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A Man is Not a Financial Plan

Jacqui and her droll catchphrase are now well known within the Athena community. Whilst it is meant as a memorable link back to her job as a financial adviser specialising in helping female professionals and business owners to achieve business security and financial freedom, it also serves as a reminder for every woman whether mum, business owner or professional.

In a recent Athena Executive Club training session, Jacqui taught us how to pay ourselves first [read post here]. At January’s Cappuccino Connections, we invited Jacqui back to give female business owners some important tips to ensure their business wealth can support them longer than a first date.

Wealth Building Points to Consider

  • Building wealth takes time
  • Today is the tomorrow you worried about yesterday
  • Woman have so many roles – business owner, mum, wife,
  • Time goes fast
  • Time is your greatest investment tool and also your greatest enemy
  • Money and time – too many of us never have enough of either
  • The more time we have, the easier it is to build wealth
  • Running out of time and money happens easily

Protect your business financially

  • What if time runs out before you had planned it? Think about what might happen if you cannot work for an extended period of time. Would your income be affected? What about your business partner or employees?
  • What would happen to your business if something happened to you? Could it continue without you? How long for?
  • Having a robust business and financial plan is essential
  • Do you have business protection in place? If not, you really should consult a professional
  • Business protection helps to ensure the continuation of the business if needed as well as protecting ‘key man’ employees
  • Business Protection also ensures families who are income dependent on the business are guaranteed an income if anything happens to the business
  • Action Step: do a financial business plan exercise

 

Invest in yourself

  • What is your retirement plan? Is your own business enough to support you through retirement?
  • 99% of businesses in Singapore are small and medium-sized enterprises (SMEs) – is yours set up well enough to survive the long haul?
  • Are you investing, even if the business is not making much profit?
  • Action Step: Start investing, even a small amount for you (separate from your business)

 

Financial crisis considerations

  • Business owners worry about their retirement planning based solely on the equity of their business
  • Can they sell the business for a high profit?
  • Will the business produce enough income for a full retirement?
  • What if you are unable to sell the business?
  • Are all your assets in the business?
  • Do you want to continue working? If not, when do you want to stop working?
  • Is it possible to have passive income in your business model?
  • Are you the ‘key man’ employee in your business?
  • Action Step: Identify the risk areas within your business

Jacqui’s key tips for business financial wealth planning:

  • Diversify your assets to have a back-up plan in case your business cannot support you
  • Get into a good habit of saving a little over a long time, it’s never too late to start saving
  • Even if you are in the startup phase, starting some small savings is recommended
  • Don’t let time become your enemy
  • Buy yourself some time by creating passive income streams where possible

Useful tips from an expert in her field – thanks Jacqui!

Click here to attend February’s Cappuccino Connections

About Jacqui

Jacqui Rankin

Jacqui manages a large portfolio of personal clients from a broad demographic, based both in Singapore and globally. She offers a service which is tailored to the specific needs and aspirations of each individual client. Jacqui’s strength is building long-term relationships with her clients in order to help them plan financially for now and for the future.

Jacqui provides financial advice on a broad range of areas, including family protection & insurances, retirement and education planning, tax-effective savings, targeted investment portfolio management, Wills & estate planning, global mortgages and CPF, on both a domestic and international basis.

Jacqui has published articles, appeared on television and is a contributor and sponsor of several organisations and societies in Singapore including ANZA and the Scottish Business Association.

Outside of the office, Jacqui competes at an elite international level in sporting target rifle shooting, her highest achievement being part of the winning World Championship team. She is also a professionally qualified scuba diver and a keen dragon boater with the Gaelic Dragons Team here in Singapore.

Jacqui provides targeted financial planning for women and as a founder Executive Member of Athena, she is excited about the opportunities which this inspiring and powerful women’s network will bring.

Jacqui believes that whatever you want in life – if you plan, you can!

Connect with Jacqui

The Athena Network, Singapore

Asia-Pacific’s Leading Business Community for Female Executives and Entrepreneurs Focusing exclusively on female executives and entrepreneurs, The Athena Network provides a platform for members to share knowledge and experience across a diverse range of industry sectors, and to collaborate for mutual success.

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