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P.O. Box 1411 Bismarck, ND 58502-1411
November/December 2021
The Big Picture
Attention business owners: As you work with your financial and tax professionals to plan for your business, consider what you need to do to stay on track with your personal finances, too.
Start with Your Goals
Think about what you’d like to accomplish in the coming year. Once you’ve defined your goals, find a balance between investing in your business and allocating money toward your personal financial plan.Build a Bigger Emergency Fund
Because any business can have an off year, it’s essential to maintain adequate personal reserves to weather a downturn. While the rule of thumb is to have at least six months’ worth of expenses saved in a cash account, business owners may want to exceed that amount.Plan for the Future
A buy-sell agreement funded with life insurance can help transfer your interest in the business to a partner or family member, while providing liquidity for your heirs.CONTACT US
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Point CPA PC and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
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