OMG. To say that I was excited to get an email from Huffington Post Live asking me if I wanted to go on-air with Suze Orman is a HUGE understatement.
I literally started crying with joy when I read the email. And shared it with my wonderful Facebook friends. Suze has been an inspiration to me for as long as I can remember. Not only when it comes to my personal finances (I own every single one of her books and have read them each several times), but also her philosophy of love when it comes to money and being true to your authentic self.
A couple of years ago, I moved to a town called Emeryville in California. The same town that Suze Orman got her start working as a waitress at the Buttercup Grill. I launched my bookkeeping business, catering to the fashion and beauty industry, and named it "EmeryCloud" because of Suze Orman's immense impact on my life.
Today, I had the opportunity to go on air with her and ask a question for entrepreneurs. We all know that starting a business is tough. Especially in beginning, when you don't know much money you'll bring in each month.
I asked her for her advice to entrepreneurs on how to pay yourself a salary and create a savings/investment plan when you have fluctuating income.
Suze Orman's Tips to Entrepreneurs
- Figure out how much you need to earn each month to cover your expenses. Know that total!
- Every dollar that you earn above and beyond that total needs to be put in a savings account. If you need to make $5K each month and you earn $7,000, put that $2,000 in a savings account. Be disciplined about not spending the extra money.
- Look into opening a Roth-IRA. Unlike a traditional IRA, you can pull out this money at any age with no penalties or tax implications. Start putting your emergency funds into a Roth-IRA and watch your money grow!
If you want to watch the full episode where Suze covers more awesome advice on how to deal with student loans, mortgages and being your authentic self in the financial industry, click the image below!
Danetha Doe is the author of a Simple Guide to Accounting and Financial Strategy for New Entrepreneurs. She is the founder of Danetha Doe Consulting, a business development agency based in San Francisco. Connect with her on Twitter, @danethadoe.