It might seem like a long way off for most entrepreneurs, but in terms of financial security, where do you want to be at the age of 65?
- Financially secure
- Must continue to work
- Require financial assistance
A recent survey shows that most people fall within the fourth category—they’ll need financial assistance. But do you really want to be scrounging at the age of 65, especially when there are ways to plan ahead and actually spend time at the golf course?
Many passionate entrepreneurs are so busy innovating, building their business, advancing their new technology or launching a new product that all too often they neglect their personal financial well-being. To achieve business goals and secure financing, they craft a business plan that attracts capital and partnership interests, but they overlook creating a personal plan for financial success.
In our Best Practices session, Zoe Adrian, an investment advisor with BMO Nesbitt Burns, discussed what entrepreneurs should do to keep business separate from personal finances, how to set short-term and long-term goals, what entrepreneurs need to do as their company grows and also advised on various investment options.
She highlighted the following key tips for stable financial health:
- Importance of protecting your personal finances
- Significance of planning for the unexpected
- Best practice of not paying more taxes than need be
- Need for planning an exit strategy
The following video contains Zoe’s four hot tips, followed by her full presentation:
Here’s a video of Zoe’s discussion and presentation from our Best Practices series, Startup Your Financial Future: Investing and personal finance for the entrepreneur.
In her presentation, Zoe discussed how entrepreneurs can protect their personal finances, make trade-offs between risks and rewards, plan for the unexpected, and do retirement and succession planning while continuing to effectively manage their corporate assets. She also advised on what needs be done as the business matures and the entrepreneur contemplates an exit or retirement.
Here’s Zoe’s slide presentation.
Vijender is the Manager of Online Content at MaRS. He helps entrepreneurs get the online resources they need to grow their companies by project managing and marketing the Entrepreneur's Toolkit. See more…