Financial Planning for real estate professionals present some unique challenges as they often do not have the typical source of income or benefits as you find with many W-2 employees. These challenges however, can quickly become strengths with the right strategic plan. Here are just a few of the key strategies we find to be successful with the real estate professionals we work with:

1) Reducing Taxes Today – Let’s face it, no one likes to pay taxes and the more successful your business becomes, the more you have to pay. But what if you could protect a large portion of that income from taxes while also investing it for the future? The good news is you can! We’ve helped many real estate professionals reduce their taxes significantly through retirement accounts such as a SEP IRA or Solo(k). In some cases, agents have been able to save over $55,000 per year, pre-tax, into these types of plans. That can save you $10,000, $15,000 or even more in taxes!  

2) Reducing Taxes Tomorrow – Tax reduction today is great, but what about in retirement? We find opportunities not only to lower your tax bill now, but keep it low throughout retirement. If you retire some day with millions of dollars in retirement accounts like an IRA or 401(k) (which is the goal, right!?), that money will be taxable to you when you take withdrawals. By diversifying the sources of accounts you utilize to save for retirement, we can keep your tax payments low throughout retirement. By utilizing strategies that include Roth IRAs, Roth 401(k)s and after-tax accounts, this could resulting in tens or hundreds of thousands of dollars in tax savings throughout retirement. 

3) Creating a Comprehensive Financial Plan – This is really #1 on the list, but it’s not as fun as tax savings! We believe a successful outcome starts with a successful plan. We help you identify goals unique to you, your family and your business and design a strategy to get there. The main areas a good financial plan should cover include: 

  • Insurance and Risk Management

  • Financial Independence / Retirement Planning

  • Investment Management

  • Tax Planning

  • Estate Planning

  • College Savings

These are just a few of the opportunities we see other real estate professionals utilizing. If you are interested in finding out how you might be able to take advantage of these tools and have more time to spend on your business and with your families, let’s set up a time to chat for ten minutes to see if we might be able to help. We do not charge for initial calls or meetings, it’s just a chance for us to find out more about each other and see if it’s a good fit.