you guidance, tips, and tricks you need to make the most of it.
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Getting out of debt might seem overwhelming, but it doesn't have to be no matter how much you owe.
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Whether you're learning the quickest way to improve your credit score or the seven essential tips for preventing identity theft, you'll be surprised and relieved at just how doable it all is.
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In this book, Laura D. Adams answers questions every aspiring and new entrepreneur has about creating a business and building a secure financial future. It's a complete guide for what to do, critical mistakes to avoid, and how to start a solo business without taking…
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Their wisdom and experience will turn your uncertainty into confidence, your ineptitude into skill, and your questions into answers.
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