Category: Risk Management
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What Happens When Your Financial Plan Changes? Why Planning Matters More Than the Plan.
Whenever I talk with a client about the next decade or two of their future, I always try to account for the fact that life almost never works out the way we want it to. It is easy for people in my industry, or other similar professional services, to project the future as if it…
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What Could Derail Your Financial Plan? How to Protect What Matters Most.
After organizing your financial life into a clearer and more understandable picture, naturally certain problems or issues will surface. Protecting wealth is the next phase on the journey to better finances. What happens if I lose my job? Am I saving enough? What if I get sued? Many questions naturally emerge, questions that you have…
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Could One Accident Wipe Out Your Savings? Understanding Umbrella Insurance.
Insurance is always a game of what-ifs. The more what-ifs you can protect now, hopefully, the better off you will be if they appear in the future. Umbrella insurance helps protect against some of the worst-case scenarios, and many people don’t even realize it. While umbrella insurance is less talked about than other insurance policies,…
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Should I Keep My Disability Policy? Why Disability Insurance May Matter More Than Life Insurance.
If you got disabled and could not work, how long would your money last? Most people roughly understand the value of life insurance, but it almost seems as if disability insurance often receives far less attention. Even though in the same situation, death or serious disability would mean a loss of the same income that…
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How Much Should I Have In Savings? How A Business Owner Balances Growth and Security.
One of the hardest financial disciplines is having ample savings. No matter how much someone has saved up, there always comes an “opportunity” to spend or invest in. Usually, this means weighing current savings against the new investment, expense, project, trip, etc. Don’t get me wrong, savings, by definition, build up cash for future purchases…
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Making Good Money but Still Stressed? Start 2026 With a Simple 6-Part Plan to Reduce Financial Stress for Business Owners.
As income increases, so do financial complexities, both in personal and business finance. As new problems emerge, owners can feel they are on the back foot trying to handle their finances. Each time one area is solidified, another side poses new problems. While no financial plan can completely cover future problems, covering the basics across…
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Is Your Liability Coverage Enough? A Simple Framework to Understand Your Business Insurance.
Business insurance is often one of the required but unpopular parts of running a business. Regardless of the owner’s viewpoint, most business owners should understand their business insurance and properly insure against certain risks to the company. Liability insurance is perhaps one of the most important, and even these policies are misunderstood. Taking the time…
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What if My Business is My Retirement Plan? Why Exit Planning for Business Owners is Critical.
Many business owners never truly plan on retiring. Worse, many just assume their entrepreneurial journey will carry them through life indefinitely. Naturally, this leads to uncertainty and confusion when the day finally comes. While many entrepreneurs may eventually figure it out, understanding why you should prepare for life after business is critical. Doing so now…
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What About Capital Gains? 5 Strategies For Small Business Owners to Defer or Reduce Their Capital Gains.
Large capital gains are always something worth planning for. Especially after selling a business, tax years with large capital gains can feel particularly painful when the tax bill comes. Even though long-term capital gains are taxed at more favorable rates, there are still many planning opportunities to reduce the taxes even further. Capital Gains When…
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Should You Set Up an HSA for Your Business? How a Health Savings Account Works.
The Health Savings Account (HSA) is a valuable financial planning tool that helps cover medical expenses for you and your family. Short of taxes and retirement, medical expenses are one of the highest expenses that Americans have to deal with. When one can properly utilize the HSA effectively, it is possible to pay for thousands…