After going through this pre retirement checklist, you will have a much better idea about how prepared you are and can be for your retirement. Whether it feels like another lifetime from now or it’s right around the corner, it is never too soon or too late to start preparing for retirement. To truly create the best retirement possible, you must know how it works and the right actions to take. If a pre retirement checklist sounds like a scary, unfamiliar world, don’t worry. I’ve put together a practical list to follow so you can feel confident that you are on the right path toward the best possible future.

1. Outline your vision for your retirement

This is a very powerful part that you do not want to skip. Before diving into how you are going to afford retirement, first put some serious thought as to what your ideal retirement will look and feel like. Do you see yourself fishing, sailing, volunteering, traveling, painting or starting a hobby business? List your most important goals first, narrowing it down to your top few choices. Create a journal or visual scrapbook to draw out descriptive visions of your future. This will allow your retirement dreams to become more tangible. Even if you are not quite sure yet, preparing for retirement with a rough draft of ideas is better than no plan at all.

2. Create a retirement budget

With your future visions in mind, it is now time to create a retirement budget. Outlining a plan now will keep you on track to meet your long-term goals. First estimate how much money you will need to cover those dreams and adventures you drew out for yourself. Then assess your current income and investments. Using these two ballpark estimates, you can then calculate what you need to save annually to meet your retirement goal. Do not overthink this, it can be a short and sweet plan that you will then tweak as the years go on.

At least once a year, revisit this budget. Make appropriate edits, re-calculations and add more detail. Major life events will force you to change your budget such as marriage, divorce, career changes, and having children. This budget is meant to keep evolving with your situation. It should include money coming in, how much debt you have, and how much it will cost to reach your retirement goals. If this is beyond your expertise, it a good idea to find a money coach to help you with these numbers.  A good money coach will also ensure you are making smart decisions with your investments and that your budget considers any outstanding debts or payment plans.

3. Take inventory of your assets

When it comes to listing out your assets, it is imperative to include both traditional and non-traditional assets. Traditional assets such as your home, real estate properties,

automobile and collectibles commonly come to mind. Adopting good money habits with your personal accounts (checking, savings, retirement, investment) will greatly increase your assets. Non-traditional assets are just as beneficial to consider when preparing for retirement. Many skills and passions can be turned into extra income on the side that will help fund retirement. Take the time to list your hobbies and how you can utilize those skills to start your own business.

4. Network, network, network!

Retirement can be lonely, especially if you are used to being around your “work family.” Making connections now can be the difference between a boring and lively retirement. Include a networking strategy when preparing for retirement. Find others who share the same hobbies and interests as you, whether this be through social media, MeetUp groups or word of mouth. Connecting with people and building relationships will allow you to grow your network and your opportunities. The more socially active you are, the more opportunities that will present themselves, not only for pleasure but for having your own side business as well. Be prepared to showcase your skills and how you can contribute to other people and organizations.

5. Research your retirement saving options

There are several options to start building up funds for the retirement of your dreams. Whether you work part time, full time with benefits, or own your own business, there is a plan for you. Many financial experts recommend a 401k from your employers because contributions from paychecks are made before taxes, reducing your taxable income. In addition, you won’t pay taxes until you withdraw the funds. Check with the HR department of your company to see if they offer matching programs, as this is free money!

IRA’s are another option to start saving putting money away for retirement. There are different types of IRA’s, so contact a small business tax accountant to ensure you are choosing the best IRA for your situation.

6. Educate yourself on Social Security

This may be the least-liked part of my pre retirement checklist, but it’s important to be educated about it. While it would be a dream to save enough money to enjoy financial freedom during retirement, realistically most of us need Social Security benefits. The timing of when you start collecting social security has a huge impact on how much you will receive for the rest of your life. Later is better! The longer you wait, the more money you will get monthly. On top of greater monthly income, Social Security gives you a bonus for delaying the start of benefits.

7. Prioritize your overall financial well-being

Financial wellness refers to our current status of financial health and has a direct correlation to preparing for retirement. Reassess the way you currently manage your finances and how you can tweak your approach to improve your financial health. If you have thoughts about not having enough money to allot for retirement savings, you may need to find a way to increase your income. Every little bit of extra income will add up by the time retirement comes. Another option is reducing your spending. Creating a budget is key to successfully preparing for retirement. Rather than tracking what you

have already spent your money on, be proactive in your budget by placing your money where it needs to go before hand. Calculate your committed expenses such as housing, utilities and food, versus your lifestyle expenses such as entertainment and materialistic items. Decide which things are necessary and cut out the rest, putting that money towards savings and investments.

