Solopreneurship Insights and Recommendations

 

I’ve been a full-time financial education solopreneur for almost six years, following 27 years of side hustles, so I thought I’d share some insights and best practices based on my experience.

Insights

Some Clients Come and Go- Some clients rebrand themselves, change program focus, get bought out by other companies, or lose funding. In addition, some key personnel that hired me for projects left their employers. Expect that some business relationships might be short-lived.

LinkedIn is a Key Connector- A number of clients have found me through LinkedIn since I built out my profile in 2020. They obviously searched my profile and then sent a connection request. Some later reached out with a DM to start a conversation about work projects.

Work Should Be Fun- Full disclosure: I receive a pension, Social Security, and investment income, which pay all of my living expenses. Income from my company, Money Talk, is “gravy.” That said, I turn down jobs that I know will have stressful deliverables and/or clients.

Good Records are Essential- Once Money Talk became a full-time enterprise, I created two Excel spreadsheets, one to track annual income and one for business expenses. The spreadsheets help me with tracking accounts receivable, revenue estimates, and tax planning.

Dovetailing Projects Saves Time- Over the past 5+ years, I have created and taught over thirty face-to-face class presentations for a client. They are often the source of content for blog posts and webinars for other clients. In other words, I try to work smarter and not harder.

AI is a Time Saver- Since I first logged into ChatGPT in February 2023, I have increasingly used AI as a work enhancement tool. Gemini and ChatGPT are now my virtual BFFs. I use AI to brainstorm content, develop presentation outlines, create class handouts, and more.

Niches Attract Clients- Since 2020, I worked hard to market myself as an expert in financial topics germane to older adults via LinkedIn, “working out loud” on social media platforms, and networking. It appears to have paid off with several new clients seeking me out for this reason.

Recommendations

Below are five tips for other solopreneurs, regardless of the field that you work in:

Automate Repetitive Tasks- Create templates for spreadsheets, invoices, and letters of agreement with clients, Some people also use platforms like Calendly for scheduling.

Schedule Time For Business Growth- Block out your calendar for marketing activities and professional development (e.g., conferences, webinars, and training).

Protect Time Boundaries- Set defined working hours and manage client expectations about your availability during non-work hours and vacations.

Maintain a Consistent Marketing Routine- Post on social media or publish blog posts regularly (e.g., every Thursday) to stay top-of-mind with clients and potential clients.

Focus on Repeat Clients- Remember that it is cheaper to retain a happy client than find a new one. Suggest follow-up services and consider discounts for large or repeat projects.

This post provides general personal finance or consumer decision-making information and does not address all the variables that apply to an individual’s unique situation. It does not endorse specific products or services and should not be construed as legal or financial advice. If professional assistance is required, the services of a competent professional should be sought.

Me-Search Project: A Deep Dive into CCRCs

 

I recently taught a 90-minute class about continuing care retirement communities or CCRCs. My audience was about 60 older adults. I was a little apprehensive that class members might be shocked and/or angry when I described entrance fees for CCRCs, which are typically hundreds of thousands of dollars. Less than 5% of Americans have $1 million or more saved for retirement.

 

As it turned out, my fears were unfounded. Nobody seemed "sticker shocked" about the cost. Many students had already been researching CCRCs and several were on waiting lists. About a quarter also had long-term care insurance. In short, they were a class of future-oriented planners.

The class was very much a “me-search” project; i.e., research on a class topic that is intertwined with an instructor’s personal life. Full disclosure: my husband and I are on the wait list for a CCRC. While developing slides for the class, I reached out to staff and residents of three CCRCs to get a “real world” perspective. Below are take-aways that I shared with my students:

 

Contract Types- While specific details vary among over 2,000 CCRCs in the U.S., there are three general contract types: A, B, and C. The major differences between them are the cost of the entrance fee and the amount paid for long-term care (LTC) services (i.e., assisted living, memory care, and skilled nursing). The higher the entrance fee (Type A), the less residents pay for LTC and the lower the entrance fee (types B and C), the more residents pay for LTC.

 

Fee Refundability- Refunds vary by community and contract. For example, 50%, 75%, and 90% partial refunds. Refunds offer an opportunity to preserve estate assets and recover funds if a CCRC resident decides to relocate. CCRCs with refund options generally charge higher entrance fees compared to those with non-refundable fees. The community needs to factor in the cost of returning all or part of the entrance fee to residents or their estate if they leave or pass away.

