| While being a business owner certainly has its perks, it also comes with its own set of challenges, especially in terms of financial planning. Since you’re in charge of your own income as an entrepreneur, the responsibility of saving for retirement also falls completely on your shoulders. And not just for yourself, but your employees, too. As you build out your company and increase your impact, don't forget to plan for the eventuality of retirement. Here are the top 5 retirement planning tips that will help you stay on track: 1. Separate business and personal accounts Opening a separate bank account for your business is a key move to managing cash flow, taxes, and retirement savings more effectively. Apply for a separate credit card as well, so you can keep track of how much you’re spending on work-related expenses. 2. Stick to a budget, but be flexible Budgeting is a very important tool in money management, as it helps you plan your finances and avoid over-spending. However, your business budget needs to be flexible so that unexpected expenses don’t have you dipping into savings. Be sure to set aside an emergency fund so you have padding in case of a crisis or sudden change in expenses. 3. Diversify your investment portfolio Whether you’re making investments through your business or in your own name, it’s important to select a balanced mix of assets for both short-term risk management and long-term gains. Offset high-risk stocks and bonds with stable cash investments. 4. Actively monitor and revisit investments Even if your investment portfolio is perfectly balanced right now, you will need to keep revisiting it based on market fluctuations and your own changing financial needs. Save as much as you can, but also keep track of your investments on an ongoing basis. Read on at earlytorise.com: The 5 must-know retirement tips for entrepreneurs and BONUS content...
| 