As a business owner, you live in a completely different world than those who aren’t self-employed. Even the ones that make millions as a W-2 employee.
You have endless responsibilities.
The to-do list grows so fast that it seems like there isn’t even time to do the actual “work”.
The red tape is suffocating.
Then there’s the taxes:
Double the Social Security tax for the same hoped-for benefit.
Business personal property taxes – nothing like paying annual taxes on your company’s desks, which are used to make the money that then also gets taxed.
State unemployment taxes on yourself, even though business owners aren’t allowed to receive benefits.
Paying 100% of the health insurance premiums on a plan that probably has terrible benefits compared to your friends’ plans at huge public companies, universities, and the government.
No 401(k) match. (Your match is just your own money, after all.)
No company subsidized life and disability insurance.
Needing to have two emergency funds – one for your personal expenses, and a huge one for your business.
This is just a start of the differences.
Yet, seemingly all the financial rules of thumb are geared to folks that don’t live in your world.
And you know, you can’t talk about this stuff with your friends and family that aren’t self-employed.
What business owner-specific things should you be considering to grow your net worth, including your personal assets?
And since retiring is a completely different situation from non-business owners, what things should you be considering?
Ryan has been a business owner for almost 20 years, and was in a quasi-self-employed environment for many years before that. He’s only had a regular salaried job post-college for 17 months. And he hated those 17 months. He gets it. He has developed wealth management processes for his own entrepreneurial situation, and uses these to help other fellow business owners. And he has instilled this philosophy in the firm, so that everyone knows that the entrepreneur’s situation is different.
To discuss how having us help you with your unique business and wealth plan would work, contact us at info@ryanpoage.com.
