September 6, 2008 6:01 AM EDT
I take a radically different approach when I advise entrepreneurs on personal financial planning matters. I firmly believe that entrepreneurs have a wonderful ability to create and grow wealth. As a result, I strongly recommend that business owners and entrepreneurs make use of non retirement vehicles that offer greater liquidity. As an entrepreneur myself, I am willing to sacrifice tax deductions today so that I can have easy access to my money - even before age 59 1/2. If you believe in your ability to grow your business, keeping your money more accessible all throughout your entrepreneurial career just might make more sense.
Saving money is important, but consider avoiding IRA`s and SEP`s and Solo 401(k)`s. Other options include regular old brokerage accounts or even maximum funded life insurance policies. I have built my practice on liquidity planning for entrepreneurs. I have a resource site that you can check out if you would like: The Entrepreneur`s Dream Financial Plan: http://www.EDFPlan.com
Read through some of the blogs and you will hear some stories that might get you thinking. Let me know your thoughts if you have a moment.
To your success!
Cash is King!
aka Mr. Liquidity
President, Fisher Wealth Management, LLC
Founder, The Entrepreneur`s Dream Financial Plan