Financial Planning, Wealth Creation and Accumulation

In the first article: "Business Challenges for the Entrepreneur," we discussed some of the challenges facing an entrepreneur and the thought process needed to address them. In this article, we will attempt to discuss the Planning, Creation and Accumulation of Wealth.

What are your Personal and Business Goals?
I think it is safe to assume that your thoughts are along one or both of these:
• Care and Nurturing of family members.
• Production and distribution of Goods and/or Services.

Each of these goals will require one to consider the following:
• Assets and Liabilities
• Debt acquisition and management
• Legal Issues
• Employee Benefits
• Family needs (How BIG is this?)
• Business Strategy.

I will submit that it will be very difficult to achieve one’s goals without effectively addressing the aforementioned considerations. To bring the challenges closer to home, so to speak, let us review Assets and Liabilities: Do you have full and complete understanding of your assets and Liabilities?
• How about these assets: Real Estate; Stocks and Bonds; Business entity; Commodities; Etc.,
• How about these liabilities: Mortgages; School loans (self and kids); Car loans; Business loans and notes; Any outstanding (and/or anticipated) judgments

Now, let us focus our attention on Wealth Creation and Accumulation. When was the last time you asked yourself this question? Who am I and what am I trying to accomplish? This sounds simple enough! However, when you start digging deeper, you realize that you are not, potentially, the person you think you are. Keep in mind we are talking about financial aspirations; not a psychological analysis of your personality! Will your aspirations force you to answer the following questions?
• Do you want to grow your assets?
• Do you want to reduce your liabilities?
• Do you want to minimize your risks?
• Are you and your family having fun?
• Do you have an exit strategy for your business?

We have raised a lot of questions without providing any specific solutions. That is done on purpose. The reason is because every situation will require a customized solution.

Have a team of knowledgeable advisors on your side to help you navigate your way through these challenges. TOBA can help.

Fola Odejimi, CFP®, ChFC®, CLU®
Managing Member, The Odyssey Business Advisory (TOBA)

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