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In this week's episode of Money Made Simple, Liv and Jennie tackle a topic that deserves some airtime: the finances of self-employment. Nearly 1 in 5 Kiwis work for themselves - and the financial scaffolding that employees take for granted simply doesn't come with the territory. They break down what that means in practice, what to set up early, and how to make sure your future self doesn't miss out.

This episode covers:

• The scale of self-employment in New Zealand - and why it's a growing slice of the workforce
• The three types of self-employed Kiwis, and why the financial picture looks different for each
• Tax, GST, and ACC - the basics you need to know
• The KiwiSaver gap between the employed and the self-employed, and what that means for your future
• What happened to the government contribution - and why it still makes sense to chase it
• The "hidden" perks of employment you quietly lose when you go out on your own
• Five practical watch-outs to set up early, including cash buffers, KiwiSaver contributions, and income protection
• Why you shouldn't assume selling your business will fund your nest egg - and what to think about when it comes to retirement planning as a self-employed

Resources mentioned in this episode:

- Sorted - tools and guides for building good financial habits: https://sorted.org.nz

- Business NZ x IRD's guide to becoming self-employed: https://www.business.govt.nz/business-stage-or-type/sole-traders/becoming-a-sole-trader

- Retirement Commission x Hnry report on the KiwiSaver savings gap for self-employed: https://retirement.govt.nz/news/latest-news/new-report-highlights-growing-retirement-savings-gap-between-self-employed-and-employees

- Hnry - tax and invoicing platform for sole traders and freelancers: https://hnry.co.nz

- MMS Episode 64 - how compounding returns work: https://open.spotify.com/episode/5GEHBzjZWUhTxnyXBNj6ku?si=7bcc6849f80b4a12 

By the end of this episode, you'll understand exactly how the financial future of a self-employed person is largely theirs to engineer - and a clearer picture of the key things to set up, think about, and get advice on before the tax bill arrives out of nowhere.

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Disclaimer: This podcast contains personal opinions and is intended to provide educational information only. It doesn't relate to your particular financial situation or goals and is not financial advice or recommendations. Simplicity New Zealand Limited is the issuer of the Simplicity KiwiSaver scheme and investment funds. For product disclosure statements please visit Simplicity's website simplicity. kiwi.