What do you do if you're a self-employed individual trying to secure your financial future?

There are multiple ways for self-employed to save for retirement. Actually, self-employed people have significant advantages when in come to tax planning and retirement planning vs. those who work on W-2. Retirement accounts from different deferred comp to defined benefit plans for self-employed may provide an opportunity to contribute up to 200k!! a year on pre-tax basis or be able to fund Roth contributions at 25k+ a year even if the income is too high for Roth IRA! But every situation is unique and proper insights and analysis of each specific situation is needed.There are other smart and tax efficient ways to save for retirement, control taxes, protect from Long Term care costs in a tax efficient way for business owners..

Im going to offer a different perspective. Get game! Dont chase and don't beg, advertise and attract clients to you. Think of what it is that is your strength. Identify your weakness, find a partner that can bring that SME or hire a contractor. You are magnificent, yet you don't know your power. Wake up, get up and get some.

You have to make sure you don’t spend more than you bring in. Most successful financial plans follow rules on budgeting. A rule would be like: —75% of my net income on all my expenses —15% of my net income saved for my future —10% of my income saved for things I need to replace or emergency fund. I know some people believe in giving 10% of their income to charities like churches or community foundations or projects that make an impact. That should be a budgeted expense. Just remember, the only person you can count on to take care of your older self is your younger self.

In the budgeting section that I contributed to, I mentioned putting aside 10% for replacement or emergency needs and 15% for your future. The 10% should be saved (like in a high yield savings account) while the 15% should be invested meaning in a long term account where you own ETFs or stocks and also get any match contributions your employer makes for you.

Get an advisor or financial planner who is a flat fee advisor to help with this! Investing is hard if you don’t have the time to research. Many give up on this step or talk to arm chair fellow employees whose situation is totally different than what they are doing. Consult someone knowledgeable who is a Fiduciary. And if you want to know what a real Fiduciary is, reach out.

Protection is the key. You want to make sure you are not over insured, but your family’s hopes and dreams don’t end if you pass away early. I speak from experience on this one as my Brother died in a car accident; his kids and wife needed to keep living. Life Insurance is important; as is many types of other insurances.

Long-term financial planning is not just about saving and investing; it's also about setting clear goals and creating a roadmap to achieve them. This could involve planning for retirement, investing in your business's growth, and ultimately defining what success looks like - your exit strategy. Break down your goals into actionable steps and review them regularly to track your progress. A strategic plan acts as a guide and motivates you to make informed financial decisions that align with your future aspirations. It's also incredibly important to have an accountability coach. This could be your financial planning team, an executive/business coach, or a coordinated team or professionals assisting you.

If you feel lost about what to do financially, you are not alone. There are many Certified Financial Planners available to help you. Don’t get advice from anyone other than a CFP though; that’s like Home Depot building a $10mm mansion. You want custom plans and details for something that big so don’t settle for anything but the best for your financial planning.