 

Financial Qualifications- Prospective residents must complete intake forms listing their assets, debts, income, expenses, LTC insurance details, retirement account beneficiaries, and more. A general rule of thumb is that assets should equal at least 2x the entrance fee and income should equal at least 2x the monthly fee. However, all three CCRCs that I interviewed actually used computer software with an algorithm that includes monthly income, age, and amounts in savings.

 

Health Qualifications- There is a quote in the book Retirement Communities 101: “It is better to be two years early than two minutes too late.” When people wait too long to consider a CCRC and develop a health issue, they may not be approved. A “we’re not ready” mentality could lead to a missed opportunity. The key is to move to a CCRC (independent living) before you have to.

 

Other CCRC Details- Pets are allowed at most CCRCs, but restrictions typically apply including pet type, size, breed, and number. Trends in meals at CCRCs include more dining venues vs. one standard “main dining room” and flexible monthly “dining dollars” vs. a fixed number of meals per month. Common reasons why people move out of a CCRC are wanting to be closer to family after the first spouse in a couple dies and dissatisfaction with aspects of communal living.

This post provides general personal finance or consumer decision-making information and does not address all the variables that apply to an individual’s unique situation. It does not endorse specific products or services and should not be construed as legal or financial advice. If professional assistance is required, the services of a competent professional should be sought.

 

Serving as a Personal Representative: What You Need to Know

I recently taught a class with the same title as this article. It was inspired by what I learned and experienced personally as the personal representative (PR) of my late brother’s estate.

Below are some key take-aways:

PR Definition- A personal representative (PR) is a person or financial institution legally appointed to settle a deceased person’s estate via probate. PRs can be named in a will or appointed by the court. Some states (FL) use the PR term and others (NY) use the words executor (with a will) and administrator (without a will). The role and tasks performed are the same.

PR Importance- A PR is granted legal authority and fiduciary responsibility to act in the estate’s best interest. There can be legal and financial consequences if duties are mishandled. A PR’s actions can directly impact the lives of estate beneficiaries for many years.

The Probate Process- Probate is the court-supervised process of managing a deceased person’s estate (i.e., assets and debts). It involves validating the will (if one exists), gathering and valuing assets, paying debts and taxes, and distributing remaining assets to heirs.

Probate Avoidance Strategies- To avoid having assets subject to probate, people can use trusts, payable on death (PoD) designations on bank accounts, transfer on death (ToD) designations on brokerage accounts, beneficiary designations on life insurance and retirement savings accounts, and assets with joint tenancy with right of survivorship (JTWROS).

Legal Assistance- When serving as a PR, it is always best to consult an attorney in the relevant jurisdiction (i.e., where the deceased person lived). An attorney can answer a PR’s questions and handle court-related process steps and other tasks (e.g., obtaining an ETIN for the estate bank account and notifying creditors).

Small Estates- Most states have a simplified probate process for small estates. The definition of a small estate varies per state (e.g. $75,000 in FL and $50,000 in NY). Qualification for small estate procedures generally depends on the total value of probate assets rather than the deceased’s overall wealth. Wealthy people could use one or more of the probate avoidance strategies listed above to keep their probate assets below their state small estate cap.

PR Appointment Letter- An appointment letter (a.k.a., Letter Testamentary) is a formal document issued by a probate court, confirming the appointment of an individual (or entity) as the PR of a deceased person's estate. This letter serves as proof of the representative's authority to act on behalf of the estate (e.g., set up an estate bank account, pay debts, and distribute property).

Gap Time- It takes time for a PR to be issued an appointment letter. In the meantime, someone needs to pay up quickly for a funeral or cremation and then get reimbursed by the estate. Ditto for necessary expenses to maintain property such as electricity, water, property tax, and lawn care.

Tax Implications- PRs are entitled to compensation in most states, generally a percentage of the estate’s value as defined by state law. PR compensation is taxable as ordinary income on IRS Form 1040, Schedule 1. When PRs are also a beneficiary of the deceased’s estate, many waive their PR compensation and inherit nontaxable assets as a beneficiary instead.

This post provides general personal finance or consumer decision-making information and does not address all the variables that apply to an individual’s unique situation. It does not endorse specific products or services and should not be construed as legal or financial advice. If professional assistance is required, the services of a competent professional should be sought.

   

Take-Aways From AFCPE Symposium Recordings

 

One of the great features of the annual Association for Financial Counseling and Planning Education (AFCPE) Symposium is that AFCPE records all of the breakout sessions and makes them available to attendees online for a year. Gone are the days when you needed to choose one session from among multiple topics of interest and miss hearing the others.

