. Your health could fail. You may not find a buyer. You may have to sell for less than you need. You may not be able to retire fully.
This won’t come naturally to most entrepreneurs, who are often hyper-focused on immediate needs and tend to plan in three- to five-year increments.“It’s hard as an entrepreneur and small-business owner to think 20-plus years out,” says Mary Bell Carlson , owner of Carlson Consulting LLC. “I’m often figuring out what I need to do today for immediate cash and long-term profitability.”
“My biggest lesson has been to start, no matter how small the amount; it’s just important to start,” she says. TRADITIONAL, ROTH IRA: Individual retirement accounts are easy to open and available to virtually anyone. You can contribute up to $6,000 in 2022 . The main is whether you want tax savings now or later. Traditional IRAs use pre-tax income, but you pay taxes when the money comes out. With Roths, it’s the other way around.