What if we could grow a thriving business while securing our financial future at the same time?
Too many business owners pour every dollar back into their company, thinking growth will take care of everything---only to realize, years later, that they have nothing set aside for themselves. There's a better way.
On this episode of Become Sensible, I explore how to build long-term wealth while running a sustainable business. I break down key money mistakes entrepreneurs make, why your business isn't your retirement plan, and how diversifying your investments can provide stability. I also share actionable strategies for setting up retirement funds, tax-efficient investment planning, and how to make financial decisions that align with both your business and personal goals.
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Timestamps
- 0:36 -- The biggest mistake: Reinvesting every dollar back into the business
- 2:00 -- When reinvesting stops making sense and becomes unsustainable
- 3:15 -- Why your business is NOT your retirement plan
- 4:30 -- The power of compound growth: Why money needs time to grow
- 5:48 -- The importance of financial diversification beyond your business
- 6:52 -- How much money should you take from your business for personal wealth building?
- 8:10 -- The dangers of not planning your personal finances early enough
- 9:25 -- Setting financial KPIs: How to measure success beyond revenue
- 10:40 -- Retirement planning for entrepreneurs: Solo 401(k) vs. SEP IRA
- 12:18 -- Traditional IRA and tax advantages of different retirement accounts
- 13:45 -- Smart investing strategies: Balancing risk, growth, and diversification
- 15:05 -- Why automation is key: Setting up automatic transfers to grow wealth
- 16:20 -- Real estate as an investment strategy for business owners
- 17:48 -- Understanding cash flow, appreciation, and tax efficiency in real estate
19:00 -- How to prepare for unexpected expenses while still investing
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