Paul Adams brings you another insightful podcast episode today and talks directly to entrepreneurs or small business owners pouring their heart and soul into their businesses. Are you an entrepreneur? Then you definitely do not want to miss out on Paul's wise words on how to diversify your personal balance sheet for a long and comfortable retirement. We know not to put all our eggs in one basket, yet entrepreneurs seem to do this time and time again. Paul says that it doesn't have to be this way!
What Was Covered
- 00:55 - Entrepreneurs! You're in danger and it's your fault.
- 04:15 - So, how are entrepreneurs putting themselves in danger?
- 05:00 - It doesn't matter how successful our business is. At the end of the day, two things will have to occur.
- 05:55 - How much are you willing to pay for a business, for an asset?
- 08:00 - You can not predict the market, so your business may be worth less than you think it is.
- 11:30 - Paul shares an important example to further drive the point home.
- 14:50 - Many people believed that putting their faith in publicly traded companies were going to sustain them through retirement. As we've seen in the past, this is wrong.
- 15:10 - We know this about publicly traded companies, but it's hard to flip the script when we're looking at our own businesses.
- 15:20 - How much assets do you need to have in order to take off 4% a year?
- 16:20 - If you take more than 4% off a year, you will run the risk of running out of money.
- 17:55 - Do not get a warped sense of reality just because you heard that one success story on Forbes.
- 18:50 - We're living longer, so we need to make sure our money stretches longer too.
- 21:55 - If you get a raise, save 50% of that amount.
- 22:50 - How can you increase your savings?
- 24:25 - Give yourself freedom and peace of mind by diversifying your assets.
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