Questions that Women Business Owners Should Consider When Preparing Their Personal Financial Plans

• Nov 25, 2007 Posted by Layla Masri

  Women business owners very often spend most of their productive time in growing and nurturing their business at the expense of their personal financial well being.  It is important that these intelligent and competent business owners also spend some time preparing a comprehensive financial plan that will address these following topics and issues:

   Goals

  1. Do I have enough money to achieve my goals?
  2. What are my investment goals?
  3. What are my children’s goals?
  4. How do I deal with the conflicting goals in my family?

  Talk   

  1. How do I talk to my kids about money?
  2. Should I tell my family how much money I have?
  3. Are my advisors talking to each other?
  4. Does my spouse know who to talk to when I am gone?

  Success

  1. How can I sustain my financial success?
  2. What should I do next to continue to be successful?
  3. How can I help my children be successful?
  4. Will my success overshadow my children?

  Enough

  1. Am I making enough on my portfolio?
  2. Do I have enough to live the way I want to live?
  3. Will my spouse have enough after I’m gone?
  4. Will I have enough liquidity to pay estate taxes?

  Estate

  1. How can I reduce my estate taxes?
  2. What does my estate plan actually do?
  3. Will my estate have enough liquidity to pay estate taxes?
  4. Who is going to administer my estate after I die?

  Achievement

  1. Am I achieving my investment objectives?
  2. How can I help my children achieve their goals?
  3. What can I achieve with my wealth?
  4. Have I achieved everything that I set out to?

  Trust

  1. Who can I trust to manage my money?
  2. What will happen when my children get access to their trusts?
  3. Can I trust my children to use the wealth I’ve accumulated wisely?
  4. Who can I trust to take care of everything after I’m gone?

  Illness & Death

  1. Who would manage everything if I died tomorrow?
  2. Is my estate in order?
  3. Is my health coverage/insurance sufficient?
  4. Should I have a living will?

  If these questions/issues are applicable to your life, I highly recommend that you spend some time with a professional such as a financial planner or trusted advisor to develop a plan that will address the issues that are most important to you and your family.  The end of the year is approaching and this is an ideal time to prepare for the future.

  Lurdes Ramos is CFO of Cord Caruso Capital Partners, LLC

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