Let's talk about your team
I refuse to use a sports metaphor because I don't watch sports.
Hi, I’m Renée, a finance and business journalist, writer and content strategist. The Budgette is a chill newsletter about single finances and is published twice a month to more than 2,000 subscribers. I prefer to write when I have something to say and it gives me time to speak to financial, legal and other experts. When I’m not here, I work on content strategy and execution for Canadian and U.S. publications and brands. If you want to work together, message me or you can find me on LinkedIn.
A friend messaged me asking if I knew an employment lawyer and another friend asked me if I knew an employment lawyer for the first friend who messaged me.
(My Toronto world is getting smaller and smaller the longer I live here. Clearly, time to move.)
I didn’t but I knew someone who would, so got a name from them and passed it on. This got me thinking about who we need on our team and why.
Why do you need a team?
When you’re single, you do most of the work. As I’ve mentioned before, you’re the primary wage earner, cook/chef, cleaner, accountant, coach, etc.
I don’t know about you, but that’s a lot to carry and sometimes you just want to lay down on your couch and sleep forever.
That’s why delegating to a team can help. If you can afford it, pay the experts to do the work for you instead. Instead of spending hours doing your taxes, you can use that time to do something else that’s either more productive or more helpful for you.
Yes, this includes lying on your couch.
Right, with that in mind, who should you have on your team?
Accountant or bookkeeper
If you have a fairly complicated tax situation or just don’t want to do your taxes, a good accountant or a bookkeeper is definitely well worth the expense, which you can claim on your business.
They obviously help with filing your taxes, but they can also help you keep track of your personal and business finances.
An accountant can also help you when your business is in a growth position and you need to hire more employees, figure out payroll, and all the taxes, rent, and other expenses that come with growing a business. This leaves you free to focus on other things like hiring, research and development, and business development.
Plus, they’ll give you great advice. One of the best pieces of advice I ever got was from my former accountant. I had just bought my home and he said that if I ever coupled up, I should have the other person sign a cohabitation agreement. Naivé me asked what that was and the response blew my mind.
(In Ontario, a cohabitation agreement outlines the rights and obligations of each partner during and after a relationship. Check your province, territory or state for something similar.)
Now a bad accountant can get you in hot water with the Canada Revenue Agency or the Internal Revenue Service if they do things like forget to file taxes. Check their references thoroughly.
Lawyer
Personally, at this stage in my life, I think people should know or have the names of these types of lawyers:
Wills and estates. You can absolutely create a will through platforms like Willful if it’s a simple one. If you have a complicated one that involves trusts or a business, then working with a lawyer can help you articulate your desires before and after you die.
Another reason to know a lawyer who specializes in wills and estates is that at some time in your life, you may become an executor of a family member’s or friend’s will. I know two people who are working their way through this process and it has been fairly complicated.
Employment lawyer. For the very obvious reasons of if or when you get laid off, you have clear legal advice from someone who is not affiliated with your former company. An employment lawyer will review your severance package and advise if you are entitled to reasonable notice and compensation based on your contract and severance package.
Believe me, some companies will offer you the barest minimum, like one company who laid off a group of us, offered me one week because I’d been there less than a year, and offered one more week with an air of ‘see how nice we are?’
I took my severance package to an employment lawyer and instead of two weeks, I got 12.
I have also asked them to review contract offers for specific wording so I could continue doing projects outside of business hours without fear of the company attempting to claim ownership of them.
Family lawyer. Look, I clearly don’t know your life but a good family lawyer can reduce the amount of grief during a trying time.
Financial advisor
You know this was on the list. I’ve talked about this before but a qualified advisor can help you:
Assess your current financial situation
Help you figure out your current, medium- and long-term goals including retirement planning as I wrote about here.
Provide advice on the right financial products for your specific needs
Review and update your plan, goals and investments as needed
Provide calm advice when the market gets dramatic
Advise on whether you should invest in that totally sketchy, sounds-like-a-pyramid-scheme investment where you’re totally going to lose all your money.
There is a ton of information here on where to find an advisor, how to vet them and the questions to ask. It is for Canadians but for Americans, there are some really good questions.
Insurance agent
I know, weird, right? Why an insurance agent? Aren’t they there to sell you something? Yes, but a good insurance agent will create an insurance plan that suits your needs. That includes life insurance, home and auto insurance, business insurance, and critical and disability insurance.
They should be able to answer your questions, explain your policy, and even help you make a claim. However, because I’m me, I will also tell you to shop around to make sure you’re getting the best deal.
Where to find your team
The best way to find people is to ask around. Talk to friends and family, get names and reach out. See if you fit. Ask questions. You may never need them but it’s always good to have names in your mental files.
Good technology
Your team doesn’t have to consist entirely of people. You should have some good technology supporting you as well. Think of accounting apps that track your invoices and mileage. Other apps that track and organize your invoices, then create an Excel spreadsheet for you. Even your favourite tax-filing app where you can upload your T4 or W2 form, and your retirement contributions for the year.
What other tools or people do you think you need for your team? Let me know in the comments.
This week’s readings:
My latest article for the Toronto Star: The Season of Giving: how to make the most of your charitable giving (The Toronto Star)
Customer Churn Reduction: Proactive Strategies to Get Ahead (PartnerStack)
Single's Day: Expert tips on making the most out of singlehood (Yahoo Canada Style)
CRA’s rate on overdue taxes will rise to 10 per cent, causing tax advisers to shift strategy (The Globe and Mail)