If you are an entrepreneur looking to get the most out of your hard, earned money, then this will be an important article to read now.
Risk management is the core of any corporation. Entrepreneurs NEED a plan put in place. One of the mistakes I see entrepreneurs make, is that they are too busy to even think about “what if” situations.
I find that most tend to think they are protected enough OR that nothing “bad” will ever happen to them. But the reality is that a plan for entrepreneurs requires unique considerations.
Entrepreneurs form one of the largest segments of high net worth individuals who have complex financial protection needs.
The key question I ask my clients to think about is….
“What happens if you are unable to work?”
THINK ABOUT THIS for a second.
We know life happens. We hear stories all the time about someone who was very young and healthy and then the unexpected happened. They got sick OR they were in an accident that left them disabled or worse…dead.
So, wouldn’t it be wise to think that this could happen to you?
Now the response I get from most entrepreneurs is:
“I’ll deal with that when it happens.”
Well this can be a big mistake…
Your being sick or hurt and unable to work is more likely than you passing away. You need to have a plan for that.
Basically, the way to protect yourself is with good Critical Illness and Disability Insurance protection plans.
There are two options to get these:
- There might be a small critical illness benefit from your spouses group plan from work (very few employers provide this).
- Something you put in place—an individual plan.
So, here’s my advice:
- Make sure you check what kind of coverage you have today, if you have any.
- Determine your risk and exposure, should you be injured or become sick.
- Determine who should pay (you or your corporation).
My financial planning process will uncover how much money you will need should the unexpected happen.