Many small business owners love what they do, and they spend a lot of time on it. Often, the task of running a business can be stressful. Entrepreneurs are required to dedicate a lot of their time, energy and effort.
There is almost always one more thing to worry about, something to think about, and something to improve. This often means that you’re left with no time to engage in other activities that are meaningful in your life, and sometimes even no time to take care of yourself. Work-life balance becomes an increasingly elusive concept for small business owners. In this article, we look at how you can plan for your life while still caring for your small business.
Give and Take
There’s no precise mathematical formula to achieve a true work-life balance. There are days when your business needs more of your time and attention. Likewise, there are days when your personal life requires more of your time and energy. Achieving a work-life balance is all about giving time where there’s a priority. If you find that you’re spending too much time in the business, it’s advisable to take a step back and relax.
This is good for your sanity, and also allows you to look at everything you’re doing from a different standpoint. As it goes, too much work and no play makes you a dull small business owner.
Long Term Care Insurance
Statistics suggest that 75% of American citizens over the age of 65 will need long-term care (LTC) at one point or the other. (source: www.longtermcare.gov) In this country, one in every three working adults is affected by Long Term Care costs.
Factor in that costs of LTC have skyrocketed over the last one decade and you’ll understand why this is a worrying trend.
The average care cost in a nursing home care is over $80,000 each year. If your aging parents end up needing this care, and they are dependent on you, it could prove to be a massive financial burden. That’s why it’s a smart move for entrepreneurs who have aging folks to purchase long-term care insurance plans. This way, you can focus your finances on your business and still be sure that your parents will get quality care if need be
LTC insurance is also a great way to safeguard your business savings from depletion if at all you end up needing care at one point or the other in your life. You can find premiums from independent long term care insurance brokers such as www.comparelongtermcare.org or even AARP who has an option.
College 529-C plans
It’s also important to plan for the future of your kids, and 529 are a great way to do just that. College 529-C plans are basically tax-advantaged plans that are designed to encourage you to save for future college costs.
These plans are sponsored by states or state agencies and are authorized under Section 529 of the IRS Code. They are an ideal way for small business owners to amass tax-deferred earnings and tax-free withdrawals for their children’s education expenses. So go right ahead and learn what 529 plans are available in your state. A good starting point is Saving for College.
Small business owners often forget to take care of their health as they get buried in the hustle bustle of running their business. This can lead to the onset of serious health conditions that are potentially life-threatening or devastatingly costly to treat.
Going for regular health checkups is a great way to care for yourself as you run your business. Checkups are important because they can help find problems before they even start.
So make a point to contact your doctor about regular health check-ups for diabetes, body mass index (BMI), obesity, cholesterol levels, blood pressure, and cervical smear tests (Pap tests) for women.
These recommendations are a great way care for yourself, as well as plan for your future (and your family’s) while still dedicating your energies in your small business.