Financial Planning Tips for Business Owners Raising Kids
Summary
Business owners raising children, termed BORKs, face unique financial challenges that require strategic planning. To safeguard their family's future, BORKs should establish a comprehensive financial plan encompassing both business and personal finances. Key steps include securing adequate life and disability insurance, creating a succession plan for the business, and setting up education savings accounts for their children. Additionally, maintaining a clear separation between business and personal expenses, regularly reviewing financial goals, and consulting with financial advisors can help BORKs navigate their complex financial landscape effectively.
Kiplinger
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