87 - Planning for the Future w/ Radon Stancil

Scale Your Small Business

Welcome back to the Scale Your Small Business Podcast with your host, Jillian Flodstrom. Joining us this week is Radon Stancil, CFP, a best-selling author and founder of Peace of Mind Wealth Management, a firm committed to helping individuals retire with excellence. As the Co-host of the ‘Secure Your Retirement’ show his insights have been featured in Forbes and many others.

After being raised by an older father, working in a family-run heating and air-conditioning business, Radon went down the path of finances, going to school, and becoming and certified financial planner. Now, he helps people build a solid retirement plan.

The biggest fear Radon finds in his work with people is the fear of running out of money. It makes sense–for decades people do a good job of saving. They work, save, don't touch those accounts. And then, one day, they decided to retire. Suddenly that hard work that they put into building those accounts is not being drained. It is an emotional situation.

Investment strategy certainly dictates the quality of a person’s retirement. Many people lived through a very volatile market, watching their investments rollercoaster as time went on. Radon works with a more sound strategy–one that will earn consistent returns without risk.

He believes in getting a financial planner as early as possible. That way, the person can start understanding saving and set goals for themselves. It's good to work with somebody who's a certified financial planner because they have a wide array of understanding of financial planning. It’s important to work with a fiduciary, so you know they have your best interests as a priority.

If you are a solo, self-employed person and you don't have any employees, you can easily set up a solo 401(k). Charles Schwab will allow you to set up a solo 401(k). And that allows you to start putting away money that you can match yourself. It helps you out on your current taxes, as well as getting some money into savings. In a Roth IRA, everything you put in is going to now be able to grow potentially for decades, all tax-free. Whatever you put into a Roth, you can take back out with no penalty (up to a certain amount).

Getting a loan as a small business owner should only happen after you’ve had as much growth without one as possible, even if that means that your growth is a little bit slower than what you want. if you have to take that loan on, make sure you have a business plan that can pay it back in a short period of time. It should generally be going back into the business as an investment.

Checking in on your finances quarterly is crucial to keep tabs on how your money is doing. Radon’s clients get a report from him in the form of a 10-minute video that makes sure they know what the market is doing every week.

Radon has a book named after his podcast, Secure Your Retirement. It’s a guide to help think through a lot of the questions you may ask. How should I be looking at my investments? How do I prepare for an income plan? What do I need to know about IRAs? What do I need to understand about the economy, just to look at the economy? How do I pick a financial advisor?

LINKS

https://pomwealth.net/

Key Takeaways

1. Investment strategy certainly dictates the quality of a person’s retirement.
2. Get a financial planner as early as possible.
3. If you are a solo, self-employed person and you don't have any employees, you can easily set up a solo 401(k).
4. Getting a loan as a small business owner should only happen after you’ve had as much growth without one as possible, even if that means that your growth is a little bit slower than what you want.