A great way to improve your financial well-being is to hire a business finance coach. They will take a look at your books and find any money saving options you may be missing out on. They can also help you find ways to reduce your taxes, refinance and consolidate debts. High-interest debt can be robbing you of money, so finding lower rates can save you big bucks in the end. That being said, a good coach will go through all of the items on this pre retirement checklist and more to ensure you are prepared for retirement. I’d love to help you. If you feel inspired to receive support with your finances and retirement planning, I offer free no-obligation consultation calls and would love to see if we are a fit. I guide my clients through frustrating financial situations and help them to feel financially empowered so that they can live life the to the fullest now and in the future.

Let’s face it: as an entrepreneur, managing the cash flow of your business is not a very thrilling task. This is why more and more business owners are hiring a business finance coach to do it for them so they can focus on what actually excites and fulfills them: their business. It can be exhausting and overwhelming doing everything on your own. Many also wonder if they are even doing it right and all too often, most aren’t. Hiring a money coach to help you manage your business finances is one of the best ways to not just improve your efficiency, but also your bottom line.

What is a Business Finance Coach?

A business finance coach is a person who educates clients on money handling strategies and helps them build a solid financial foundation so that they can be more profitable in their business. A good coach will incorporate their client’s values and goals to ensure they are setting themselves up to win and living a lifestyle of their dreams.

While it is crucial that business owners are aware of both money coming in and going out, handling this aspect of business can be frustrating and confusing. Business finance coaches use experience, expertise and empathy to make their clients feel supported. They are devoted to creating an open and trusting professional relationship. What sets a coach apart is their ability to practice a communication style that allows the client to understand and grasp information. Consequently, the client gains confidence and motivation to apply the knowledge to their business.

Business finance coaches address the following topics:

• How to manage your business finances in the most efficient way to create more profit and better cash flow.
• Identify money habits that are not serving you and replace them with good money habits.
• Pinpoint your experiences that have formed your current relationship with money. Break through limiting fears, overcome them and create new beliefs.
• Assess your past, current, and future financial situation with your business.
• Dive into your retirement vision and make a pre retirement checklist to ensure you are on the right path.
• Create clear, specific financial goals and actionable steps to get there.
• Learn how to pay yourself first and make money work for you.

Having a coach on your side will ensure you are constantly learning, growing and keeping up to speed with your business as it grows and expands. A coach will help you to feel more empowered so that you have all of the confidence in the world running business. This is one of the best financial investments you can make being that it is all about delivering maximum ROI and profitability in your business.

Who Should Hire a Business Finance Coach?

Business owners: Many times, business owners find themselves financially stuck. They can see success and know it is attainable, but just don’t have the strategies or tools to get there. Gaining a better understanding of finances will bridge that gap and trigger a faster path of development.

Beginner entrepreneurs: Entrepreneurs in the early stages of business usually do not have much experience with finances, but know the importance for success. They are often creative thinkers focused on their vision rather than numbers and budgeting. Implementing financial concepts right off the bat will create a solid foundation to build upon.

Six figure plus entrepreneurs: Every great leader has a coach. Even when business is booming and success is flowing, there is always room for growth. Having the support of a coach will make you work harder and progress faster than you would alone.

Female entrepreneurs: Woman can be prone to suffering from low self-confidence. Having the support of a business finance coach will cultivate the confidence to be her most successful and elevated self. She will draw in her unique power as a strong feminine business leader and break through any barriers that hold her back to creating sustainable success that is in alignment with her purpose and goals.

When Should You Hire a Coach?

There’s an incredible, overlooked need for a business finance coach at any stage of running a business. Their well-developed plans and procedures can be implemented and utilized to maximize profit at any time. Whether you are months behind on tracking your finances or have years of success under your belt, a coach will help you generate a financial breakthrough. Even if you understand the financial basics but want to dive deeper to create more cash flow, investing in a small business tax accountant is the way to go. Utilizing a business finance coach will not only make life simpler, but provide you the confidence that your business is running most efficiently.

