[caption id="attachment_214102" align="alignright" width="235"] Neil Stalter[/caption] How do you view your business? Is it a job or an investment? How you answer that question will help determine how you can use your business as a tool. To determine whether your business is a job or an investment, think about whether you work for the business or if it works for you. Are you working solely to make income (which is not a bad thing) or are your efforts compounding to create value over and above the income you produce for you and your family? First, let’s look at what a job typically provides. The most common benefits are income, health benefits, retirement plan, life insurance, and disability insurance. These are critical elements to the success of your personal plan but many business owners don’t take the time to put these benefits in place for themselves. That begs the question: if these benefits are so valuable, why wouldn’t you set them up for yourself in your business? For some, it is a lack of knowledge. For many, it is a lack of time to learn about the options. When we have a job, it is easy, it is set up for us. The good news is that all of these can be achieved through your business. Have you thought about what benefits you can establish through your business? Most everyone understands the important of insurance, whether it is medical, life or disability. Both personal and group coverage can be cost effective through the business and help protect your ability to provide for your family in the event of unforeseen circumstances. What about retirement? It is always a good idea to have money earmarked for retirement. Personal retirement plans outside of a business have very low maximum contribution limits as well as income limits. When you set up a plan through your business, your maximum contribution limit can be significantly higher and without income restrictions. There are many different types of plans (401(k), SEP IRA, Simple IRA, etc). Each has its own advantages and disadvantages; knowing how to determine which fits your business best is critical. In addition to helping you achieve personal financial security, these benefits can be used to provide a competitive advantage in recruiting and retaining top talent. There are also many strategies for key employees – to reward them and incentivize them to stay with you. With so many questions to consider, it is important to be strategic and intentional. You don’t have to go it alone. It is important to take a comprehensive look at your business planning. At Diamond State Financial Group we have been helping business owners work towards their goals since 1989. Our skill along with our experience help business owners implement and execute their plan on their terms. To learn more about the benefits you can utilize and to find out how we can help you align your business and personal goals, contact Neil Stalter, CFP®, ChFC®, CBEC® at 302-366-0366 or neil.stalter@dsfg.com.

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Neil is a Registered Representative and Investment Advisor Representative of Securian Financial Services Inc. Securities and Investment Advisory services offered through Securian Financial Services Inc. member FINRA/SIPC Diamond State Financial Group is independently owned and operated.  121 Continental Drive, Suite 110, Newark, DE 19713 3797960 DOFU 9-2021