FINDING FINANCIAL CLARITY WHEN YOU’RE SELF-EMPLOYED

Serena seemed to have it all. 

She owned a thriving digital marketing business that gave her a great income - not to mention the freedom of being her own boss. She was even able to give herself Fridays off! 

But Serena was hiding an embarrassing secret. Behind closed doors, she was drowning in financial uncertainty and overwhelm – something many business owners feel before they work with a Certified Financial Planner. 

She knew she needed to bring order to her financial affairs, but it was so daunting that she kept putting it off. 

Of course, as time went on, the mess got messier. 

And with a growing family, Serena worried about the future. Would she be able to help her three daughters pay for postsecondary education? Would her spouse and kids be protected in case something happened? 

As for retirement - she had no idea when, or even if, she would be able to retire. 

Serena put her heart and soul into her business and her family. There wasn’t much time or energy left at the end of the day for anything else. 

If this sounds familiar, you're not alone. 

Like Serena, many self-employed individuals struggle to keep their financial affairs in order. They’re so focused on the day-to-day of their business that everything else falls to the bottom of the list. 

Serena finally decided enough was enough. She was tired of feeling like a failure when it came to her finances. 

It was time to take control of her financial future. 

Serena was the perfect candidate for our five-step PULSE process. After a quick introductory call, Serena was excited about the possibilities for her financial picture for the first time in years. 

First, we got PREPARED (that’s the “P” in PULSE).  

Together, we took stock of Serena’s current situation, as well as her goals and dreams. 

The “U” in PULSE stands for UNCOVER.  

This is where we analyzed Serena’s overall financial picture. We calculated her net worth, conducted a portfolio analysis, reviewed her cash flow, and created projections for the future. 

“L” is for LIFELONG PLAN, which is what we devised for Serena.  

Detailed and customized, it laid out step by step recommendations to follow to reach her goals. 

“S” stands for START NOW.  

Taking immediate action, Serena began to implement her plan right away. She’d waited long enough to move forward with confidence! 

Life changes - that’s a given. That’s why the last stage of the PULSE process is EVOLVE. We meet with Serena yearly to review her plan and adjust it as needed. 

Financial Planning Considerations for Business Owners  

Business owners can’t afford to neglect their financial health. Without clarity and purpose, you can miss out on valuable wealth-building opportunities - or even find themselves on the brink of financial disaster. 

Entrepreneurs can face unique challenges when it comes to financial planning. Working with business owners like Serena, we’ve helped address may common concerns such as: 

What types of insurance do entrepreneurs need? 

Self-employed individuals often don’t have the right insurance coverage for their business needs (yes, it is different than non-self-employed individuals!), leaving them vulnerable to unexpected events such as accidents or health issues. A detailed financial plan will identify gaps in insurance and recommend appropriate amounts of coverage. 

How can I pay less taxes as a business owner? 

Financial planners work in conjunction with tax advisors to identify eligible business expenses, recommend the best tax structure for the business, and take advantage of all available deductions and credits. This proactive approach helps minimize taxes and avoid surprises during tax season. 

How can entrepreneurs save for retirement? 

Saving for retirement or other goals often gets pushed to the bottom of the priority list for busy business owners. But putting it off can mean missing out on attractive tax benefits and compound growth. By forecasting your future income needs, your financial planner will calculate how much you need to put aside (and perhaps more importantly, determine where to put those funds), and help you plan for regular contributions. 

Financial Clarity for Successful Business Owners 

With a clear picture of her current situation and a defined path to reach her goals, Serena felt like a huge weight had been lifted from her shoulders. After years of worry and stress, she finally had peace of mind about her finances. 

Are you a high achieving business owner who wants to optimize your financial well-being? Book a call today!