Are Business Owners Uniquely Confident?
Lynne Kimmich | Alliance Financial Group | KNOW Tampa Bay
We often think of business owners as uniquely confident. From intrepid entrepreneurs to seasoned CEOs, business owners are seen as people with the grit and determination to make something from nothing and take smart risks. The 2021 Guardian Study of Financial and Emotional Confidence™ looked at the beliefs and behaviors of working Americans — including business owners — and found that this group really did stand out. Here are four key findings:
BUSINESS OWNERS ARE MORE CONFIDENT
The study placed American workers into four segments based on their financial confidence. Three out of four business owners fell into the two most confident segments, Confident Planner and Ambitious Spender. The people in these segments were more likely to have prepared for their financial futures.
BUSINESS OWNERS ARE PLANNERS
Nearly 70 percent of business owners have a written financial plan, compared to a national average only 45 percent. It’s no surprise that business owners are more likely to understand the importance of making a financial strategy (and writing it down) ; a business requires careful planning to be successful.
BUSINESS OWNERS HAVE A LONG-TERM OUTLOOK
Nearly 80 percent of business owners were confident that they will be financially ready for retirement. Just like running a business, planning for retirement means taking a long view of your finances, prioritizing protection and steady growth over risky returns. Business owners carry these lessons into their personal financial strategy.
BUSINESS OWNERS KNOW WHEN TO DELEGATE
Nearly 3 in 4 business owners prioritize working with a trusted financial professional instead of trying to do everything themselves. From their business experience, they know the value of delegating complex tasks to specialists so they can focus on what matters most. Financial professionals are experts at helping you assess your financial goals and build a strategy to reach them.
Whether you own a business, aspire to, or just want the confidence of a business owner, developing a long-term financial strategy is a crucial step toward reaching your goals and living the life you want. And remember, working with a financial professional means you don’t have to do it yourself — set up a meeting today.
More About Lynne
My reasons for becoming a financial professional are deeply personal. I repeatedly saw many friends and family struggling to find the help they needed to map out their financial future. I am confident that with my understanding of personal finance, coupled with my training as a financial professional, I can help people better prepare for the future. After 20 years in the business, I have developed a reputation for educating individuals in an easy-to-understand manner so they can grasp personal finance and use those concepts to pursue their financial objectives. I feel a commitment to our community.