Financial steps to take now that you found your stride as an entrepreneur
3 tips to help you start investing for your future
1.Start as early as you can and invest comfortably
Put your money where your mouth is first, then where you need it to be. What I’m saying is that if you need to buy equipment, advertising, leads, whatever you need to grow your business, do it. But after that, you need to understand that the salaried employee with their 401k has a leg up on you as an entrepreneur so you need to get moving. Consider a SEP IRA, a Roth IRA, or even an after-tax brokerage account. All of these ideas that different benefits but the common theme is that they will all get your money working as hard you do.
2.Real estate
Real estate can be a key way to help you get through slow months, unforeseen expenses, and or start-up issues. Yes, there are obstacles on how to build capital with real estate, but working with a financial planner can help you view this ideal in a different light. Home flips, rental income, Real Estate Investment Trusts are just a few popular ways that you can get started.
For me, I purchased a house at 25 and had 3 roommates live with me that paid the majority of my mortgage. My home equity is now double the price I paid for my house so I’ll get to benefit from that.
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3.Seek out advice
Hire an FA. Just like you hire out a VA, SEO specialist, website designer, etc. hire someone to manage your money. Luckily for me, mine is my husband. With the coronavirus causing the stock market recession and everything going on, if I didn’t have an FA I would be in a lot of trouble. My FA has not only saved me a ton of money but maintained my money during this downturn in the economy.
There’s so much in our face these days and so much criticism on us as millennials that its no wonder that we are all DIYer’s to some extent. But I already wear too many hats and have no idea about investments so managing it myself is not an option. I’ve received mixed reactions about this but after much consideration, I hired a wealth manager. I’m not saying to hire a broker who will just invest your funds for a fee. Hire someone who cares about your overall financial health, my financial planner has provided me with a 5, 15, and 25-year plan that involves investments, real estate, insurance, income generation, and even cash flow management. At one point my portfolio was up 40%. My money is out there working for me and seeing a return like that motivates me to save and invest even more.
My husband offers free consultations and even has a one sheeter that he’s working on. To get on the list sign up here!
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