One size does not fit all when it comes to choosing a money coach that best suits you and your goals. Coaches have different personal styles, belief systems and teaching strategies. Choosing the right
business finance coach is a defining step toward setting yourself up for success in your business. Here are four clear and attainable steps to guide you through the process.

Step 1: Define Your WHY

A huge factor in any decision you make is figuring out why you are taking that step in the first place. In this case, define why you want to hire a money coach and what you wish to gain by having one. Self-reflection exercises will help you assess where you are currently at, where you want to be, define your goals and how to reach those goals.

Grab a pen and paper and dive into these questions to clarify exactly what you are looking to gain from your money coach

• What are my business and lifestyle goals?
• What obstacles are holding me back from achieving these goals right now?
• What part of my business finances do I feel good about?
• What parts confuse or overwhelm me?
• Am I prepared for my future with a pre retirement checklist?
• What are my bad money habits? (List two or three)
• What are the top 3 things that I wish I could change immediately in regards to my cash flow and finances?
• Why do I want to hire a money coach?

By first figuring out where you are in your life and what your pain-points are, you will have better insight into what to look for in a coach. Specifically, whether you need help saving money, adopting good money habits, generating more revenue, maintaining more profit, investing for the future, pricing your services or developing financial strategies. Defining your why will put you on the right path to finding a money coach best suited for you.

Step 2: Identify Characteristics

Every coach has a unique teaching style as every student has a different learning style. Certain personality characteristics and communication styles mesh better together than others. Knowing your learning style will allow you find a coach that compliments you, making for much more successful and enjoyable experience. Some of a coach’s most valuable characteristics are motivation, accountability and knowledge. Think about how involved and dominant you want your money coach to be in these areas. Answer the following questions to gain a better understanding.

• How do I like to be motivated? (i.e. Achievement objectives, incentive, fear, power)
• How do I learn best? (i.e. Visual, logical, verbal, aural)
• What skills compliment my learning style?
• What level of accountability do I want?
• How do I like to be supported?
• What are character traits of my ideal coach? (i.e. integrity, knowledge, intuition, sense of humor)
• What character traits do I not connect with?
• What beliefs and values of mine are important to have in common with my coach?

After exploring these questions, create a specific list of criteria you feel is vital for your coach to possess. Consider “must not have” traits as well, both are beneficial to take with you to the next step.

Step 3: Research

Now that you have defined what you want from your money coach and which coaching characteristics you prefer, it is time to start exploring.

A quick and efficient first filter in your research is looking for web presence. You can learn a lot about a coaches’ style and personality through what is presented on their website and what pops up first on a google search of their full name. A quality money coach will have a quality web presence.

Areas to look for on a coach’s site:

• About
• Mission statement
• Educational background
• Credentials and certifications
• Years of relevant work experience
• Testimonials and reviews
• Services they offer
• Free resources they provide
• If they offer a complimentary consultation

Exploring these areas will make it clear who is best positioned to provide you the style of service you envisioned in the previous steps. You can get a gauge of their openness and transparency through their bio and personal story. Finding their certifications and educational background will show how credible and experienced they are about their field. Their vision should speak to you. Offering free resources and blogs are a sign of a coach who wants to provide extra resources and helpful tips to lead you to success.

Step 4: Set up a complimentary consultation

Last but certainly not least, take your top few choices for a test run. Set up a complimentary consultation to get to know them and their business on a more personable level. Through this phone call, you will gain a better feel for who they are and if you two are a good fit..

During the call, pay attention to the coach’s communication style. Are they providing you thorough information and answering questions clearly? A major role of a coach is being able to articulate ideas and concepts clearly. Do you feel they are really listening and interested in your needs? A good money coach will be attentive and caring about you and everything you have to say.

Examine their energy and tone of voice to make sure it resonates with yours. Business and personal life tend to overlap so it’s vital that you feel comfortable with a sense of trustworthiness. Is the coach speaking to you like a teammate or an authority figure? Refer back to the list of personality traits you desire in a coach. Are these matching up with how you feel during the call?

Does the coach challenge your thought process and broaden your perspective? In order to maximize results, a coach must push you beyond your comfort. Are they able to pinpoint your obstacles and have solutions for you to implement? Find a coach with structure and an accountability system in place to ensure you are following through.

