- Once an entrepreneur’s new business venture is up and running, a well-constructed financial plan should be put in place to meet personal goals.
- An entrepreneur’s financial plan differs in many ways from one for a non-entrepreneur.
- How entrepreneurs compensate themselves — via wages or profit distributions — impacts what they pay in Social Security and Medicare taxes.
- Other differences include benefits and exit strategies, risk assessment and how to achieve both business and personal goals.
Micah Porter, owner and president, Minerva Planning Group