With the monthly full money extra, I'm Chris Hill.

There are more than 30 million small businesses in America, and more than 80% of those small

businesses have no employees.

They are solo operations.

And maybe that shouldn't be surprising when you consider how many people start a side hustle

for themselves while they're still working a full-time job.

What Adams is a personal finance expert best known for hosting the popular podcast Money

Girl.

When we talked recently, I asked her about the most common mistakes that people make when

they are just starting out with a new business venture.

When you're just starting out, you really don't realize the tax liability.

I find that's the number one mistake people say, I didn't put anything aside that first

year for taxes.

I maybe put a little bit aside, but I had no idea what the burden would be.

So that's the mistake number one.

It's not really having a grasp on what your tax liability will be, not paying quarterly

estimated taxes.

Many people don't even know what that is.

They don't know that they're supposed to be paying taxes as you go.

You think about our paychecks when we're a W2 employee.

Taxes are taken out every week.

We're keeping up with it literally on a weekly basis.

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