Last month, ACCION hosted a seminar entitled, “Retirement and Tax Planning for Business Owners” presented by Douglas D. Shoemaker. He is the co-founder of Total Wealth Management, Inc. and an Emeritus Chapter President for The Society of Financial Awareness, a non-profit educational organization.
He started his presentation with some food for thought: When do I want to have the option to stop working? How much money will I need at that time? Does my debt and other monthly expenses prevent me from making good investments? Do I truly believe that my 401(k), 403(b) or 457 will be my salvation in retirement? These are all questions to think about when preparing for retirement.
Rather than just focusing on obtaining financial products (IRA, life insurance, mutual funds, etc.) he encouraged the audience to create a financial plan with a defined purpose and timeline with short, mid and long-term goals. A financial plan should include: cash flow management, debt management, risk management, opportunity fund, long-term accumulation, and estate planning.
Shoemaker emphasized that being fiscally fit is following a set of behaviors and adjusting the way you think about determining your financial place in life. This can lead you to financial independence.
If interested in a free one-on-one consultation, contact Doug at (619) 704-1500.