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As an advisor to small business owners, I am blessed to be a listening ear and gleaner of wisdom for concerns that are voiced to me. I invite you to join in and contribute your wisdom to the presentation on “Financial Planning and Your Small Business” I will hold during this year’s Money Smart Week on April 9th.
Presentation Details
Wednesday, April, 9, 2014 from 4:30-6:00pm at LegalShield Training Room, Suite 120, 1780 S. Bellaire St. Denver CO 80222
For more information, visit the Colorado Money Smart Week site.
Here are a few of the questions I will address:
How do I get from here to there? (More importantly, where is here and where is there?)
The first most challenging question in life is, “Who do I want to be when grow up?” (We’ve all heard that question uttered by everyone from children to Boomers!). This is the here. The next most challenging question? “What do I want life to be like when I retire?” This is there.
A CFP who sold his practice shared a particularly poignant story with me about leaving his practice. At his farewell retirement party with his former clients, many asked him what was next. His response was this: “Thanks for your interest. I am entering a DFZ –Decision Free Zone—for the next year. So, don’t bother asking me what I’m doing next! I will let you know as soon as I know.”
In the last few years since that party, he’s discovered that “retirement” looks nothing like he anticipated. In fact, as he described his new activities to me, it sounded more like “life re-engagement” than a withdrawl/retirement from life! His experience after several years of “retirement” is not as he imagined–and he’s much happier for that.
Moral: Don’t feel that your there has to be set in stone to work on your here.
Okay. So, what about my here?
That’s where the CFP five-step planning process is most helpful. While we may not have total clarity about where we are going we can make sure that we’ve addressed the current issues that will help us get to our there. A few of the questions we will touch on are:
What do I need to know about managing my investments? My debt?
You may be part of that rare 10% who are equipped to manage your own investments. Whether you are or not, you need to hear some of the basic investment principles to guide to manage of your investments and your cash flow.
What is tax planning?
Tax planning is very different from tax preparation. Come learn about the biggest pitfall of tax planning strategies.
What insurance should I consider?
You likely have a BOP to cover your business. But you also need to consider other types of insurance to provide income protection as an owner.
What should be a part of my retirement planning?
There’s more to planning than knowing your ideal withdrawl rate. (Is it 5% of all my assets/year? 4%? 3%?). What else might you need to consider?
What are key elements of estate planning?
There are the basics that we all need to be sure are in place. For example, having a will is a great starting point. But, have you considered how your business succession strategy might impact it?
Toolkit:
If you have any questions you’d like me to address on April 9th, please leave them in the COMMENTS section below. CLICK HERE to select an event and RSVP.
