Important Note

You are now leaving the Strong Valley Wealth & Pension, LLC ("Strong Valley") website. By clicking on the "Schwab Alliance Access" link below you will be entering the Charles Schwab & Co., Inc. (“Schwab”) Website. Schwab is a registered broker-dealer, and is not affiliated with Strong Valley or any advisor(s) whose name(s) appears on this Website. Strong Valley is/are independently owned and operated. Schwab neither endorses nor recommends Strong Valley. Regardless of any referral or recommendation, Schwab does not endorse or recommend the investment strategy of any advisor. Schwab has agreements with Strong Valley under which Schwab provides Strong Valley with services related to your account. Schwab does not review the Strong Valley website(s), and makes no representation regarding the content of the Website(s). The information contained in the Strong Valley website should not be considered to be either a recommendation by Schwab or a solicitation of any offer to purchase or sell any securities.

Article

Are You on Firm Financial Footing, "Personally" Speaking?

Are You on Firm Financial Footing, “Personally” Speaking?

Your personal finances matter, even though you may be busily focused on your business plan.  Juggling the responsibilities of your business and your personal affairs is a challenging task. However, it’s important to take some time out of your busy schedule to review your personal plan to help keep your personal finances on firm ground. Here are some suggestions that may help.

January 11, 2022
Are You on Firm Financial Footing, “Personally” Speaking?
Important Disclosure: Content on our website and in our newsletters is for informational purposes only. The information provided may (or may not) directly apply to your situation. We recommend that readers work directly with a professional advisor when making decisions in the context of their specific situation.

As a busy executive or business owner, your personal financial and estate planning needs may be different from other individuals. Your current compensation package probably contains a variety of benefits, some of which may not be portable. Some benefits may also place restrictions on present enjoyment, while other benefits may become available only upon retirement or death.

Business Owners Have Personal Finances Too

Because much of your estate may be tied up in the stock of your company, you may have liquidity problems. In addition to business concerns, personal finance requires careful planning. You may need to plan for children who need or will need educating, often in private schools, long before applications are made to expensive colleges and universities. Or, you may already have a child in college or graduate school.

Juggling the responsibilities of your business and your personal affairs is a challenging task. However, it’s important to take some time out of your busy schedule to review your personal financial plan. Here are a few simple suggestions to help you keep your personal finances on firm ground:

Pay Yourself First

  • Each month, try to transfer a set amount from your earnings to savings. A monthly amount of $1,000 earning 4% interest will grow to approximately $145,000 in just ten years.

Reduce Your Consumer Debt

  • Avoid high credit card interest charges, especially now that there is no income tax deduction for this interest. Also, consider consolidating credit card debt to one card that offers competitive financing.

Profit from Tax-Deferred Savings

  • If you qualify, contribute to an Individual Retirement Account (IRA), or set up a qualified plan for your company (e.g., a 401(k) or profit sharing plan) and maximize contributions.

Bring Your Estate Plan Up-to-Date

  • Have your will and any trusts reviewed. Have a professional review your current life and disability policies. You may have a need for new insurance that you haven't considered yet.

Set Long-Term Financial Goals

  • Work within three time frames, setting one-, three-, and ten-year goals. Evaluate your progress each year and make the necessary adjustments to achieve long-term success.

Your Personal Future Matters

Make a commitment now to put your personal planning process in motion. Call today and make an appointment with your Financial Planner. They have the experience, resources and strategic partnerships to help you pull together all of these needs in your personal finances, freeing you up to focus on your business.

Other content you may like

  • Podcast Highlight - YTD Recap & Guest Intro

    November 20, 2023
    The Strong Valley Team welcomes David Lebovitz and Kyle gives a recap of year-to-date activity.
    Read this Article
  • Q3 Roundtable

    Discover a Strategy for Your Returns

    August 29, 2023
    The Strong Valley advisor team, Kyle, Jason, Chris and Adam, discuss the 3 risk levels in retirement and a new tool that can articulate to their clients a personalized strategy to transition from wealth accumulation to income distribution. The debate continues over Federal Funds Reserve Rate Expectations and the interplay with Inflation. Kyle gives a market recap for the previous quarter and the whole team gives their best guess at the coming quarter and end of year.
    Read this Article

  • Time to Reassess Your Portfolio?

    June 10, 2025
    Are you wondering if your investment portfolio is still aligned with your goals? This article explores how market shifts and personal circumstances may signal it's time for a review. Questions around two key principles for managing portfolios are addressed.
    Read this Article
  • Podcast Highlight 1 - Market Recap

    Podcast Highlight 7 - Housing Affordability Index

    June 4, 2024
    The Strong Valley advisor team talks about several factors and discusses the probability of a housing correction.
    Read this Article
    • The link you have selected is located on another server. The linked site contains information that has been created, published, maintained, or otherwise posted by institutions or organizations independent of this organization. We do not endorse, approve, certify, or control any linked websites, their sponsors, or any of their policies, activities, products, or services. We do not assume responsibility for the accuracy, completeness, or timeliness of the information contained therein. Visitors to any linked websites should not use or rely on the information contained therein until they have consulted with an independent financial professional. Please click “Continue to Link” to leave this website and proceed to the selected site.
    No, stay on StrongValley.comContinue to link
    phone-handset