If following in the footsteps of successful people is a determining factor of future success. Then it can’t be ignored of having mentors in the same field you wish to be successful in. What do I mean by that? If a you want to be a huge success in sports then you would find a person that you best relate with in that sport. Do the things the successful athelte did so you can have what that athlete has.
Mentors are very important (but that’s a blog for a later date). How does this relate to having a good financial team? If you do the research on some of the most successful business owners you will see that they have a financial team. Financial team is the term I use because it encompasses the lawyer, accountant/tax professional and financial planner to name a few. If you want to have a successful business you need a financial planner to help you plan how to allocate your money, an accountant/tax professional to show you how to keep your tax liability legally low and a lawyer to help you keep your money. This all sounds great but what can you do provided there are no funds allocated for such a financial team? The first thing to do is start interviewing firms or other small businesses in Law, Accounting/Tax Professional and Financial Planning. Interviewing, what do you mean? Ask business owners you know whom they use. Look the businesses up on the Internet. Do some research to find out prices for initial visits and consultations? If you find the team you like but can only afford one or none what do you do then?
Mentors are very important (but that’s a blog for a later date). How does this relate to having a good financial team? If you do the research on some of the most successful business owners you will see that they have a financial team. Financial team is the term I use because it encompasses the lawyer, accountant/tax professional and financial planner to name a few. If you want to have a successful business you need a financial planner to help you plan how to allocate your money, an accountant/tax professional to show you how to keep your tax liability legally low and a lawyer to help you keep your money. This all sounds great but what can you do provided there are no funds allocated for such a financial team? The first thing to do is start interviewing firms or other small businesses in Law, Accounting/Tax Professional and Financial Planning. Interviewing, what do you mean? Ask business owners you know whom they use. Look the businesses up on the Internet. Do some research to find out prices for initial visits and consultations? If you find the team you like but can only afford one or none what do you do then?
Read books they have written. find out if they have newsletter you can subscribe. See if they post a blog. If they don’t ask them would they consider posting a blog. (That’s how I got started). There are a number of ways to have your financial team before you physically have a financial team. It is only limited to the amount of work and imagination you are willing to invest. The only question you really need to ask yourself is, what is it worth to me?
Remember Tax Season is at least a once a month endeavor, so have a happy tax season.
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