Being an entrepreneur is an exciting journey filled with opportunities and challenges. While your business is your primary source of income, it's important to diversify your wealth and secure your financial future both inside and outside of your company. In this guide, we'll explore some useful strategies for entrepreneurs to increase their personal wealth both inside and outside of their business.
Smart investing is one of the most effective ways to grow your personal wealth. A diversified investment portfolio includes stocks, bonds, real estate, and other assets. Diversification can help mitigate risks while maximizing your returns. Investing in the stock market to build wealth over time can provide you with dividend-paying stocks and bonds. These investments can be particularly attractive for entrepreneurs looking for passive income. To capitalize on your investment strategies, hire an experienced wealth manager and/or a financial planner to support you in building specific growth strategies for your investments.
Real Estate Investing:
Real estate can be a lucrative avenue for wealth creation. Whether it's rental properties, real estate development, or real estate investment trusts (REITs), investing in property can provide additional passive income with long-term appreciation. When investing in real estate, we often recommend that our clients learn about their individual state licensing process and requirements, so that you can make better and more informed decisions before buying property.
Hire a Proactive Accountant:
Understanding basic concepts about budgeting, tax planning, and retirement savings can help you to make more informed business decisions. We recommend hiring an initiative-taking certified local accountant to perfect your wealth-building strategies and who thinks like a business owner. Hiring a local certified accountant that specializes in collaborating with entrepreneurs will help you to find more deductions with less risk and more protection. Hiring a tax professional optimizes your tax planning strategies and helps you to keep more of your hard-earned money.
Develop Your Retirement Accounts:
Building your retirement accounts by setting up a 401(k) at your company or by creating Individual Retirement Accounts (IRAs) can be a valuable wealth building tool. These tax-advantaged accounts can help you save for your retirement and your employee retirement plans while reducing your tax liability. We recommend using the services of an experienced financial manager as well as an experienced insurance agent to maximize your time, efforts and chances of hitting your retirement goals.
Build a Company Emergency Fund:
Build a company emergency fund that covers at least six months of both your personal and business expenses. This can help you to protect your personal finances and your business when facing unexpected challenges. Often when we meet with prospective clients, we find that there is a tendency to overvalue business assets. To start building your fund, we recommend a basic financial audit of your business to understand where your assets are held in comparison to your personal wealth. This allows for reallocation and organization of your personal and business assets.
Hire Experienced Business Coaches:
Seeking professional business coaching from experienced and successful entrepreneurs will help you to grow your wealth both inside and outside of your business. Investing in yourself by creating new and progressive ideas for your business is invaluable to building your personal wealth. Raising My Game business coaching clients consistently creates an increase of 20% - 60% in their annual business revenue.
Building Your Financial Dream Team:
Here is our question to you, “When was the last time, your financial team all met together at the same time, in the same room, with you?” We collaborate with our clients to create a “done for you” service that brings your financial dream team together to maximize your long-term investment goals, and your long-term financial success.
Money Fact: Raising My Game business clients annually and consistently grow their revenue by 20% - 60%. We collaborate with you to develop new systems, strategies, and ideas that grow your wealth both inside and outside of your business.
As an entrepreneur, increasing your personal wealth both inside and outside of your business is essential for financial security and long-term prosperity. Diversifying your investments and exploring your wealth-building opportunities enhances your personal wealth while securing the future of your business.
Jeff Smith and Alisa Sattler are the dynamic coaching duo of Raising My Game Business Coaching. We specialize in supporting owners and entrepreneurs to grow and expand their business, while helping them to build their personal wealth. We help you to create a solid financial foundation that extends the life of your business and your generational wealth. We do not sell any financial products. We collaborate with you to create a clear picture of your Legacy Wealth Roadmap to set up clear life milestones and financial targets. We help you build a first-class Legacy Wealth Financial Dream Team who will maximize wealth and business asset management.
We can help you to grow your wealth with less stress, less taxation, more protection and more certainty. To learn more about how we can help you to grow and retain more of your wealth, please schedule a complementary call at www.raisingmygame.com
Alisa and Jeff
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