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7 Ways Managing Your Finances Becomes Trickier When You’re Self-Employed

Tue, Sep 9, 2025, 11:47 AM 6 min read

Being your own boss is empowering, but it also means managing irregular income, taxes and financial planning without a safety net. The freedom of self-employment comes with a whole new set of money rules that most traditional financial advice simply doesn’t cover.

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Jannese Torres-Rodriguez knows this reality better than most. As a former engineer turned award-winning Latina money expert and founder of Yo Quiero Dinero, she’s helped thousands of self-employed people navigate the unique financial challenges of working for themselves. After 12 years in the game, she’s seen every mistake in the book — and, more importantly, knows how to fix them.

“At the end of the day, self-employment is an act of rebellion and self-trust,” Torres-Rodriguez said. “But financial stability doesn’t happen by accident; it happens when you treat your money like the powerful tool it is.”

Here are the seven biggest ways money management changes when you become your own boss, and exactly what you need to do about it.

One of the biggest mistakes Torres-Rodriguez sees? “Mixing personal and business finances. You cannot build wealth when your business and your personal money are in a toxic entanglement.”

The old rule: Keep track of everything in your head or in one account.
The new rule: Open separate bank accounts and run your business like a business, not a hobby.

This isn’t just about organization; it’s about protection. When tax season rolls around, you’ll thank yourself for having clear records. Plus, banks and lenders take you more seriously when your business finances are properly separated.

“They make money and immediately spend it or reinvest 100% of it,” Torres-Rodriguez shared about struggling self-employed people. “Sis, you deserve to get paid too.”

The old rule: Spend whatever’s left after expenses.
The new rule: Decide on a realistic monthly paycheck and stick to it from the beginning. Adjust as your income grows.

Think of yourself as both the business owner and an employee. Just like any other employee, you need consistent pay to build personal wealth and maintain your lifestyle.

“If you’re not setting aside at least 25-30% of every dollar you make, you’re setting yourself up for pain. Pain, I tell you,” Torres-Rodriguez advised.

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