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The Artist's Path to Financial Stability: IRA Insights, Maximizing Benefits, and Reaching Full Creative Potential with Hannah Cole

62 min • 8 maj 2024

Margo is joined again by tax expert for creatives, Hannah Cole. Hannah specializes in working with creative businesses and mission-driven solopreneurs. A long-time working artist herself, she’s helped tens of thousands of self-employed people skill up with accessible tax and money education, through her Money Bootcamp program, speaking engagements, and through her podcast. Margo and Hannah unpack the complex world of finances, exploring the impactful financial habits that can safeguard your future, the emotional hurdles around financial literacy, and how shifts in mindset can lead to financial empowerment. They also dive into the importance of IRA contributions and the significant tax advantages they offer, the impact of non-compete laws on wages and even some antitrust law news.

Margo and Hannah discuss:

Why understanding and managing finances can feel particularly hard for creative businesses
Some of the mental shifts necessary for artists to tackle financial understanding and planning effectively
Non-compete agreements
Antitrust laws and how small businesses are currently being impacted
Understanding state business licensing and quarterly taxes for freelancers
Daily investment tips to potentially reach a million-dollar retirement fund
Hannah’s advocacy for basic, proven investment methods over complex strategies
Why you should focus on minimizing fees and long-term wealth building