Strategic wealth planning for your practice

Strategic wealth planning can make many heads spin just reading those words. For many people managing finances is overwhelming and confusing. 

 

Well, we want YOU to stand out from the crowd and be at the top of your industry! Lead the pack from the front by planning for your future!

 

Please keep in mind that we are here to help you by making suggestions based on our own experiences, those of others we have worked with the knowledge base we have; we are not financial professionals nor do we claim to be. With that said, let’s dive into some tried and true areas of wealth strategy!

 

My number one recommendation is to work side by side with a financial planner/ advisor. Not only do they help guide you and manage your investments, they also help you plan for your retirement and complete financial future! They have tools at their disposal to really project and analyze what you need in order to hit your mightiest of goals!

 

Whether you’ve chosen your financial planner yet or not, having a long term financial goal is paramount. After all, how can you plan for what you’re going to do if you don’t know where you’re going?!

 

Here are a few things to consider:

  • Determine what your BAM (bare ace minimum) for a yearly salary may be
    • How much money do you spend in a year’s time? (consider mortgage, spending habits, other bills, etc.)
    • Will all of those items you are currently paying for be forever things or will some of them fall off?
  • When would you like to “retire” from the workforce?
  • What do you want extra cashflow to look like now? What about in 5, 10, 20 years

 

Long term goals allow you to break the finances into smaller goals and achievements. It also allows you to see what you need to do within the practice (financially) and investments in order to achieve those goals! 

 

Don’t fret, there are many pieces that are within your control and don’t require the assistance of a financial planner – that’s where we come in with some hot tips below!

 

Implementing strategic systems that align with your goals is something every business owner should prioritize. Looking at what you’re able to accomplish now, with the systems you have in place, in comparison to where you want to go will help you to decide which systems are ROCK SOLID and which ones may need some upgrades! Remember that what you’re doing now got you to where you are, where you want to be is a level up, your systems likely have to level up as well! Tracking your key performance indicators (KPI’s) consistently will help you to manage systems without going completely chaotic while also managing your goals! 

 

The right systems and goals in place lead to operational cashflow … yep, you guess it, operational cashflow leads to easier financial success and helps add into your wealth planning!

 

These items will help you better plan for your future!

  • Vet and hire a fantastic financial planner
  • Figure out your long term wealth goals
  • Track trends within your business (systems)
  • Narrow in on systems to level up (then do it!)
  • Get your operational cashflow up and add into your wealth management plan! 

 

It’s time, don’t wait, go plan now so that you can thank yourself later! For more information or guidance on choosing a financial planner to work side by side with, reach out, we are here to help in every way possible!  Schedule A Call.

 

For more tips, check out our latest episode!

 

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