How financial planning differs for entrepreneurs

Advisors


  • 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



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