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Craig Lundquist, MBA, ChFC®, CRPC®
VP of Wealth Management
651-773-2757
Kristin Becker
Senior Administrative Assistant
651-773-2821
Ideal Wealth Advisors
Located at Ideal Credit Union
8499 Tamarack Road
Woodbury, MN 55125
CRPC conferred by College for Financial Planning
November/December 2021
See The Bigger Picture
As a business owner, you may be caught up in end-of-year planning for your business. But personal financial planning is equally important. 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. Do you want to increase your savings? Buy a second home? Start a college fund for your children or grandchildren? 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 a general 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. Building a large emergency fund can help ensure that you have enough personal savings to maintain your lifestyle if business income doesn’t meet your projections.Plan for the Future
Consider whether the mix of stock and fixed-income investments in your portfolio fits your current risk tolerance and your time frame for needing the money. Be cautious about investing in companies from the same industry as your business. A sudden industry downturn could affect both your business’s profits and your portfolio’s returns.Fund Your Retirement
Adding money to an existing retirement account or setting up a new plan may reduce your tax bite. Two plans to consider: A SEP IRA allows you to contribute to the plan for your employees and yourself. If you don’t have employees, a Solo 401(k) plan allows you to maximize your contributions because you’re contributing to the plan both as employer and employee.Think About Estate Planning
Planning may minimize estate taxes and provide for your beneficiaries. A buy-sell agreement funded with life insurance transfers your interest in the business to a partner or family member, while providing liquidity for your heirs.1-05181045
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Ideal Credit Union and Ideal Wealth Advisors are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Ideal Wealth Advisors, and may also be employees of Ideal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of Ideal Credit Union or Ideal Wealth Advisors. Securities and insurance offered through LPL or its affiliates are:
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