Small business owners may find it challenging to find ways to provide additional benefits to their children who work for the company. One often overlooked choice is including a Roth individual retirement account (IRA) as part of their compensation, a strategy that offers the potential to benefit both the children and the business.
Determining your net worth is pretty simple; it is the amount you own after you subtract what you owe. This bit of simple math can be important for several reasons:
Consider this: If you were planning a road trip across the country, would you leave without having a route in mind? Or without charging your phone so the GPS can guide you along the way? No way would you look at the map once and then forget about it! If that was your strategy, you might never arrive at your destination. But if you were absolutely committed to arriving at your destination in the shortest time possible, you would study your route carefully, charting out a plan for each day and making adjustments, as needed, along the way.
The start of the year is a great time for a financial check-up. In addition to reflecting on the prior year, you may be particularly motivated in January to make financial resolutions for the future. Let’s review your circumstances and goals and look for impactful improvements.
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