A Financial Plan specifically for Entrepreneurs?
I own an investment advisory firm as well as a couple other small businesses in the coffee industry (big fan of the caffeine bean). In my entrepreneurial endeavors which include great successes and miserable bankrupting-type failures; I have learned something that seems obvious...Cash truly is King. The three key words for any entrepreneur are Liquidity, Liquidity, Liquidity. As a result, I am developing a new financial planning concept and would love some feedback from the folks in this forum. So here is the question: As an entrepreneur, would you rather place your personal financial planning/retirement money in a place where you cannot touch it at all until you reach that magic age of 59 1/2, such as any retirement account, 401(k), SEP IRA, etc.; or would you choose, if you could, to place your money in a place where it is easily accessible? In other words, would you prefer to have the ability to easily invest in yourself and your own business as you move through your career, or do you view your financial/retirement plan as a "hands off" safety net that should never be used in your own business and should always remain in the stock market, mutual funds, etc.? If you are not currently investing in a financial plan because you are just getting started...please tell me what you think you would do if you could save money for the future. Thanks in advance for the feedback! Good luck with all of your businesses!
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