During the past nine months, when I had time, I slowly made my way through parts of the 2024 Symposium that I missed and was interested in. This post provides a very eclectic summary of my key take-aways from the “rest of the AFCPE Symposium.”

Sequence of Returns- This term refers to the order of investment returns in retirement. In other words, good years first/bad years last or bad years first/good years last. It is not the average return throughout retirement that matters but, rather, the order in which returns arrive.

Sequence of Returns Risk- This is the danger that poor investment returns early in retirement, combined with withdrawals for living expenses, will reduce a portfolio’s value, increasing the risk of running out of money sooner, even if average returns are acceptable. Most sequence of returns risk happens during the first half of retirement.

Buffer Assets- These are assets outside retirement accounts that can pay expenses during market downturns to shield retirees from having to make withdrawals from equity assets. Examples include high-yield savings accounts and money market funds, home equity lines of credit (HELOCS), cash value life insurance, and reverse mortgages.

Financial Education Courses- The “gold standard” for high school financial education is at least a full semester stand-alone course and, in 2023, eight states passed a financial education requirement. As of July 2025, 29 states guarantee a personal finance course. Most state mandates are unfunded. Why the momentum? Great advocacy work, organizational support, and research findings showing the effectiveness of, and positive impacts from, financial education.

The American Dream- Research findings show the term “American Dream” is highly individualized  but perceived by most people as owning a home, having a comfortable retirement, and an expectation that your children will have a better life than you. White, Asian, and higher-income Americans are more likely than others to say they achieved the American Dream.

Reinventing Yourself- A panel of speakers discussed the process of transitioning to a new career within the financial education and counseling space. The benefit of doing this is that “you know things” and can transfer knowledge and skills honed during a prior career. In other words, you don’t have to start at the bottom. Some people also get paid more when they switch careers. A key to success is trying to differentiate yourself through skills, credentials, and experiences.

Next month, I look forward to attending the 2025 AFCPE Symposium. I’ll be teaching a concurrent session myself and once again learning from, and networking with, professional colleagues and sharing best practices in financial education.

This post provides general personal finance or consumer decision-making information and does not address all the variables that apply to an individual’s unique situation. It does not endorse specific products or services and should not be construed as legal or financial advice. If professional assistance is required, the services of a competent professional should be sought.

 

Common Mistakes With Retirement Savings Plans

 

People make mistakes with retirement savings plans for a number of reasons including lack of financial knowledge, procrastination, and underestimating future expenses. Many also don’t review or adjust their plans regularly, leading to missed opportunities and inadequate savings.

Below is a list of common mistakes made with retirement savings plans. If you learn what they are, you can take steps to avoid them.

Not Enrolling Early- Many people delay signing up for a workplace retirement savings plan, missing out on significant investment growth. Even small contributions made early in someone’s career can grow significantly over time due to compound interest.

Not Contributing Enough to Get the Full Employer Match- Many employers match a portion of employees’ contributions if employees save first. Failing to contribute at least enough to earn the full employer match is like leaving free money on a table and walking away.

Cashing Out When Changing Jobs- Some people cash out their 401(k) when they switch jobs and immediately spend the money. By doing so, they incur taxes and penalties and, more significantly, forgo long-term growth potential.

Not Increasing Contributions Over Time- As income rises, many people don’t adjust their retirement plan contributions. This is another missed opportunity. Increasing savings as you earn more helps keep retirement savings on track.

Choosing Investments Without Understanding Them- People sometimes select retirement account investments blindly or based on what their coworkers select instead of reviewing past performance, and their individual risk tolerance and goals.

Being Too Conservative Too Early- Younger investors sometimes avoid stocks due to fear, opting for bonds or cash equivalent assets. This limits potential growth early on when they can afford to take more risk because time is on their side.

Being Too Aggressive Too Late- Older investors close to retirement sometimes keep overly aggressive portfolios (i.e., a high percentage of stock), thereby exposing them to high market risk right before they need to withdraw funds to pay living expenses in later life.

Not Naming or Updating Beneficiaries- If you do not name a retirement account beneficiary—or fail to update it after life changes (like marriage or divorce)—your money might not go where you intended. It is also smart to name a contingent (“Plan B”) beneficiary.

Thinking You Have Plenty of Time- The biggest retirement plan mistake is procrastination. Many people assume they’ll save "later," and forgo the awesome power of compound interest for decades. For every decade of delay, the amount needed to save to reach a goal approximately triples.

This post provides general personal finance or consumer decision-making information and does not address all the variables that apply to an individual’s unique situation. It does not endorse specific products or services and should not be construed as legal or financial advice. If professional assistance is required, the services of a competent professional should be sought.