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Robert A. Imparato, Jr CFP®
CERTIFIED FINANCIAL PLANNER™ professional
Craig A. Hyldahl CFP®
CERTIFIED FINANCIAL PLANNER™ professional
R.I.C.H. Planning Group, LLC
105 Fieldcrest Avenue, Suite #507
Edison, NJ 08837
Robert: 732-326-5240
Craig: 732-326-5240
Fax: 732-326-5331
Robert: robert@richplanninggroup.com
Craig: craig@richplanninggroup.com
Website: www.richplanninggroup.com
November/December 2021
See The Bigger Picture
As a business owner, you may be caught up in end-of-year planning for your business. But personal financial planning is equally important. As you work with your financial and tax professionals to plan for your business, consider what you need to do to stay on track with your personal finances, too.
Start with Your Goals
Think about what you’d like to accomplish in the coming year. Do you want to increase your savings? Buy a second home? Start a college fund for your children or grandchildren? Once you’ve defined your goals, find a balance between investing in your business and allocating money toward your personal financial plan.Build a Bigger Emergency Fund
Because any business can have an off year, it’s essential to maintain adequate personal reserves to weather a downturn. While a general rule of thumb is to have at least six months’ worth of expenses saved in a cash account, business owners may want to exceed that amount. Building a large emergency fund can help ensure that you have enough personal savings to maintain your lifestyle if business income doesn’t meet your projections.Plan for the Future
Consider whether the mix of stock and fixed-income investments in your portfolio fits your current risk tolerance and your time frame for needing the money. Be cautious about investing in companies from the same industry as your business. A sudden industry downturn could affect both your business’s profits and your portfolio’s returns.Fund Your Retirement
Adding money to an existing retirement account or setting up a new plan may reduce your tax bite. Two plans to consider: A SEP IRA allows you to contribute to the plan for your employees and yourself. If you don’t have employees, a Solo 401(k) plan allows you to maximize your contributions because you’re contributing to the plan both as employer and employee.Think About Estate Planning
Planning may minimize estate taxes and provide for your beneficiaries. A buy-sell agreement funded with life insurance transfers your interest in the business to a partner or family member, while providing liquidity for your heirs.GE-3685613(7/21)(Exp.7/23)
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GE-4833845.1 (7/22)(Exp. 7/24)
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