Just because your business is in start up mode, it doesn’t mean your life is.
I hear all to often from startup founders who have put their financial lives on hold until they get VC or “hit it big”, and it’s not right. You don’t have to put all your money on one horse - living off credit cards with no guardrails to guide you, not following any financial discipline at all - just because you are a startup founder.
You may not have gotten the big payout (yet), but that’s no reason not to have a financial vision.
Cash flow planning - cash flow summary, budget, building an emergency fund;
Investment planning – rolling over old 401(k)s, analyzing the breakout of taxable vs. nontaxable accounts, funding 529 plans for children’s college, etc.;
Retirement planning – assessing the likelihood of meeting your target goals by your retirement date under different hypothetical scenarios;
Estate, gift, and wealth transfer planning – protecting your family’s wealth from creditors in case of a lawsuit, ensuring proper beneficiary and guardianship documentation is in place, etc.
Risk management planning – ensuring you have proper life and liability insurance, etc.
Being an entrepreneur is a bit like running a marathon. It’s a long, grueling trek and you don’t know what can happen. At times you will feel like you are running up hills or lost in the woods.
I started my biotech podcast because although I am not a scientist I have such a reverence for these noble innovators. I am pleased to stand behind entrepreneurs who are so courageous and generous to pursue this path.
If what I have said makes sense and you feel you could benefit from a coach to help you instill some financial vision as you pursue your mission, please reach out.
Disclaimers The information contained in this website and podcast are purely informational and not considered investment recommendations. Tim Dougherty’s participation in Biotech Insights is separate and apart from his role as an investment advisor representative. Nothing contained herein may be construed as a recommendation or endorsement of any of the companies discussed. Tim Dougherty has no financial affiliation with any of the companies mentioned in this communication. Tim Dougherty makes no representation that the information conveyed in this material is accurate and is under no obligation to update this information as changes occur.