Good Financial Reads: Retirement Planning for Entrepreneurs, Using Money as a Tool, and More

Following along with the blogs of financial advisors is a great way to access valuable, educational information about finance — and it doesn’t cost you a thing! Our financial planners love to share their knowledge and help everyone regardless of age or assets.

Catch up on some of the latest posts with this week's roundup:

Retirement Planning for Entrepreneurs

by Aaron Hatch, Woven Capital

Owning your own business means you have more control over your working life, but it also means that you’re on your own when saving for retirement. Like most Americans, small business owners struggle to save enough. A 2013 TD Ameritrade study found that 7 in 10 entrepreneurs aren’t saving regularly (if it all) for retirement.

It’s tough to manage cash flow to fund life expenses, the demands of a growing business, and retirement savings simultaneously. And there are many plans available, so it’s not straightforward to determine the best way to save.

Retirement planning for entrepreneurs isn’t easy, but it’s important. Both you — and your employees — will need a nest egg in the future.

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Take the Guesswork Out of Your 401(k) Investments

by Katie Brewer, Your Richest Life

One of the easiest ways to build up a nest egg is to participate in a 401(k) plan. It’s automatic, it’s easy to set up, and your employer may even give you free money in the form of a company match. Participants can defer taxes until their later years in a Traditional 401(k) or pay taxes now and have tax free income in a Roth 401(k). About 52 million Americans invest in a 401(k) every year.

Investment choices vary greatly between 401(k) plans. You get the 401(k) plan that comes along with the job, but knowing about your 401(k) plan will help you make the most of it. Here are some of the things you should consider when evaluating your 401(k) investment options:

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Do You Use Money as a Tool?

by Michael Solari, Solari Financial Planning

When we talk about money, most of the conversation revolves around how to make or keep more of it. We want to know how we can reduce our expenses so we can save more. Or we want to talk about how to negotiate for higher pay to earn more. Once we have that cash, we look at how to invest wisely so it can help grow a nest egg for the future.

What we don’t often talk about is how to spend that money to create the life you want. But knowing how to spend your money — or more accurately, use money as a tool — is a critical part of financial planning that’s often overlooked.

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Retirement Planning is more than about Money

by Vid Ponnapalli, Unique Financial Advisors

It is a common misconception that retirement planning is all about saving for retirement. While it is undisputable saving is important, the true starting point in “Retirement Planning” is not about money. Retirement Planning starts by estimating how long you might live and then defining your retirement budget and goals. Let us discuss what this means.

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