Sep 27, 2019
Small business owners have a lot on their plate on any given day so planning for retirement can get pushed aside or overlooked. Other times, owners think that the revenue generated and assets accumulated is enough to replace financial planning. Let’s take some time today to clear up some common misconceptions so business owners can relax and enjoy their hard work when the time comes.
On this episode:
1:35 – Let’s get things started with a little history lesson.
3:17 – History seems to repeat itself.
4:40 – Let’s talk about business owners and some misconceptions they have about retirement.
5:08 – Misconception: If I execute my business plan, my retirement will take care of itself as well.
5:49 – It’s very important for business owners to have money somewhere else other than your business.
6:39 – Misconception: I might not have much in the way of liquidity but my net worth is high so I’ll be fine.
8:10 – Misconception: It’s a family business and I know they’ll do well and take care of me when I pass it on.
10:16 – Mailbag question: My company is offering a lump sum pension buyout or we can just keep the monthly pension. What should I do?
13:25 – News story: A couple found a bunch of money accidentally put into their account and spent it all. They are now facing felony charges. It reminded Joel about his time growing up in the Bahamas.
15:33 – Financial Dictionary: What does ‘Qualified Dividends’ mean?
17:41 – Mailbag question: I have a lot of major life changes occurring in the next months that will affect how I invest. Should I just park my money in cash until things settle down?
19:52 – Mailbag question: It looks like we’ll end up with another presidential election where I don’t want to vote for either candidate. Is there someone I might consider voting for that be better for me financially?