Here's How 8 Entrepreneurs are Prepping for Retirement
Photo by ColorJoy Stock
Business owners are visionaries! You’ve taken an idea and turned it into something tangible that lives & breathes as well as sustains your beautiful life. Here’s the thing– I want your vision for yourself to expand even more so present and future you are taken care of. This month’s blog is all about how real business owners are prepping for a secure & happy future by setting up financial freedom & retirement strategies TODAY.
Hear from 8 amazing women on how they’re actively working towards a secure financial future. Share your thoughts in the comments.
P.S. Need a Financial Advisor, Accountant, or Bookkeeper? Find her in the Babe Crafted Member Directory here!
Cheers to continuing to build the future of your dreams, babe!
-Gina
Photo by Christina Jones Photography
Angela Brocato | Virtual Sidekic // IG
“When I transitioned from corporate to freelancer life, I wanted to make sure I was still contributing regularly to retirement accounts. I opened a self-employed IRA and every month I set a money date for myself. I make sure invoices are caught up, I contribute to my Roth, SEP IRA, savings, and set aside my estimated taxes in separate accounts. I pay my current and future self first in a variety of buckets.
My next goal to prepare for financial security is to build various passive income streams so my income doesn't solely depend on retainer clients. We all know how that can ebb and flow at times!”
St. Pete, FL
Brittany Ranew | Brittany Ranew, Real Estate Advisor // IG
“I realized at an early age that it's super important to save for retirement. As a business owner it’s easy to forget because I'm my own boss. It’s up to me to plan for retirement since I can’t rely on a corporate matched 401k that is automatically set up to come out of my paycheck. I make sure to set time aside each month to analyze my expenses and contribute to a solo 401k and/or brokerage accounts.”
St. Pete, FL
Brooke Eversoll | Bee Studios Design // IG
“I’m actively planning for my financial security by maxing out my yearly retirement contribution. I also believe in real estate as a long term stable investment. I invested last year in securing a permanent building for my business, this did 2 things: 1) controlled rising rent costs and operating costs in a market that is growing and changing quickly and 2) building equity in a growing real estate market. This will be a property that, regardless of what happens with the day job, I will have to rent, sell, or pass along in an estate to my son."
St. Pete, FL
Christina Maldonado | Boudoir Tampa // IG
"First thing I did was work to be debt free personally and my business (which I started and always ran without debt). Learning to put your money to work and what to do with it is essential as well. I also really believe in diversifying your income streams through multiple avenues.
I still occasionally take wedding clients and portrait clients with my Associate Photographer. I am creating a course and getting certified as a patient advocate to work with patients who have rare diseases and coaching them. I'm also working in investing and e-commerce this year! So if one income is slower, I still have income coming in, in different ways."
St. Pete, FL
Photo by Ashlee Hamon Photography
Heather S. Saunders | Ameriprise Financial // FB
“I’m saving into my workplace retirement plan (a Simple IRA) as well as Roth IRA’s for myself and my husband. Contributing to my workplace plan helps to reduce my current-year taxable income and also earns a match from my company – and I love free money. The Roths will be tax-free on distribution, so I’m saving for the future in a way that will also give me tax diversification when the time comes – hitting multiple goals at the same time.
Selling the financial planning practice is also a very large part of my expected retirement income, and I think that succession planning is a huge element of being a business owner that gets largely ignored as a long-term goal that you can prepare for. Ideally, I’ll sell it to another advisor within the practice who is already familiar with the clients, our investment philosophies, etc., just like I’m in the current process of purchasing the practice from the original owner advisor, who I’ve worked with for nine years. So I’m already thinking about the roles and positions of potential team members that will need to be added between now and then to make it the best situation possible for all involved.”
Tampa, FL
Jasmine Decelle | Jasmine Decelle Branding + Design // IG
“My biggest asset is finding a CPA that I can work well with. This takes the biggest stressor off my plate: taxes! The most important thing we can do as business owners is not fight the inevitable and being more comfortable with taxes allows me to know my financial security will be a little bit better as the months (and years) go on.”
Lakeland, FL
Silina Lee | Lina Plans // IG
“I’m investing in a compliance administrator to do my paperwork for the state in filing my 501C3 documents, and incorporated my nonprofit, Black Owned Business Connect LLC. This will ensure my investors and sponsorships are in compliance to mitigate any losses.
I also have multiple streams of income through my business, Lina Plans, and offer Event planning, Content classes, Social media Management, Consultations, and of course have my 9-5 in Contract Administration. I use that income to pay for my other expenses. I’ve been working on my personal credit to build my business credit to apply for my first SBA loan.”
Tampa, FL
Stephanie Acevedo | Casa Ria Design // IG
“Since I am just starting out, just having the basic knowledge of how to run my books. Knowing what a P&L statement is so I know where the money is going and coming from. I also have a list of expenses so I know what I need to make each month right now to cover them. As I grow, I will definitely invest in a Financial Advisor or Business Coach but thankfully, I have an Accountant friend helping me right now."
Tampa, FL
