The Biggest Mistake Retired Business Owners Make
I see this mistake over and over again with my clients. You work hard your whole life building a business that you eventually plan to sell. The whole time, there is a voice in your head that says to do one thing: save, save, save—because you never know what is just around the corner. Then, the day comes: you sell your finely tuned business and sail off to retirement. Now it’s time to sit on the beach sipping margaritas with the waves lapping at your feet. Sure, you might enjoy some of the money along the way with a fancy car, a beautiful little McMansion, and some elegant vacations—but nothing over the top. But the biggest single financial mistake I see retired business owners make is this: they forget to enjoy their money.
What? Are you sure, Ted? Yes, I’m sure. You see, it’s a natural reaction that I’ve seen with many people I’ve worked with over the years. Once you retire it can be really hard spending the money you’ve saved. Why? Because you’ve worked your whole life to build those savings. The first time you notice your brokerage statement go down, you will naturally start to cut back on your spending. Then it’s a chain reaction—you worry about running out of money and then wonder what’s going to be left for your kids.
Related: [eBook] Home Office Tax Deductions
Listen, most retirees that have a good financial advisor and have planned well will likely have a good plan set up for their retirement. So just take it easy, relax, and try to enjoy the fruits of your labor. You never know where your health will take you, so make the most of what you have within your retirement income budget and see how many things you can cross off that bucket list.
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