Most people look forward to retirement. For some, it will be a time to travel and spend time with family members. For others, it will be a time to start a new business or begin a charitable endeavor. Regardless of what approach you intend to take, you will need retirement income to support your lifestyle. Many people depend on multiple sources of retirement income. Here's a quick review of the six primary income sources:
Does it seem like you’re always paying more in taxes than other small business owners do? If so, it’s likely because you’re missing out on deductions that help you offset your income and pay less taxes. If you fail to claim enough deductions, you will end up swimming in tax debt.
When you hit your 50s, you are in your peak earning years and getting close to life beyond work. As you think about the future, do you have a vision and, more importantly, a plan for how to achieve the retirement life you want? You want to make sure that you have adequate resources to support your future lifestyle. Why not use the years of work left to focus on building your retirement security.
When you first open a business, you have a lot of decisions to make. Choosing your business structure is one of the most important decisions you will make. Your business structure refers to the entity that you form so you can practice business in your state. You cannot sell a product or service without forming a business entity.
In a perfect world, you would have made some wise investments when you were in your 20s. Then, you could build on those investments and have a vast portfolio well before you hit 50. The world isn't perfect, though, and you made some financial mistakes over the years. No matter how much you move up in the corporate world, you still have difficulty overcoming errors of the past. You might think you're doomed to be punished by the past forever, but that isn't the case.
Cash flow management can make-or-break a company, and if you aren't properly managing the flow of your money, then you are setting your business up for failure. If you want to achieve long-term success with your company, then you need to make sure that you have cash available at all times.
When you are starting a new business, it is important to determine the structure that makes the most sense for the needs of your company. Although many entrepreneurs start as a sole proprietorship it is a good idea to understand the advantages and disadvantages of doing so. Before you make a decision, you should obtain the help of a qualified CPA.
You know that financial health is the key to peace of mind. When your money is working for you, you can provide for your family and retire when you're ready. The system doesn't own you. Instead, you are in control.
You want your business to thrive, so you’re considering hiring a small business advisor. Before you dive in, you want to make sure that a business consultant will help your business. There are many ways that consultants help companies thrive. Here are four of them:
