Like any BCBO™ (Blue-Collar Business Owner), you’re running a complex business on a day-to-day basis – it isn’t easy. It not supposed to be easy; otherwise, you’d have even more competition.
It’s not uncommon for BCBO’s to put their head down and get it done, to go to work everyday without taking time to focus on the big picture. I’ve worked with many BCBOs and the one thing I hear over and over is that they know how to work and enjoy life but their work, money and life are rarely connected in a way that is balanced and clear.
- BCBOs wear many hats
- Don’t have time for big picture planning as they are busy running their business and trying to enjoy the lifestyle their BCBO provides
- Need a professional friend to tap them on the shoulder from time to time to get them to step back and look at 10-yr financial and life plan for them, their families and their businesses
Here are 5 strategies that can come from a “step back” process to optimize retirement income.
- Start converting business assets into personal assets.
- Decrease the amount you re-invest back into the company each year.
- Work with your accountant to increase your annual personal income.
- Increase contributions to TFSA, RRSP and Non-Registered Portfolios.
- Understand you will not have the same tax deductions during retirement and how it will impact your personal cash flow.