Hi, I'm Shlomo and I Help Freelancers & Solo-preneurs define and execute their Personal exit strategy (PES) on FreeFinanacialSelf.com . Go ahead, Ask Me Anything!

Shlomo Freund Mentor Speaker
Apr 27, 2018

After building a successful company and handing it's management onwards, I turned to my former passion which is personal finance and more than that helping others succeed in their lives financially. 

I didn't realize it's a passion back then.

But, for the past 14 years, I've been doing what I now do with clients. Help them reach financial goals and plan ahead financially.  Over that time I found out that I really like to help with personal finance, financial freedom planning, and such things. I can talk about this a lot and spoke about this a lot with friends and family. But not as a mentor or advisor like now. 

So, I realized this is probably what having a passion feels like. :) 

Here are some of the things I've done, and you can do that too, with the right planning and tools:

  • Manage my own IRA fund successfully (2016 my portfolio went up 38% which is quite nice. It wasn’t exceptionally hard. You just need to know how. And I’m saving lots of money on management fees that are adding up to a nice sum when I retire)
  • Invested in two real estate projects in London and the US. One of them gives a passive income every year. Both are about to be sold BTW.
  • I invest in the stock market for over 10 years now
  • I budget my spending - I optimize my life to fit my financial goals (found a way to build a house relatively cheap and save a lot!) 
  • I maximize my assets earnings as much as I can (rent our place on Airbnb when we are out of the house anyway). 
  • Constantly research new financial apps and products to reach my financial goal faster.
  • Moved to Portugal for a 2 months workation with my family, wife and my 2-year-old daughter (Came back a week ago) 
  • Moved for 2.5 months to Thailand for a workation with my family - reducing our expenses to less than $1000/month 
  • Built a company in China which is profitable from the 1st quarter it exists. 
  • Own cryptocurrency which went up by more than 700% in 8 months.

I have a 6-day mini-course for you to start - Join in to Master Your Finances . 

Send me a private message on AMAfeed and get a 20 minutes free strategy session

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What principles are going to shape your company’s culture and support your vision?
May 14, 8:18AM EDT0
What is the fundamental idea that you own in the consumer’s mind?
May 13, 7:24PM EDT0
What is the value that you promise to deliver in your line of business?
May 13, 2:24PM EDT0
What are the greatest assests that make someone a good Freelancer?
May 1, 11:43PM EDT0
What are the first signs that a Freelancer needs to change the approach towards looking for jobs?
May 1, 7:29PM EDT0
When starting a new business, what are the aspects that you would advise an entrepreneur direct the funds towards to yield best results for the business?
Apr 28, 9:10AM EDT0

My best advice for you is: Pay yourself first. It makes a tremendous change if you only take projects that will have to make sense financially to be able to pay yourself. It's an automatic margin you have to take into account when accepting a new deal. 

Then with that money make sure you save it and invest it, don't just let it lie down in your bank account. 

Apr 29, 7:39AM EDT1
How should a new entrepreneur raise capital for his business venture? What types of investors should one seek?
Apr 28, 5:22AM EDT0

Adi, I can't answer this question without having more info about what's the business, At what stage in it and how much money (if at all) does it make. 

Please PM for an answer. 

Apr 29, 7:40AM EDT0
What are some of the financial tools a freelancer should use to manage their finances? Do you recommend a specific accounting software?
Apr 27, 10:14PM EDT0

As with freelancers that often get paid directly to their bank account and not through their company, it's not different from ones else for tracking your expenses and income and your networth. 

Econ Julio, I'd recommend any expenses tracking software that works in your country (if you PM and tell me where you are from, I might be able to recommend something specific) along with having an excel to track your net worth (PM if you are interested in the net worth tool I use for myself). 

Apr 29, 7:44AM EDT0

What is your content marketing strategy, if you have any, to drive ppl to your site? Thanks in advance.

Apr 27, 11:22AM EDT0

Brittany, thank you for your question. 

I have a blog where I publish content on video along with posts about reaching financial freedom and personal finances and I do live sessions of Q&A on my Instagram account. 

All my links are in the bio. 

Apr 29, 7:51AM EDT0
When should an entrepreneur take risks with their business? Is it when they reach financial security? How do you define it?
Apr 27, 11:12AM EDT0

As you build yourself financially then obviously you can take more risks in your own business. So, If something goes wrong you are not back to square #1.

I'd say, making that progress gives you more options both in your business and your personal life. 

If you are just starting out, be more conservative in your business decisions as you gain more capital, you can take more risks. 

Apr 29, 7:56AM EDT0

I am paying for a residential plot. I've paid of around70% of the total 'original cost' of the plot during the last few years, and I intend to pay of the rest of 30% in 2018. However during the last few years the price of most plots in the same town have increased from the original cost. But I am unclear on what my own plot's value would be right now because I don't have the possession of my plot yet and so I don't know where it would lie. Meaning there are multiple sectores or phases of that township scheme. So how do I find the current value of my plot? Secondly, how do I calculate the networth of this asset? Is the 30% amount that I am yet to pay a 'loan'? I hope this makes sense.. 

Apr 27, 2:52AM EDT0

Let me start at the end. The net worth of that plot is its market price minus that 30% you need to pay (don't' forget to take into account eh interest you are paying on that loan). 

Now, in order to evaluate. It seems to me that if prices have gone up perhaps it's worth to refinances that loan and get better conditions for it? If so, the bank would give their own assessment of the value. From there you can take it to a professional for assessment pay him if you disagree with the bank. 

