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Ep #012: One Thing Every Business Owner Should Know Thumbnail

Ep #012: One Thing Every Business Owner Should Know

When looking at your finances, where are you currently sitting and where do you need to be in the future to accomplish your goals? Many business owners have so many things going on in their lives that they don’t get a chance to properly plan for themselves or their families. Calculating your personal wealth gap is a way to identify how you’re doing with your personal planning. So, how do we actually calculate this? In this episode, Tom will explain everything you need to know about your personal wealth gap so that you can reach the retirement and business exit success that you’ve been preparing for.

Listen in as Tom shares how to figure out how much income you will need in retirement to support your desired lifestyle and how to ensure you’re prepared for the taxes you’ll have to pay in retirement. You will learn how Social Security will play into your retirement, the benefit of building assets outside of your business, and how to make sure you’re ready to successfully transition into retirement.

Listen to the full episode:

What You’ll Learn:

  • What your personal wealth gap is.
  • The importance of making time to plan for your future.
  • How to figure out how much income you need in retirement to support your lifestyle.
  • How to ensure you are prepared for the taxes you’ll have to pay in retirement.
  • The importance of putting in proper preparation for your retirement.
  • The benefit of building assets outside of your business.

Ideas Worth Sharing:

  • “The IRS will want their cut from your retirement accounts when you stop working. They will get paid, so prepare for it in advance.” - Tom Poltersdorf  
  • “For most people, Social Security ends up playing a big role in helping to fund their retirement.” - Tom Poltersdorf  
  • “Don’t become a statistic.” - Tom Poltersdorf  

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