Most of my clients are small business owner-operators who work 18 hour days, 6 or 7 days a week. Some started their business right after leaving high school or college and some decided to go it alone after being downsized at a corporation.
Whatever their reason to begin their business, one of their top priorities is independence. They want to build their business and either eventually sell it and live on the proceeds or groom their children to carry it forward and generate an income. Full retirement is not always their primary goal but having more time for relaxation usually is.
When we meet, it’s usually because they want my help to become “financially independent” sooner than at retirement but they have only a vague idea what that means. In a nutshell, being financially independent means having sufficient income to be able to choose to work, rather than have to work. It means being able to choose when, how and where they’ll spend their money and time.
Maybe that means owning a home and boat and going fishing often or perhaps it’s traveling to distant locations by RV, plane or ship. What’s really important is for them to visualize and feel the wind in their hair, sun on their face and toes in the water – or whatever their dream retirement may be. (What do you imagine doing when you retire?) Otherwise, their dream cannot become reality. “Whatever the mind can conceive and believe, it can achieve.” (Napoleon Hill)
Once I better understand what they envision as being financially independent and when they want to achieve it, then I can help them find how to achieve their dream in baby steps (not usually in one grand swoop).
Here’s an example of how a local restaurant owner is closer to achieving his financial independence. He’s in his early 50s, divorced and several of his family members work in his restaurant. He emigrated from his homeland to the U.S. 20 years ago for freedom to achieve his goals with hard work and honesty. He said he hopes to motivate his children to carry on the business after he retires. Good current cash flow enables him to have a reasonably comfortable lifestyle today but he wants a steady income in his 70s, 80s, 90s and maybe 100s (longevity is in his genes). And he wants to leave a legacy, not tax burdens or unfunded final expenses.
After learning more about his dreams and goals as well as his current financial situation, we put together a long-term savings Safe Wealth Creation plan that enables him to shave years off his working life and add them into his retirement life. All while keeping Uncle Sam out of his pocket the entire process.
Step One was to identify how much income he would likely need during his desired retirement. Then we looked at what he easily could save monthly now with the ability to add optional extra lump sums over the next few years – all with excellent tax-free compound growth averaging 6% to 8% and guaranteed no loss of his principal and interest. Plus, provide a flexible tax-free income for as long as he lives as well as an estate for his legacy.
Step Two was to create a similar plan for his likely successors in his business with him as the initial owner of the plan but be able to be transition to them with peace of mind. This way, they could each achieve their retirement goals with a backup plan in case my client passed on earlier than expected.
We also worked with a local attorney to ensure proper estate planning with a last will, living will, living trust and power of attorney. That included meeting with my client’s designated executor and successor trustee, legal guardian, and medical power of attorney. In several instances, we helped each of them plan for their retirement as well.
After helping my client enroll in his chosen retirement plans and establish his estate plan, we celebrated his secure financial future with an excellent dinner at his restaurant with his family and friends.
Now, how can we help you achieve your retirement goals too?
Visit our website at: http://www.safewealthcreation.com
For your FREE consultation, please contact us at: gnichols@safewealthcreation.com
BONUS: When we meet, we'll give you your Free copy of our Safe Wealth Creation Guidebook and a scratch card guaranteed to win either a car, $2500 cash, a Florida and Bahamas vacation or an iPad.
Whatever their reason to begin their business, one of their top priorities is independence. They want to build their business and either eventually sell it and live on the proceeds or groom their children to carry it forward and generate an income. Full retirement is not always their primary goal but having more time for relaxation usually is.
When we meet, it’s usually because they want my help to become “financially independent” sooner than at retirement but they have only a vague idea what that means. In a nutshell, being financially independent means having sufficient income to be able to choose to work, rather than have to work. It means being able to choose when, how and where they’ll spend their money and time.
Maybe that means owning a home and boat and going fishing often or perhaps it’s traveling to distant locations by RV, plane or ship. What’s really important is for them to visualize and feel the wind in their hair, sun on their face and toes in the water – or whatever their dream retirement may be. (What do you imagine doing when you retire?) Otherwise, their dream cannot become reality. “Whatever the mind can conceive and believe, it can achieve.” (Napoleon Hill)
Once I better understand what they envision as being financially independent and when they want to achieve it, then I can help them find how to achieve their dream in baby steps (not usually in one grand swoop).
Here’s an example of how a local restaurant owner is closer to achieving his financial independence. He’s in his early 50s, divorced and several of his family members work in his restaurant. He emigrated from his homeland to the U.S. 20 years ago for freedom to achieve his goals with hard work and honesty. He said he hopes to motivate his children to carry on the business after he retires. Good current cash flow enables him to have a reasonably comfortable lifestyle today but he wants a steady income in his 70s, 80s, 90s and maybe 100s (longevity is in his genes). And he wants to leave a legacy, not tax burdens or unfunded final expenses.
After learning more about his dreams and goals as well as his current financial situation, we put together a long-term savings Safe Wealth Creation plan that enables him to shave years off his working life and add them into his retirement life. All while keeping Uncle Sam out of his pocket the entire process.
Step One was to identify how much income he would likely need during his desired retirement. Then we looked at what he easily could save monthly now with the ability to add optional extra lump sums over the next few years – all with excellent tax-free compound growth averaging 6% to 8% and guaranteed no loss of his principal and interest. Plus, provide a flexible tax-free income for as long as he lives as well as an estate for his legacy.
Step Two was to create a similar plan for his likely successors in his business with him as the initial owner of the plan but be able to be transition to them with peace of mind. This way, they could each achieve their retirement goals with a backup plan in case my client passed on earlier than expected.
We also worked with a local attorney to ensure proper estate planning with a last will, living will, living trust and power of attorney. That included meeting with my client’s designated executor and successor trustee, legal guardian, and medical power of attorney. In several instances, we helped each of them plan for their retirement as well.
After helping my client enroll in his chosen retirement plans and establish his estate plan, we celebrated his secure financial future with an excellent dinner at his restaurant with his family and friends.
Now, how can we help you achieve your retirement goals too?
Visit our website at: http://www.safewealthcreation.com
For your FREE consultation, please contact us at: gnichols@safewealthcreation.com
BONUS: When we meet, we'll give you your Free copy of our Safe Wealth Creation Guidebook and a scratch card guaranteed to win either a car, $2500 cash, a Florida and Bahamas vacation or an iPad.
