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E72: Intentional Planning for Financial Independence - A Guide for Business Owners with Michelle Onaka
The concept of becoming "work optional" offers a fresh perspective on traditional retirement. Instead of completely stopping work, this approach gives individuals the freedom to decide whether or not they want to work, based on their financial stability. To achieve this, one can automate their business operations, sell their business, or grow their assets to a point where they no longer rely on income from work.
Michelle Onaka is a highly knowledgeable financial expert and entrepreneur who specializes in providing strategic guidance to business owners seeking financial independence. With years of experience in the industry, Michelle has developed a deep understanding of the intricacies of intentional planning and investing. Her expertise lies in optimizing retirement accounts, tax planning, and creating tailored investment strategies that align with individual goals. Michelle's track record of success and her commitment to helping others achieve financial freedom have made her a respected authority in her field. Through her personalized coaching and educational resources, she empowers business owners to take control of their financial futures and make informed decisions. With Michelle Onaka's guidance, business owners can navigate the complex world of finance and work towards building secure and prosperous futures.
Start by setting a clear goal for your work optional lifestyle. Determine when you want to be work optional and what level of involvement you want to have with your business.
Consider hiring out or subletting tasks that don't require your direct involvement. Research inexpensive ways to start outsourcing tasks, such as hiring freelancers or virtual assistants.
Evaluate your business model and determine if there are ways to make it more passive. This could involve selling passive products, utilizing ads, or hiring people to take over certain aspects of the business.
Explore retirement account options for business owners, such as a solo 401(k) or HSA. Maximize your contributions to these accounts and consider starting a taxable brokerage account for additional investments.
Use a compound interest calculator to determine how much you need to invest each month to reach your work optional goal. Automate your investments and stay consistent, regardless of market fluctuations.
Consider alternative options for accessing retirement funds before the official retirement age, such as Roth IRA contributions, Roth conversions, or 457 accounts.
If you haven't already, start a retirement account through your business. Research the different types of retirement accounts available for business owners and choose the one that best suits
Connect with Michelle
intentionalmoneylife.com/invest
@intentionalmoneylife on Instagram, TikTok, Facebook, and YouTube
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By Dawnette PalmoreThe concept of becoming "work optional" offers a fresh perspective on traditional retirement. Instead of completely stopping work, this approach gives individuals the freedom to decide whether or not they want to work, based on their financial stability. To achieve this, one can automate their business operations, sell their business, or grow their assets to a point where they no longer rely on income from work.
Michelle Onaka is a highly knowledgeable financial expert and entrepreneur who specializes in providing strategic guidance to business owners seeking financial independence. With years of experience in the industry, Michelle has developed a deep understanding of the intricacies of intentional planning and investing. Her expertise lies in optimizing retirement accounts, tax planning, and creating tailored investment strategies that align with individual goals. Michelle's track record of success and her commitment to helping others achieve financial freedom have made her a respected authority in her field. Through her personalized coaching and educational resources, she empowers business owners to take control of their financial futures and make informed decisions. With Michelle Onaka's guidance, business owners can navigate the complex world of finance and work towards building secure and prosperous futures.
Start by setting a clear goal for your work optional lifestyle. Determine when you want to be work optional and what level of involvement you want to have with your business.
Consider hiring out or subletting tasks that don't require your direct involvement. Research inexpensive ways to start outsourcing tasks, such as hiring freelancers or virtual assistants.
Evaluate your business model and determine if there are ways to make it more passive. This could involve selling passive products, utilizing ads, or hiring people to take over certain aspects of the business.
Explore retirement account options for business owners, such as a solo 401(k) or HSA. Maximize your contributions to these accounts and consider starting a taxable brokerage account for additional investments.
Use a compound interest calculator to determine how much you need to invest each month to reach your work optional goal. Automate your investments and stay consistent, regardless of market fluctuations.
Consider alternative options for accessing retirement funds before the official retirement age, such as Roth IRA contributions, Roth conversions, or 457 accounts.
If you haven't already, start a retirement account through your business. Research the different types of retirement accounts available for business owners and choose the one that best suits
Connect with Michelle
intentionalmoneylife.com/invest
@intentionalmoneylife on Instagram, TikTok, Facebook, and YouTube