Tag: Risk Management
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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 Life Insurance Do We Need? 3 Steps to Conquer Buying Life Insurance.
Walking through what happens if you or your spouse is not around is a mental exercise most people avoid. Unfortunately, that means when the day comes, we are not as prepared as we could be. Usually, this shows up when someone close to you has passed, especially if they have a young family. Money does…
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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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Should I Take a 401k Loan? When a 401k Loan Might (and Might Not) Make Sense.
When it comes to debt, a 401k loan is a gray area in personal finance. These loans are not perceived as bad as credit card debt, but they also do not fit in the “good debt” category, as a low-interest rate mortgage would. So, how bad are 401k loans really? Are they a tool worth…
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Do My Quarterly Tax Payments Need To Change? How To Think Through Your Estimated Payments Each Year.
From a business finance perspective, cash is always king. Especially as tax season enters the picture this year, the strongest pull for owners to get everything done is to see if they owe any more taxes (or if they get a refund). Said differently, we want to know when our cash must be used for…
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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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What Is My Business Worth? Why Most Business Owners Don’t Know Their Real Net Worth.
As the new year starts, many people will reset their budgets and plans for the new year. One of the biggest challenges in counting all assets is generally the value of the business itself. Many times, owners do not have an accurate or defined value of their business, and it could cost them. While valuations…
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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…
TC Falkner 