Financial Freedom: What does it mean to you?

When we are planning for our finances, we must decide how we will measure our success.  One measure is achieving Financial Freedom – but what does financial freedom really mean?

The term “financial freedom” is thrown around both by traditional financial planners and investment advisors, as well as every infomercial get-rich-quick scheme.  Typically, most of the schemes are using the term to mean being so rich you never have to work again.  But really financial freedom means being released from uncertainty and being able to confidentially know that you will be able to meet your life goals – that your finances (or lack thereof) are no longer holding you back from achievement.  Read more

Estate Planning: What Every Business Owner Must Have (even if you’re single or broke)

Every business owner needs some basic estate planning documents, even if one who is single with nodependents, or whose business is not “worth anything” yet.  Think of your business, clients, and customers as dependents of a sort that need to be considered in case you were no longer around.  If you have a spouse, life partner, or children, you definitely need to consider estate planning documents to provide for what would happen if you were incapacitated (i.e., coma, vegetable — fun subject, huh?) or if you passed away.

Here are the documents you may need to obtain: Read more

Your Exit Strategy: Creating Passive Revenue Streams in Your Business

Passive revenue streams not only gradually take you out of needing to work hours-for-dollars, but also provides an asset that can be sold, individually or as part of your business. 

One principal of passive revenue streams is to convert whatever service or expertise you provide into a product.  This information product teaches your system for providing your service.  You may sell this product to the people who would have been your clients as a do-it-yourself system or to other professionals in your industry as a franchise, business-in-a-box, or consulting program.  Read more

Don’t want to work forever?

Even if you love your business and have no plans to sell, I can guarantee you will not be able to run your business forever.  You may not be ready to create a formal exit plan, but here are a few steps you can take today to create value in your business, in preparation for the future.   Read more

The Best Retirement Plan for Solo-Entrepreneurs

The best retirement plan for most solo-entrepreneurs is the Solo 401(k). 

No, not a SEP-IRA or Simple or Keogh … but a 401(k) just like the old 401(k) you had at your last corporation job … with a few GREAT differences.  Read more