Entrepreneurial Financial Planning

Preface: Always plan ahead, it wasn’t raining when Noah built the Ark — Richard Cushing

Entrepreneurial Financial Planning

Credit: Michael Whiteman

When I think of entrepreneurs, I think of folks who build things. Not necessarily brick and mortar building, but more figurative building. They build businesses, they build organizations, they build communities. When I do think of building in a more literal sense, I think of my time when I worked in home construction.

Despite the differences, there are significant similarities between the two.

My construction years taught me that the best of buildings start with a strong foundation. In the same light, successful entrepreneurs are wise to have a strong foundation for their financial lives. Among the building blocks that pave the way for innovation are:

Cash Flow Planning – Having a command on money that comes in and goes out is crucial to any budget, being family or business. Skillful cash flow planning reduces stress and worry and allows entrepreneurs to focus on building and innovating.

Protection Planning – What happens when “life happens?” Insurance is something nobody likes to talk about and certainly nobody likes to buy but provides crucial protection for assets and resources when challenges arrive.

Investment Planning – Successful entrepreneurs always have an eye on the future. Investment planning encourages you to look ahead is also another opportunity to integrate values into your financial planning.

Retirement Planning – Many of the entrepreneurs I know don’t “turn off” the creativity and building mindset when they reach retirement age; they just restart. Good retirement planning takes the labor out the retirement, and allows you enjoy and savor this time of life.

Tax Planning – What are the tax consequences of your success? How are those consequences best managed?

Estate Planning – What is your legacy? How is your hard work transitioned to someone who will carry the ball even further? How do you bless your loved ones?

Now, the six tools listed above are standard within the Financial Planning Community. At Everence we’ve added another tool:

Charitable Planning – How do you give back after your hard work has resulted in financial blessings?

Now, my time in construction gave me some “skills” that I have used around my home. When I’ve planned extensive projects, I didn’t fool around. I brought in experts to do the job right. As we build our financial legacies, isn’t it wise to do the same?

An Everence Financial planner can help you reach financial peace and allow you to focus your skills and efforts on your passions in life.

Mike Whiteman is a Financial Advisor for Everence Financial Advisors. He can be reached at 717-394-0769 and michael.whiteman@everence.com. Michael Whiteman is not affiliated with Sauder and Stoltzfus LLC.

Advisory services offered through Everence Trust Company and Investment Advisors, a division of ProEquities Inc., Registered Investment Advisors. Securities offered through ProEquities Inc., a registered broker-dealer, member FINRA and SIPC. Investments are not NCUA or otherwise federally insured, may involve loss of principal, and have no credit union guarantee.  Everence entities are independent from ProEquities, Inc. Mike Whiteman is licensed to discuss with and/or offer financial services and/or products to residents of PA, CO, FL, MA, MD, MS, NY, WA, VA and NJ.

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