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Simpson, CFPTue, November 18, 2025 at 6:00 PM GMT+1 4 min readYou have a gift or skill you believe can help you make money, so you step out and decide to become your own boss. Before congratulations are in order, you need to recognize that being the boss has a hefty price tag attached. You are responsible for all expenditures, from the major expenses to everyday essentials.Up Next: How To Become Rich: 9 Fastest Ways, According To ExpertsCheck Out: 6 Subtly Genius Moves All Wealthy People Make With Their MoneyIn the early stages, making enough money to get out of the red is the primary objective. After a while, though, you must take steps to create the infrastructure necessary to support growth and stability in order to become a financially successful entrepreneur.Here are five steps you should consider if you are looking for wealth-building strategies from successful business people to grow and protect your money.Old Age, Survivors, and Disability Insurance (OASDI) is applied to earned income, and you are doubly responsible for it as an entrepreneur. This payroll tax provides security to working individuals who may lose income due to retirement, disability or death.You want to ensure you establish the financial protection that employed individuals take for granted during their working years. Employees are accustomed to paying a tax rate of 6.2% and the employer pays 6.2%. Self-employed individuals pay both employee and employer OASDI contributions for a total of 12.4%, which can be paid monthly, but is due quarterly at a minimum.Ensuring you’re fully aware of all expenses allows you to budget more efficiently.Learn More: 4 Secrets of the Truly Wealthy, According To Dave RamseyThe current tax laws are extremely favorable to small business owners and entrepreneurs. They allow for great deductions when your expenses are deemed ordinary and necessary in your general cost of business. Reasonableness can be considered as well.Working with a tax specialist who knows what is best for the self-employed can help you determine those exact deductions, allowing you to set up necessary benefit packages so that you to focus on wealth accumulationIt’s up to you to establish your benefits package and there are key considerations that you want to incorporate over time, in no specific order. You create your schedule, determine your time and outline your sick days. You can set up the ideal retirement savings plan that is based on your business purpose.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,623.73 -48.68 (-0.73%)Dow 3046,100.99 -489.25 (-1.05%)Nasdaq22,461.65 -246.42 (-1.09%)Russell 20002,342.64 +1.26 (+0.05%)VIX23.98 +1.60 (+7.15%)Gold4,067.10 -7.40 (-0.18%)PortfolioSign in to access your portfolioSign inTop gainersONDS Ondas Holdings Inc. 6.83 +0.58 (+9.22%)DGNX Diginex Limited 14.79 +1.20 (+8.82%)WULF TeraWulf Inc. 11.99 +0.94 (+8.47%)SRRK Scholar Rock Holding Corporation 39.34 +2.87 (+7.87%)MSTR Strategy Inc 211.49 +16.07 (+8.22%)Top losersBETA BETA Technologies, Inc. 24.47 -3.53 (-12.63%)NICE NICE Ltd. 106.11 -14.75 (-12.21%)SNDK Sandisk Corporation 243.85 -22.04 (-8.28%)OPEN Opendoor Technologies Inc. 7.20 -0.64 (-8.11%)FIGR Figure Technology Solutions, Inc. 38.96 -3.28 (-7.76%)Most activeNVDA NVIDIA Corporation 183.10 -3.51 (-1.88%)ONDS Ondas Holdings Inc. 6.83 +0.58 (+9.22%)OPEN Opendoor Technologies Inc. 7.20 -0.64 (-8.11%)PLUG Plug Power Inc. 2.1450 +0.0600 (+2.88%)TSLA Tesla, Inc. 403.79 -5.13 (-1.25%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersBTC-USD Bitcoin USD 95,061.10 -758.82 (-0.79%)OLMA Olema Pharmaceuticals, Inc. 20.14 +11.62 (+136.38%)NET Cloudflare, Inc. 197.15 -5.10 (-2.52%)HD The Home Depot, Inc. 344.18 -13.86 (-3.87%)^GSPC S&P 500 6,624.22 -48.19 (-0.72%)Top economic events