Know Exactly What You Want From Your Business to Be Secure About Retirement

retirement confidenceHow long do you have to hold on to your business before it produces paychecks for life?

The way that you manage your affairs today determines your future lifestyle. When you prioritize this goal it benefits you in more ways than one. The biggest payoff is financial freedom. As an entrepreneur that means living a full life today and throughout your retirement years.

Preparing to retire starts the moment you wrap your mind around how much income you really need. In order to smile at your future you cannot leave retirement to chance. If the thought of this makes you uncomfortable check the source of your resistance. Procrastinating comes when you listen to the overwhelming ideas that your inner voice says. Common thoughts that get in the way of reaching retirement goals:

  • Tomorrow is not promised so I will enjoy the fruit of my labor today. You can still plan for tomorrow while enjoying your time today. If you want to live to the full and get the results you want, you must take action. In other words, build a business that can actually fund your golden years.

  • I am not close to retiring so why think that far ahead? You may be thinking that the further away from retirement you are the less important it is right now. The truth is, the sooner you start planning and viewing your business as an investment the better off you will be.

  • I don’t have time to figure it out. Your future is in your hands and so is how you invest your time.  If the thought of planning your future is overwhelming, consider doing it fifteen minutes at a time. Business and retirement planning are ongoing events but the good news is when you do it a little at a time it doesn’t take long.

  • My money is already tied up so I will invest in retirement later. Your business can be one of the best retirement vehicles that you have. Consider ways to make your company attractive to investors as well as using the profits that you earn to invest in other income producing ventures. In this way you will be building a company that produces streams of income well beyond your entrepreneurial career.

  • I know what I need today but I have never created a retirement budget. You need to know where money will come from to live comfortably and pay your bills in retirement. Begin by creating a budget that shows what cash flow should look like. When you start with the end in mind, use it as a means of motivating every business decision you make from here on out.

How has the vision of your golden years opened your eyes in business? Take time today to think about what you want your life after exiting your business to be. Write down your thoughts and include how your business will help you get there.

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5 thoughts on “Know Exactly What You Want From Your Business to Be Secure About Retirement

  1. Great post! Each time my father received a raise, my mother invested the “extra” money. She ran the house on the same income in 1990 as in 1970. They were both able to retire comfortably at age 50. She believed you could live within your means . . . never putting off for tomorrow what you could save for today!

  2. It is so pivotal to think about things like this at all ages. When I was a teacher in the school system I made sure to fill out all of the paperwork for retirement. As I started my own business, I did not put the same kind of effort into it. Thanks for reminding about the importance of making it a priority.

  3. I know that what you say here is the truth. The resistance I face is multifaceted and primarily centered on two things: The first is that I constantly am in crisis mode in dealing with some chronic issues in my life, including physical/mental health concerns. The second stems from the first and there are still a lot of internal doubts, fears, etc. which I continue to let hold me back from fully committing to any course of action that will enable me to create a sustainable income.

    That being said, I am taking steps and am in action towards dealing with those issues and my participation in this month’s UBC is part of the process. Thank you for visiting and commenting.

    Be well,
    Lillian

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