A friend of mine who runs a series of successful networking events for female entrepreneurs asked if I would write something for her newsletter given that the last quarter of the year is upon us and our own wealth management goals often get overlooked amidst the hustle of running a successful business—so I took it as a sign that this should be my first blog post!
With the change in season and return to routine comes a fresh opportunity to look at our finances and make sure they're serving us, our businesses, and our families. Whether you're a seasoned business owner or a passionate new entrepreneur, these simple, financial tips will help you finish the year feeling confident and prepared for what comes next. Let’s dive in, shall we?
- Manage taxes like a boss:
Tax season might feel overwhelming, but as they say, "knowledge is power." Knowing what deductions are available for business owners will save you a bundle. Ensure you're keeping track of business expenses—things like supplies, home office costs, and even some childcare expenses may be deductible. By organizing these as you go, you'll avoid the end-of-year scramble and reduce your tax bill. Don't hesitate to consult with a tax professional who understands the nuances of small businesses.
- Plant the Seeds for Your Children’s Future with RESPs and RDSPs:
Think of RESPs (Registered Education Savings Plans) and RDSPs (Registered Disability Savings Plans) as little nests where your money grows tax-free for your children's education or support. Every contribution you make might attract government grants, meaning free money (Yes please!). Start early and watch those seeds sprout into something beautiful for your kiddos.
- Passing the Baton: Intergenerational Wealth Transfer:
As women, we are often the glue holding families together. And in many cases, we're also the stewards of the family wealth. Planning for how your assets will be distributed after you're gone ensures your hard-earned resources continue to empower and uplift. Start conversations with family members about inheritance, consider trusts, and always keep your will updated—well prepared women ensure their legacies thrive!
- Invest Like the Fearless Leader You Are:
You’ve worked hard for your money, now let your money work hard for you—this is my favourite part! Investing might seem intimidating, but with a little research (or guidance from a trusted financial advisor), you can find options that align with your values and financial goals. Whether it's stocks, bonds, or mutual funds, remember to diversify your portfolio. Check on your TFSA (Tax Free Savings Account) contribution limits and make the most of your tax-free investment options. Embrace the world of investing with the same passion and determination you apply to your business.
- Retire the Way You Want:
Ah, retirement—the golden years where you can step back and enjoy a good book on the beach or take up a new hobby (or do nothing!). It may seem far away, but that vibey future requires planning. Explore options like RRSPs (Registered Retirement Savings Plans) and determine how much you'll need to live comfortably. Set clear goals and make consistent contributions to your retirement fund. You deserve to enjoy your retirement after all the work you’ve put in!
To end it off, being a business-savvy woman-mom-entrepreneur-etc. means not just setting new standards for the next generation but also building a secure financial foundation for yourself, your loved ones and your business. Remember it’s never too early or too late to start, and every step you take brings you closer to your goals.
Cheers to making the last quarter count and to an empowered financial future!
K.