On this audio podcast, Miguel Gonzalez shares 5 key steps to help women strengthen their business and retirement.
Welcome to Cortburg Speaks Retirement Podcast
with Miguel Gonzalez, MBA, AIF®, CPFA®, CRC®
CLICK HERE TO LISTEN TO MIGUEL'S LATEST PODCAST
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On this audio podcast, Miguel Gonzalez shares 5 key steps to help women strengthen their business and retirement.
Welcome to Cortburg Speaks Retirement Podcast
with Miguel Gonzalez, MBA, AIF®, CPFA®, CRC®
CLICK HERE TO LISTEN TO MIGUEL'S LATEST PODCAST
FOLLOW US ON:
INTRODUCTION
Welcome to Cortburg Speaks Retirement
An audio podcast about investing in the stock market, financial planning, money management and retirement planning. Each Wednesday, we help investors at all stages of life learn how to potentially grow and preserve their money from first job through retirement.
Now here is your host, Miguel Gonzalez.
HOST
Good morning and welcome to the CORTBURG SPEAKS RETIREMENT audio podcast.
On this week’s audio podcast, I share the 5 key steps for women to strengthen their business and their retirement.
As a female entrepreneur, you may face different challenges than your male counterparts. For example, women were disproportionately affected by the COVID pandemic. 1 They also tend to earn less than their male peers—largely in part because they are still responsible for the majority of the world's unpaid labor. To counteract these challenges, women must be proactive about strengthening their businesses and preparing for retirement. Keep these five key tips in mind.
1. Focus on the Future
When you run a business, it is easy to become overwhelmed by the daily demands. You may be busy trying to land prospects, close deals and fine-tune your marketing. It is hard to think about tomorrow when the present day is stressful. But you must prioritize the future in terms of short-term weekly and monthly goals and long-term plans. Think about what you want your business to be known for and what you want for yourself.
2. Invest in Your Retirement
As an entrepreneur, you may pour all your resources into your business, but you must also consider yourself. What do you want to do for your retirement? How much do you need to save to afford that lifestyle? Start identifying these goals and working toward them. You may want to consult with a financial professional for help.
3. Consider Offering Retirement Accounts to Your Employees
Have you thought about offering retirement accounts to your employees? Regardless of the size of your business, there is likely to be a cost-effective retirement account that is easy to manage. Small businesses may want to explore options such as a Simplified Employee Pension (SEP), Savings Incentive Match Plan for Employees (SIMPLE) IRA Plans or Payroll Deduction IRAs. Larger companies may want to stick with the classic 401(k).
Improving your benefits packages may help your company attract and engage talent more effectively. By helping your employees save for retirement, you may also help to lower their stress levels. This strategy may potentially improve their focus and boost your organization's productivity levels.
4. Set Up Passive and Recurring Revenue Streams
Passive revenue streams may help you cover expenses when you no longer want to participate in the daily grind. Look for ways to build passive revenue from your business. Depending on the nature of your business, passive revenues may include subscriptions, rental income, investment income, or a vast range of other options. At the same time, look for opportunities for recurring revenue. This effort helps safeguard your revenue streams and may also help make your business more attractive to investors.
5. Make Sure Your Business Runs Well Without You
If you eventually plan to sell your business, you need to let it run without you. A company with a well-qualified management team and a strong customer base is more attractive to acquirers. In contrast, if you need to play a hands-on role in your company, it may be much harder to sell the company to fund your retirement.
Make sure to visit our website, www.CortburgRetirement.com. Our site is filled with educational videos, eBooks, publications, and financial calculators designed to help you learn more about your finances. As you search our site, send us a note regarding any questions you may have about any particular investment concepts or products. We will get back to you quickly with a thoughtful answer.
This is Miguel Gonzalez, Certified Retirement Counselor (CRC) and Managing Partner, with Cortburg Retirement Advisors signing off for this week’s educational podcast.
DISCLOSURES
Opinions expressed are subject to change without notice and are not intended as investment advice or a solicitation for the purchase or sale of any security. Please consult your financial professional before making any investment decision.
All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.
CRC conferred by The International Foundation for Retirement Education.
Securities offered through LPL Financial. Member FINRA/SIPC. Investment advice offered through Private Advisor Group, LLC, a registered investment advisor.
Private Advisor Group, LLC and Cortburg Retirement Advisors, Inc. are separate entities from LPL Financial.
Investing involves risk including possible loss of principal.
Important Disclosures
· The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual security. To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing.
· All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.
· This article was prepared by WriterAccess.
· LPL Tracking #1-05313101.
Footnotes
1 5 ways women and girls have been the hardest hit by Covid-19, Oxfam,
https://www.oxfam.org/en/5-ways-women-and-girls-have-been-hardest-hit-covid-19