Today’s Smart Money Question:

We’re coming down to the final few days of 2023 and we hope you have all enjoyed a good holiday season. As we close out the year, we wanted to go over a couple of client conversations we had recently dealing with small businesses and the power of money.

The first dilemma we’ll discuss is balancing the growth of your small business with the equally important task of building a retirement nest egg. Our story spotlights the crucial strategies entrepreneurs must consider, from establishing exit plans to diversifying assets to secure both their company’s future and personal financial well-being.

Then we’ll venture into personal finance strategies for the year ahead, dissecting the importance of aligning your money with your life goals, as showcased through the tale of a couple contemplating a Roth conversion. With an eye on 2024, we examine how different financial decisions can impact upcoming endeavors like real estate investments. We also explore the importance of passing along financial education to the next generation, emphasizing that inheritance is not just about the amount, but about instilling sound principles of cash flow management, debt navigation, and investment acumen.

Here’s some of what we discuss in this episode:

• How should business owners balance saving for retirement and putting money back into the business?
• What are some consistent financial habits you can create as a business owner?
• Reviewing opportunities for Roth conversions.
• Managing an inheritance and how to pass it along to your children.

If you are interested in any of the topics we discussed, please reach out and we would be happy to help you navigate your financial situation.