Building Wealth While Running Your Business: A Clear Financial system for Entrepreneurs
As a business owner, your focus is often on growing your company, but what about building wealth for the future? In this episode of the Become Sensible podcast, we’re diving into how to build real wealth both inside and outside your business. Whether you’re a freelancer or an established business owner, you’ll leave this episode with a clear, actionable Financial system to secure your financial future.
Why You Need to Listen
Are you:
- Putting all your profits back into your business, but neglecting your personal wealth?
- Struggling to plan for retirement while growing your company?
- Wondering how to diversify your wealth beyond just your business?
This episode dives deep into retirement planning, investment strategies, and actionable steps to build wealth, ensuring your business’s growth doesn’t come at the cost of your financial future.
What We’ll Cover
In this episode, you’ll learn:
- The common financial mistakes business owners make and how to avoid them.
- The best retirement plans for entrepreneurs and freelancers, including Solo 401(k), SEP IRA, and Roth IRAs.
- Investment strategies to grow your wealth outside of your business, including the Three-Bucket Strategy.
- Real-world tips on how to implement these strategies now for long-term financial health.
Here’s What You’ll Discover:
- The Three Big Mistakes:
Many business owners make three big financial mistakes: putting all their profits back into their business, thinking their business will fund their retirement, and not diversifying their wealth. Learn how to avoid these pitfalls and build wealth both in and outside your business. - Retirement Planning Options:
- We’ll break down the best retirement accounts for entrepreneurs:
- Solo 401(k): Perfect for high earners. Sarah, a marketing agency owner, can contribute up to $70K annually.
- SEP IRA: Great for variable income businesses. Mike, a consultant, can contribute $50K.
- Traditional/Roth IRA: Simple and effective for extra savings.
- The Three-Bucket Investment Strategy:
- Security Bucket (30%): Safe investments like high-yield savings and government bonds.
- Growth Bucket (50%): Wealth-building investments like index funds, dividend stocks, and REITs.
- Opportunity Bucket (20%): Higher-risk investments such as growth stocks, angel investments, and crypto.
- Real-World Tips and Action Steps:
- This Week: Start saving 10% of your income, open a high-yield savings account, and review your business insurance.
- This Month: Meet with a tax professional, set up your first retirement account, and create an emergency fund target.
- This Quarter: Diversify into index funds, review your business expenses for tax optimization, and implement a profit-first budgeting system.
Take Control of Your Wealthy
It’s time to start thinking about your personal wealth, not just your business. This episode provides actionable steps to build wealth both inside and outside your business, ensuring long-term financial stability and growth.
Don’t Miss Out!
If you’re ready to take control of your financial future and build real wealth, this episode provides a roadmap that will guide you toward financial success. Tune in and learn how to start building your wealth today!
Happy listening, and here’s to your business success!
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