Financial Freedom for Entrepreneurs

Post originally found on Samantha Brooks’ blog, originally post can be found here.


This week, I am shifting gears slightly. I recently started thinking about all the moving parts of being an entrepreneur, and I landed on a topic that I feel likely gets overlooked in the hustle and grind that is launching, running, and managing your own business. 

I was able to chat a bit with ‘Finance Hero’  Missy Gurley (Investment Fund Advisor) about how to take effective steps to secure your financial freedom. 

Take a look at her 5 financial tips for entrepreneurs…

As an entrepreneur, it can be really hard to toe the line between personal and business in all aspects, including your finances. There are small things that you can do now that will definitely help you take control of your financial future.

  1. Keep your personal and business finances separate:
    This is crucial for tracking expenses, managing cash flow, and simplifying tax filings. Open a separate bank account for your business and use it exclusively for business-related transactions.
  2. Stay on top of your bookkeeping:
    Keep track of all income and expenses and regularly update your financial statements. This will help you understand the financial health of your business and make informed decisions. Most bookkeeping programs allow you to sync your credit and debit cards to your system now, and you can automatically import any transactions so you don’t miss anything.
  3. Set your goals. As Sam suggested – make your Inspiration Board!
    Determine your financial goals and create a plan to achieve them. Both personally, and for your business. Want to reach a certain number of clients, or bring down your expenses? Want to be able to afford that amazing vacation or new home? Make a plan and set your goals. You can’t achieve them if you don’t know what they are.
  4. Start looking at your retirement. Yes, now.
    Without the support of a pension, or an RRSP through your workplace, you need to be the creator of your retirement. What does retirement look like to you and how do you plan to fund this? A

    Automatically putting money into an RRSP each month is a great way to force yourself to set money aside, but there are lots of other options as well:
    • Have you set up your business so that one day you might be able to sell it? Or sell part of it and continue profit sharing?
    • Have you met with your accountant and found the ‘magic’ number to be investing into your RRSP each year to save yourself some taxes? 
    • Properties are a great way to set up your retirement, try to plan your mortgage in accordance with when you plan to retire
    • Does your spouse earn a large ‘on paper’ income? Sometimes setting up a ‘Spousal RRSP’ is a great way to help bring down their taxable income and build up a nest egg for you both.
  5. Keep learning:
    Stay up-to-date on the latest financial trends and best practices. Attend seminars, look into the grants, read books, explore articles, and most importantly ask the questions. If you hear people talking about something you don’t quite understand, don’t be afraid to ask the big questions! It’s okay to not know all the answers all of the time.

*Bonus tip: Surround Yourself with Greatness*

Network. Meet other entrepreneurs. Ask the big questions. Find your cheerleaders. Be your own biggest supporter. Know your own weaknesses and build your team accordingly. 

Consider working with a financial advisor to gain new perspectives and keep you accountable to your plans. There is no one-size-fits-all financial plan for anyone. Each person’s needs are different, and each business’s needs are different.

There you have it Boss Babes – if you’d like to chat with Missy some more concerning your financial future – reach out to her directly at

If you’d like to be featured in one of our weekly blogs – connect with me directly at

You’re an inspiration,

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