Find out as much as possible regarding the coaching sessions. You want a coach who will fully and honestly disclose expenses to you. Ask for increments of a payment plan and be aware of coaches who ask for full payment up front. Are coaching sessions offered open-ended or set to a specific number of sessions? Look for a coach who offers support with planning, investing, insurance, tax and legal.

Recall back to your why. The key is to find a money coach that fits your vision and values. Trust your gut instincts when deciding if the coach genuinely understands who you are and what you need. Imagine what an ongoing coaching relationship would be like with this person. Visualizing the dynamic will allow you to tap into your truth.

This may seem like a lot to consider in one short phone consultation. Not every question will have an answer when you’re done, but using this list should give you a good overall feel for the quality of the coaching experience.  Listen for these questions from a small business tax accountant to help gauge if they are a good fit. At the end of the day, listen to what your heart tells you. If it feels right, you’ll know.

Your money habits form the financial foundation from which your businesses operates. They also have plenty to do with how you operate in your day-to-day life. So the question arises: do you have good money habits that are serving you and your business? The great news is, regardless of your current status, you can always adopt and practice new habits. Here are 7 good money habits that every entrepreneur and business owner should follow.

1. Commit to consistency

When it comes to finances, consistency is key. Keeping up with your budget, cash flow and financial planning will give you massive power in your business. Maintaining a running record of these numbers and adjusting them regularly is an essential habit to

integrate into your weekly routine. Try scheduling a one-hour time block in your calendar that repeats every week and treat it as if it is an actual appointment…because it is!

2. Shift your thoughts and beliefs around money

Our beliefs about money have a whole lot to do with our habits with it.. Do you come from a home of penny pinching and scarcity? Or maybe you grew up where money was used and spent frivolously and carelessly. Creating and affirming powerful and responsible beliefs around money as a daily practice will shift your entire relationship with it and ultimately how much you make of it. Whether you hire a financial coach to support you, it is important to invest the time and money in yourself and your business to do this.

3. Manage your cash flow

A very helpful tool in managing cash flow is creating a spreadsheet. You can actually find many ready-to-use templates for this online. This sheet should include three things: accounts receivable (what you are owed), accounts payable (what you owe), and shortfalls (when cash flow turns negative). Determine your breakeven point to give you a benchmark when setting financial goals for your business. If this is something you struggle with, hire a money coach to support you.

4. Maintain a budget

Create an initial weekly or monthly budget by estimating your gross profit. Make sure to include all of your expenses and income sources. From there, schedule a recurring time once a quarter to review and edit your budget based on your actual results. Every business has its own cycle of income and expense. Understanding your financial patterns will allow you to make well-informed decisions, gather valuable insights and identify additional profit opportunities. In addition, budgeting now will set you up for success in the future. Create a pre retirement checklist to ensure you are including retirement expenses in your current budget.

5. Create systems and processes

This is one of the best reasons to hire a business finance coach. The right coach can support you in creating efficient financial systems that work for you and your business goals. A great place to start is revising your bookkeeping system. With the current cloud-based technology available, there are plenty of convenient ways to organize your finances. Software programs are also a great way to declutter and simplify billing, invoices and consolidate debts. It is common for business owners to overlook billing and collecting from clients. Create clear policies for your customers and clients and stay on top of payment schedules. The longer a bill is unpaid, the less likely it is that you will receive the payment. It is up to you to set up an efficient system for this. Review your current insurance policies to ensure they are still financially sound and relevant to your business practices. Again, calling in a professional is definitely the smartest move here.

6. Plan for taxes

Part of being a business owner is paying the government a portion of your earnings. Keeping your business income separate from the government’s will save you trouble when tax time comes. For federal taxes, it is recommended to set aside at least 90 percent of your previous years’ taxes. Tax benefits are available to business owners, but it is up to you to take full advantage. Write-offs and deductions reduce your taxable income, therefore reducing the amount you owe the government. It is highly recommended to seek a professional, like a small business tax accountant, as taxes can be tricky with many hidden pieces. If you are planning to hire a financial coach for this, make sure you choose one who is an Enrolled Agent, certified tax consultant and advisor. You want to make sure that they can represent you in front of the IRS if needed.

7. Stay focused on your mission

One of the biggest mistakes business owners make is spending time and energy on projects that do not align with their mission. Be smart and mindful when spending money and trying to do too many things. Always refer back to your vision and business model when making decisions to ensure they are in alignment.