Why Entrepreneurs Need Personal Financial Planning Too
- Laura Warta, CFP®, ChFC®
- Oct 10
- 3 min read
Visionaries in the Making
When you’re building a business, it’s easy to pour every ounce of energy, time and even money into its growth. After all, your business is your dream – and you’re doing everything you can to make it succeed.
But here’s the reality many young entrepreneurs overlook: your personal finances matter just as much as your business finances. Focusing only on the business without protecting yourself can leave you vulnerable, even if your venture is thriving.
The Blind Spot: Personal Security
Too often, entrepreneurs assume the business will “take care of everything.” But what happens if growth slows down, a major client walks away, or an unexpected expense drains your reserves? Without a plan for your personal security, one tough season in business can ripple into your personal life – threatening your home, family, and future stability.
That’s why it’s critical to build a solid personal financial foundation alongside your business goals.
What Every Entrepreneur Should Consider
Here are four areas that often are overlooked:
Separating business and personal finances. Clear boundaries aren’t just best practice – they're a safety net. Keeping your personal and business accounts distinct helps protect your assets and keeps you from unintentionally putting your life at risk if the business hits turbulence.
Planning for taxes. Taxes can be one of the biggest surprises for entrepreneurs, especially in the first few years. Without proactive planning, you may find yourself facing unexpected bills that disrupt both your business cash flow and your household budget.
Saving for retirement. Many entrepreneurs delay savings for retirement, believing they’ll “catch up later.” But starting early – whether through IRA, SEP-IRA, or other plan – makes an enormous difference. Starting early allows savings more time to potentially grow, which can have a meaningful impact on future resources.
Protecting your family. Insurance, wills, and estate planning may feel far away, but they’re essential. If something happens to you, your family shouldn’t have to navigate financial uncertainty on top of grief. Putting protection in place can help reduce uncertainty for your loved ones.
Balancing Ambition with Security
Ambition drives your business forward – financial security increases the likelihood that your efforts support your long-term goals. Financial planning isn’t about slowing down your dreams; it’s about making sure those dreams don’t come at the expense of your personal stability.
As a CFP® professional who specializes in guiding people through complex translons, I help entrepreneurs strike that balance. Together, we can develop a financial plan designed to support your business ambitions while addressing your personal financial priorities.
Because at the end of the day, financial planning isn’t just about building a business – it's about building life
Connect with Me
The information provided in this material is for educational purposes only and should not be construed as personalized financial, legal, or tax advice. Individual circumstances vary, and the outcomes of financial planning will depend on a range of personal and economic factors. While working with a financial advisor may help improve financial decision-making, it does not guarantee specific emotional or financial results. Keating Financial Advisory Services, Inc. (KFAS) is a Registered Investment Advisor. Advisory services are provided only where KFAS is appropriately registered or exempt from registration. Please consult with a qualified financial professional to determine what is appropriate for your individual situation.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP® in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.
Comments