I took time this evening to tune in to day three of the RNC as I had done the previous two nights. Overall it was awesome! Being always in a business frame of mind, I was particularly inspired by one speaker, Lou Holtz. His one liner, “Excuses are much easier to find than Solutions” is, in my opinion, something that each of us should live by, both in our personal lives as well as in business.
This week I have to renew my Certified Financial Planner designation which required many hours of study and the taking of several exams. I always stress that our financial wellbeing should be a prime goal for a small business owner. The following statistic which, unfortunately, has not changed much over the years states that 61% of all the adults cannot meet an unexpected $1,000 expense.
A lot of our study material had to do with retirement and the growing number of people over 65 years of age. We are living longer and the 65 year and older population makes up over 50% of our population.
Going back to the statement by Lou Holtz, where are you in your retirement planning process? Don’t tell me that you haven’t had the money to put aside; that’s the easy excuse. What I want to know is how are you going to do it?
All small businesses should have a working budget that includes the funding of a cash reserve for the business as well as a cash reserve for the home. It should also include a line item which is set aside towards a comfortable retirement.
The amount that you insert in that line item has to be enough to create a sufficient retirement account. The amount is also based on the number of years until your retirement, thus a token deposit will not suffice. Your retirement goals are your own; there is not a one size fits all. Take the necessary time to plan your retirement life and the amount of savings you have to accumulate to reach it.
This topic is near and dear to my heart and yes, I would be happy to have a confidential chat (not to sell you products/service type of meeting) to help you start on the right path towards your future retirement.
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