Managing cash flow is key to being a financially healthy business. Most dentists know their monthly cash flows, with a keen awareness of when payroll, credit cards, rent, labs and the other big bills are due each month. But managing cash flow is not just about increasing next month’s production or reducing expenses.
If the 4% withdrawal rule was created with a 65 year old in mind, what happens when you want to retire earlier? How much would an early retiree have to reduce their withdrawal rate to accommodate a longer retirement? Research has been done that suggests that you don’t have to reduce the 4% withdrawal rate too dramatically, even for very young retirees.
Medical insurance continues to be challenging for small business owners; carriers are leaving the individual market in many states, forcing some of our clients to look at group insurance as an option. While there are tax credits available for offices who qualify to help defray the cost, it is an additional staff cost and can be a compliance headache unless you have a knowledgeable agent.&
Submitted by Mission Financial Planning on September 19th, 2017
The recent Equifax security breach compromised names, Social Security numbers, birth dates, addresses, credit card numbers and driver’s license numbers. Our annual, gentle reminders to keep a watchful eye on credit reports have turned urgent.
The hurricane has me thinking about how to be prepared for emergencies. I imagine families trying to contact each other, computers and file cabinets under water, and businesses unable to function. If you are somewhere that was not impacted by the hurricane, use it as a motivator to be prepared should a disaster hit closer to home.