Coaching can be a fun and highly rewarding profession, because you get to help people become better versions of themselves, gain confidence, and build more resilient bodies. One of the quickest ways to burn out from the profession, however, is to make financial mistakes. There are a number of financial pitfalls young coaches fall into when leaving their W-2 jobs and going into business for themselves, including saving for quarterly taxes, managing bank accounts, and setting aside money for retirement.

 

In this episode, Andy Baker offers simple and practical advice for young coaches (or people going into business for themselves for the first time) to avoid the most common money mistakes. He lays out a strategy to set aside money from every payment for taxes and retirement savings, and explains how you can use multiple bank accounts to ensure you always have enough money to cover quarterly tax payments and unforeseen business expenses that may come up as you grow your income.

 

Want to work with Andy one-on-one to solve your business problems?

Book a consulation at https://www.andybaker.com/phone-consultations-training-or-business/

 

 

Andy Baker

Blog: www.AndyBaker.com

IG: @bakerbarbell

Owner of Kingwood Strength & Conditioning

Co-author of Practical Programming for Strength Training

Co-author of The Barbell Prescription: Strength Training for Life After 40