Apr 29, 8:01AM EDT1

Hi, I am from a developing country, and I would like to know what the optimal tools are for evaludation a good pension scheme (something I can use when I am unable to work due to old age or health reasons)? Please note that it doesn't seem like we have anything much similar to IRA or 401k here. Plus the insurance companies here are not known for being too trustworthy. Thanks in advance!

Apr 26, 9:38AM EDT1

 I don't think this is a specific question for developing countries.

I see the pension part as part of my portfolio and I'll do whatever I can for me to manage it vs. somebody else who doesn't care about my money as I am.

In Israel where I live (most of the time) it started less than 10 years ago that you can have an IRA (meaning tax saving benefits) with self-management. This is what I have and it's a great tax saver.

For me it's just like any other portfolio. So, I see this more as maximizing of your tax benefits if you can.

To sum up , invest most in what has tax benefits where you live ( if there is anything like that) , assuming it still gives you nice yield and keep developing your portfolio for high yield on other channels.

On these modern times, I don't think ANYONE should trust their countries pensions, we should all educate ourselves to be self-sustainable.

Last edited @ Apr 26, 5:11PM EDT.
Apr 26, 9:42AM EDT0
What would you suggest to entrepreneurs who made some bad decisions and lost their investments?
Apr 25, 5:52AM EDT1

 I'm sure that this is not an easy thing for you admitting that. My suggestion is understanding where you were wrong in that investment so you will do better next time. Don't make the same mistake twice. Also, don't let this stop you from investing and building your financial life properly. a failure is just a step on the way. Kepp going!

Last edited @ Apr 26, 3:57AM EDT.
Apr 25, 3:48PM EDT0
You wrote that you research new financial apps and products to reach your financial goal faster. Can you share some of the apps here?
Apr 24, 5:21PM EDT0

It's hard to answer as I don't know where you are from. Here are a few great examples where you can then try to find (hopefully) similar services in your country. You are invited to write where you are from and I'll try to help. 

Pocket Smith (International) - This service connect to all your bank account and Credit card. What's good about it is that it's not bound to a specific country but some countries are covered better than others. As an instance, Israel had good coverage when I wanted to check this but was missing some of the credit cards info it integrates to. I'm following to see when it will be good enough to test that service again. 

MInt (USA) - This is a very famous tracking personal finance app. But you need a US social security number to use it. 

Acorns (USA) - Micro investing app. But you need a US social security number to use it.

Robin Hood (USA & Australia) - Free stocks trading app

Personal capital (USA) - aggregate all your financial data into one place. Analyze it and make projections. But you need a US social security number to use it. 

 I hope these help! 

Last edited @ Apr 26, 11:18AM EDT.
Apr 26, 5:12AM EDT0
Do you have any advice for people who are looking to invest in stock market? What should they be careful about?
Apr 24, 3:09PM EDT0

Stock market is for the long term. Don't go near it for the short term.

Before adding money to my stocks portfolio it's money that I know I won't need to for at least 5-7 years (preferably even longer) 

Last edited @ Apr 29, 7:33AM EDT.
Apr 26, 5:03PM EDT0
How can individuals with small incomes invest and increase their revenue?
Apr 20, 4:38AM EDT0

Yes, they can. There are many ways to invest these days even for free. 

Robin hood app as an example gives free trading, cryptocurrency fees are also minimal and cloud mining can start here with a minimum of USD 0.6

Last edited @ Apr 29, 7:31AM EDT.
Apr 26, 5:03PM EDT0
Is there a minimum amount of money that one has to have to be able to invest?
Apr 20, 12:01AM EDT0

As long as you are covering your investments transaction costs you are able to start investing. 

These can be very little amounts that over time can grow significantly. Even if you have a few dozens of USD you can start out and be consistent adding to that amount every month. 

Get in touch and we can talk more about this. 

Last edited @ Apr 29, 7:29AM EDT.
Apr 26, 5:13AM EDT0

What financial advice would you give 18-22 year old entrepreneurs so that they not only have the money to build the business of their dreams, but continue to make enough money to enjoy the life of their dreams?

Apr 19, 5:44PM EDT1

Jessica, we all want to live our dream lives right now and we should. The question is what's the alternative. 

If you are 18 working as a freelance and like to spend your money on partyies all day that's great. But then you are putting your future financial situation being riskier. 

If you'd start early to work, save most of your income and invest it wisely you'll see that in a few years your wealth starts to build up. 

So, what you should do is define what's your desired future lifestyle and when you'd like to have it. Then build backward towards it. 

This is the kind of work I do with my clients. I invite you to get in touch for a free discovery session. 

Last edited @ Apr 29, 7:26AM EDT.
Apr 26, 5:14AM EDT0
What do you think about people who handle their own investments instead of seeking professional help? Is that something you would advise against?
Apr 10, 9:13AM EDT0

I'm all in favor of people take responsibility over their money. You are the person that cares most about themselves. Not the bank, not an accountant, portfolio manager, etc. 

the professionals you should be in touch with are the ones that can show you how to make the best decisions, but the decisions should be solely yours after they thought you what you need to know. 

Last edited @ Apr 29, 7:14AM EDT.
Apr 26, 5:14AM EDT0
Is it possible to invest small amounts of money from freelancing and get a high revenue? What investments would you recommend?
Apr 10, 6:17AM EDT0

Generally speaking yes it's definitely possible. BUT, it's important to understand that high yield would not mean quick investments, therefore, it should be money that you don't need in the near future. 

As for recommending, I need to get to know you in order to give you the right advice. Please PM me. 

Last edited @ Apr 29, 7:11AM EDT.
Apr 26, 5:14AM EDT0