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Invest in yourself and business by having a plan in place

Date: June 24, 2022

Invest in yourself and business by having a plan in place

Business owners know that a big part of their journey is investing time and resources into their business. This means spending long days and nights developing products, hiring a team, training, and refining products or services. Many hours are invested in planning and strategizing to grow your business. But how do you plan your personal financial success along with the business?

As an entrepreneur, it is important to not overlook your personal financial situation. It can be a daunting task as you are already so focused on running your business, leading your team, and delivering your product or service. However, it is also necessary to have a plan for your personal financial future. Ask yourself what would happen to your spouse, children, and family if you were to suddenly become disabled, had to retire sooner than anticipated, or passed away unexpectedly? You don’t want all your money tied up in a single place, inaccessible to the ones who need it most. Disability and life insurance are always a good idea to protect yourself and your loved ones. Saving for retirement is the most often disregarded tax strategy, but the value of investing in your future is priceless.

You may not realize this, but if you plan on retiring at 65 and living for 20 more years, making 100,000 per year – you would need over 3 MILLION saved for retirement! Do you know at what age you want to retire and how much money you’ll need to make that goal? Having a CFO in your corner can help you answer that question. It is a smart investment in your future. They will help you strategize, manage cash flow, day-to-day operations, optimize your pricing, and so much more. With the right CFO on your side, you can reach your financial goals and save up to retire sooner with more resources and more time to spend with your loved ones. This will enable you to leave a legacy to your children and/or other family members. Another thing to consider, that not nearly enough people do – is the exit plan. You’ll also want to consider whether you’ll sell your business eventually or have a family member run it once you retire. The exit plan determines a lot of the current, short-term strategy to achieve long-term goals.

A huge way to be proactive and stay ahead in your business is to make sure you are not overpaying in taxes, and that you have a tax plan in place. Up to 93% of business owners actually end up overpaying! Don’t be one of them – this year-round, custom-tailored strategy can save you thousands (year after year after year). You can reinvest that in your business and add to your retirement, hire or give raises, innovate and invest, etc.! A Tax Strategist can analyze your current business and implement legal strategic plans that will help reduce or even eliminate your tax obligations. This is a key factor to saving you money in your business, which in turn will enable you to save more personally.

Setting a goal and investing in your personal finances now will give you a long-term security plan. Sometimes it can seem overwhelming, and you may want to focus on running your business instead but you can hire a professional to be a sounding board and give you solid financial advice. If you think you may be overpaying in taxes or feel like a tax plan is something worth exploring, contact one of our tax strategists for a complimentary assessment. Get saving!





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