Happy Monday!
Before we jump into today's topic, I just want to thank all of you!
My first book Write A Book In One Day is flying off the shelves - and it was inspired by all of your feedback.
This community is the best.
In fact, you've inspired me to write my next book. This one is gonna take a little longer.
The current working title is Leveraging AI for Financial Success. I'm going to take all of the knowledge we've covered in the last 30 odd chapters of Money Monday and back into a single book, both paperback and Kindle.
I'm looking for a few folks to pre-read it for me.
If you are interested, pop me an email at ben@10xyou.us and I'll get you on the list.
Thanks again - let's get on to the topic.
I wish I had this kind of help when I was freelance.
Being a content creator or freelancer is exciting, but let’s be real—it’s also financially unpredictable.
From fluctuating income to navigating taxes as a self-employed individual, it’s a lot to manage.
That’s where AI comes in. Whether you’re trying to budget for lean months, save for taxes, or optimize deductions, AI tools can help you streamline your finances and reduce stress.
Let’s explore how you can use AI to stay on top of your money, no matter how unpredictable your income might be.
TRUE STORY
Meet Alan, a YouTuber and part-time graphic designer whose income varied wildly from month to month. He often felt blindsided during tax season, struggling to budget for tax payments and manage inconsistent earnings. After adopting AI-powered financial tools, he automated monthly savings, estimated tax obligations, and tracked deductions. By the end of the year, Alan not only avoided financial surprises but also saved time and money, thanks to AI-driven insights.
HOW?
- Automating Tax Savings: AI tools can calculate how much you need to set aside for taxes based on your income, ensuring you’re prepared when payments are due.
- Tracking Income and Expenses: AI helps categorize and track your earnings and expenses, simplifying bookkeeping and making tax filing a breeze.
- Managing Income Fluctuations: With AI, you can predict lean months and create budgets that help you save during high-income periods to cover lower-earning times.
- Identifying Tax Deductions: AI scans your expenses to identify deductions you might miss, like home office costs, equipment, or travel related to your work.
- Simplifying Quarterly Tax Payments: For self-employed individuals, AI can calculate quarterly taxes, send reminders, and even automate payments to avoid penalties.
LET'S AI CHAT
YOU: Hey, I’m a content creator, and my income is all over the place. Taxes are a nightmare, and I never know how much to save or when to pay. Can you help?
AI: Absolutely! Managing creator finances can be tricky, but AI can simplify the process. Let’s start with taxes—do you know roughly what percentage of your income you need to set aside?
YOU: Not really. I just try to save what I can, but I always feel like it’s not enough when tax season comes around.
AI: A good rule of thumb is to set aside 25–30% of your income for taxes, depending on your location and tax bracket. AI tools can calculate this for you based on your earnings and even automate transfers to a dedicated tax savings account.
YOU: That sounds helpful. But what about deductions? I always feel like I’m missing something.
AI: You’re not alone—many creators miss out on valuable deductions. AI can scan your expenses and identify deductible items, such as internet and phone bills, office supplies, or software subscriptions. It ensures you don’t leave money on the table.
YOU: That’s great for taxes, but my income fluctuates so much that budgeting feels impossible.
AI: I hear you. AI can analyze your income patterns and predict lean months based on past data. This allows you to set up a savings buffer during higher-income periods, so you’re prepared when earnings dip. It’s like having a safety net tailored to your unique income cycle.
YOU: I like that idea. What about quarterly taxes? I always seem to forget those until it’s too late.
AI: AI has your back! It can calculate your quarterly tax estimates, set reminders for payment deadlines, and even automate the payment process. No more last-minute scrambles or penalties.
YOU: This all sounds like it would take a lot of work to set up.
AI: Actually, most AI tools are designed to be user-friendly. Once you link your accounts and input a few details, the system takes care of the rest. You’ll spend less time stressing and more time focusing on your creative work.
YOU: Thanks. This makes managing my finances feel way more doable.
ChatGPT: You’re welcome! With AI, you can take the guesswork out of creator finances and focus on what you do best. Let me know if you’d like to explore specific tools or strategies.
TOOLS YOU CAN USE
Here are some AI-powered tools to help creators manage taxes and income fluctuations:
- QuickBooks Self-Employed: Tracks income, expenses, and deductions while calculating quarterly taxes.
- Keeper: Identifies tax deductions automatically for self-employed individuals.
- Cushion: Helps manage irregular income by building a buffer for lean months.
- Wave: Simplifies bookkeeping and tracks income and expenses for free.
- Gusto: Helps freelancers manage payroll and taxes, including automated tax filings.
YOU GOT THIS
Managing taxes and irregular income as a creator doesn’t have to be overwhelming. With AI, you can automate savings, track deductions, and plan for income fluctuations with ease. These tools not only reduce stress but also help you save time and money, so you can focus on your creative work. Start taking control of your finances today and let AI help you navigate the unpredictable world of creator income.
GET BACK TO ME
How do you manage your finances as a creator or freelancer?
Have you tried using AI to simplify taxes or handle income fluctuations?
Drop your thoughts or questions - my email is below —I’d love to hear your experiences!
Also, if you've got any ideas for future Money Monday chapters, please let me know.
I want to make sure that you guys get the content you want and need.
See you next week.