Welcome to February! Valentine’s Day is just around the corner. I once had a couple come into my office who wanted to do a financial plan as a Valentine’s Day present to each other. I’ve created hundreds of written financial plans for people; this couple’s plan was novel merely because of the date (pun intended) they selected.
Having a lifelong commitment to a spouse or partner necessitates creating answers to many financial questions. Commitment means taking care towards your shared goals and persistent actions that hopefully make those goals come true.
Happy New Year! We business owners want this year to be better than last year, of course! So let’s create a plan to pursue making this year more profitable, easier, and more fun. As a business owner, business coach, and financial planner, I use the following wrap up / ramp up process to build my own progress and recommend these steps to my business-owner clients as well.
A Health Savings Account (HSA) allows for tax deductible contributions into an account specifically for Health Care expenses. Typical out-of pocket medical expenses include paying for deductibles and copays. If you and your family are relatively healthy, an HSA can help build a substantial reserve for your older years where health care expenses are likely to be much greater.
We’re talking your lifetime financial plan, that is. Having completed over 384 written financial plans and calculated numerous ‘back of the napkin’ plans, each family’s lifetime financial plan for first accumulating and then distributing income (into then out-from) various investment vehicles, is unique. Collectively, however, financial plans for business owners differ fundamentally from our friends with paycheck jobs.
In this month’s article, I’ll be sharing some of the tech tools that I have found that make my life easier and faster, so that I can spend my time making my business more profitable. These tools are easy to use, and often free or inexpensive.
Most parents planning for college are familiar with the mainstream ways of saving and paying for college. These include 529 plans, Savings accounts, life insurance among other common methods. Awesomely, business owners have a few additional tools in their arsenal. Here are a few ways savvy business owners can save and pay more easily for college.
It’s hard to believe that we’re already half-way through the year! How are your business and family finances faring? Are you halfway to your goals? Right now is a great moment to do an assessment of both; while you still have time to adjust, to reach and even to exceed your business and family financial goals for the year. Here are very important areas to look through:
Since age 17, I’ve read every “Money Magazine”, “Wall Street Journal” and every other sensible financial tome I could handle. My parents were so poor they had to sell a cow to pay each car insurance or college bill. By the time I had my first child at age 32, I was no longer struggling. I had saved 10 percent of every paycheck since my first year after college. With intentions of imparting the awesomeness of savings and compound interest to my children, I raised my 2 boys with every bit of wisdom I could muster.
It’s April! By now you’re either done with your taxes or WISH you were done! That makes it a great time to plan what you might do differently so that next year is even easier to get your taxes completed on time with less stress. And you might also be able to pay less in taxes.
Spring is in the air. Warm weather is approaching. Time to clean out any sluggish parts of your business so you can create growth and possibly more profits. Here are some items you should review and improve upon every year if you want to grow your profits and your life. I know you’re busy, but if you want the life you dreamed, set up a system to build on these key areas every year. You may be happier after you cleaned up!
Or should we say a winter-related slow down? Many businesses have a slow season in winter, not just landscaping or retail, but also contractors and other types of businesses. If you expect your business to slow down over the winter, here are a few great ideas for using your time wisely to help you grow your business the rest of the year.
• Get caught up on your sleep — Always my first response! Arranging your business to start an hour later or close up an hour earlier to spend time with your family can help restore your energy and focus later in the year.
My favorite time to review my financial plan has always been right after Christmas and into the New Year. When I was a corporate employee, employers encouraged us to take off that week. As a small business owner, those clients who want to meet also suggest year-end as a good time for financial assessment. Take a little breather from the business pace to reflect what you’ve accomplished this year and want to accomplish next year for your family’s financial wellbeing.
You set out to build a business, not a 70-hour a week job. You love your customers and work really hard for them. But, do you find you are working for employee wages, not business owner profits? Here are the items you can review and improve upon every year in striving to grow your profits and your life. No kidding. I know you’re busy, but if you want to pursue the life you have dreamed of, set up a system to build on these key areas every year. There is a good chance your main competitor is!
As a CFP® (Certified Financial Planner™ Professional), much of my time is spent helping people pursue a very comfortable retirement as well as addressing their other lifetime goals. A comfortable retirement means having enough money to pay all your bills sustainably plus money for the fun things once you no longer need, want or are able to work. Goals along the way typically include paying for college and getting rid of all debts and sometimes second homes, gifting or other personal desires.
By now, your summer vacations have faded away into fond memories. You’re seeing the leaves start to change and probably realizing that the year is quickly marching on. With several months left in the year to work on achieving our goals, now is a great time to launch renewed efforts to finish the year strong. Since we’re all in business to build our own financial well-being, let’s use the rest of the year to help ourselves and our businesses. Here are some financial goals you still would have time to achieve before the end of the year.
Even though I was a tech genius in the ‘90s, I no longer pay attention to any technology trend unless it really makes my life easier, less stressful and better able to serve my clients. In serving my passion of helping small entrepreneurs have an amazing life way beyond merely making a living, I want to share a few productivity tools. While I hate technology that slows me down, I constantly search for tools that just plain work. Here are a few worth mentioning, if you have not already discovered for yourself. Not free, but will pay for themselves many times over.
Patrick and I have been married 25 years. In that time, I have started four businesses and my husband started two. Each time we tried to keep one predictable paycheck while allowing the other to grow a business. If you’re an entrepreneur, thank your wage-earning spouse today for providing a steady baseline income.
Business owners are some of the busiest people I know. They often start early and work late, juggling phone calls, emails, employees, projects and finances. Sometimes the only time that business owners get to sit and look at our personal big picture is when we finally go on vacation. During vacation, we sit down, enjoy the sunshine, spend time with our family, and see sites we want to experience. Whether it’s the mountains, the beach, or sightseeing; we get to enjoy the life we’re aspiring to build.
Most parents planning for college are familiar with the mainstream ways of saving and paying for college. These include 529 plans, savings accounts and life insurance among other common methods. Awesomely, business owners have a few additional tools in their arsenal. Here are a few ways savvy business owners can save and pay more easily for college.
Spring is in the air. Warm weather is approaching. Time to clean out any sluggish parts of your business so you can create growth and possibly more profits. Here are some items you should review and improve upon every year if you want to grow your profits and your life. I know you’re busy, but if you want the life you dreamed, set up a system to build on these key areas every year. You’ll be happy you cleaned up!
