In an effort to assist individuals and families obtain financial freedom, a California financial planning company bases their concepts on Biblical principles which are proven to yield success. Based on the Bible verses, each makes sense when applied to retirement planning for the self-employed:
Retirement planning should be done as early as possible. Setting a goal and working hard to achieve it is important. This determines the kind of life an individual pictures himself or herself in his or her later years.
“Good planning and hard work lead to prosperity.” Proverbs 21:5
Financial freedom by eliminating debts
This makes sense as debts hinder an individual's ability to grow his income. More than the rising cost of daily living expenses, debts are burdens that could affect an individual’s capacity to save more for the future. If debts exist during retirement age, having financial freedom could be difficult to achieve.
“The borrower is servant to the lender.” Proverbs 22:7
Investing for the future
Saving for the future makes an individual become confident of his retirement. However, saving alone could not be enough because inflation can affect the cost of living standards in later time. Saving and investing work best together and self-employed retirement plans are one of the best tools to apply this principle.
“The wise man saves for the future, but the foolish man spends whatever he gets.” Proverbs 21:20
Retirement plans for the self-employed should be invested into passive income investments such as trust deeds, mortgage notes, and real estate rental properties. Other investment options such as private business, loans, gold and precious metals, and other non-traditional investment options may also be used.
“Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.” Ecclesiastes 11:2
Preparing for the unexpected
Retirement planning involves preparing for unforeseen events. These events could include job loss, sudden illness, accidents, and other unexpected events. Preparation for these kinds of situation is very important.
“A sensible man watches for problems ahead and prepares to meet them.” Proverbs 27:12
Source: Sense Financial
Sense Financial is California's leading provider of retirement accounts with "Checkbook Control": the Solo 401k and the Checkbook IRA. Over the years, they have assisted hundreds of clients obtain checkbook control over their retirement accounts while providing them with the ability to invest in virtually any investment class, including real estate, private lending, mortgage notes and much more without the need for custodian approval.
To learn more information about Solo 401(k) for the self-employed and the solutions they provide, visit http://www.sensefinancial.com.