The first job I ever had was cleaning toilets. My boss took me aside one day and asked: “What are your thoughts on nepotism in the workplace?” “You know, Dad, that’s a really good question,” I replied. “And Dad, I’ve decided that I don’t want to clean toilets all my life. I’ve been reading some self-help books and I know the secret to financial success,” I explained. “And what’s that?,” he asked. “I’m going to write a self-help book,” I said.
I did write a self-help tax-planning book a few years later. My father? He continued running his business without me – until he retired. Building on my conversation last week, I want to share four things my father did as a business owner to create a secure retirement financially.An individual pension plan is a registered pension plan for one person, as opposed to a plan covering all employees. An IPP can create a predictable income in retirement.