You might be a rock star when it comes to running your own business or advancing your career, but that doesn’t cut it when it comes to handling your personal financial planning and your investment portfolio management.
It’s easy to get caught up in advancing your professional goals and growing your business, but are you taking the time to comprehensively plan for your financial future? For too many successful people and business owners, the answer is no.
Learn how focusing all your energies on your career at the expense of your long-term financial goals threatens the future you’ve been planning for.
Your Portfolio Isn’t Tailored To Your Financial Goals
Your lack of work-life balance can lead to a do-it-yourself approach to your financial planning and portfolio management strategies. When you’re balancing the challenges of a demanding career, you may not make time to meet with a financial advisor. This often causes problems.
While you may be confident in your investment instincts, you might be missing part of the big picture. Even if you have different investment accounts that you think are linked to different financial goals, you need to make sure you’re properly diversified.
With a financial advisor focused on managing your wealth and assets, you’re able to avoid having too many different accounts all heavily invested in the same stocks. While some blue-chip stocks may seem like safe investments, if you have multiple accounts with significant portions of their funds in the same stock, you may be unnecessarily exposing yourself to too much risk.
When you’re attempting to handle your own wealth management in the limited number of hours you have outside of work, you’re not just losing time that you could be spending with your family; you’re risking the security of your portfolio.
Your Retirement Planning Is Tied Up In The Value Of Your Business
Many successful business owners think they can rely on being able to sell their business to fund their financial future and retirement needs. Even if you own a very valuable business, this is an incredibly risky approach.
For instance, downturns in your industry could reduce the amount you’d be able to sell your business for. While you could hold on to your business until the market hopefully turns around, you’ll end up having to retire later than expected.
Additionally, even if you’re able to sell your business quickly and for full value, you may not be accounting for how you rely on your business for your expenses outside of income and dividends. If you’re ignoring these factors, you may need more money for retirement than you think.
Working with a financial advisor helps you account for all the factors and build a diversified portfolio of investments, as well as retirement accounts and insurance holdings. Your advisor can also help you develop plans for selling your business in different timelines that offer more security for your financial future.
Retirement And Investment Planning Gives You Peace Of Mind
No matter how successful you are in your career, you need guidance when it comes to making the right choices to meet your retirement planning and long-term financial goals. This guidance helps to ensure you’re properly diversified and gives you more time to spend with your family.
Learn more investment strategies to help you achieve the retirement of your dreams. View Our Dream Lifestyle Retirement Video Series.
