2022 was supposed be my age Covid-19 was waning, but our family owned video production business had his best year in 2021. This year was supposed to be even better. After spending 17 years building a solid and trusted customer base, we’ve finally made the leap. I was also developing healthy habits like working out and eating healthier. Later, during a routine check-up, the doctor said I needed to get screened because I missed a mammogram for several years during the pandemic. No one in my immediate family had breast cancer. I did a test and forgot about it. A few days later, the Health Portal app notified me that my phone had my test results.
After a follow-up examination, I was escorted to the ultrasound room. Then the radiologist spoke to me with a stern look and said he believed I had a malignant tumor and needed a biopsy ASAP. After too many contrast tests, and then far too many doctor visits, I was diagnosed with stage 1A invasive ductal carcinoma. On the way to recovery. Thankfully we found it early. All expenses ($100,000 plus top up) were covered by the company’s medical insurance, there was enough cash in the bank, and I was able to take a few months off from business work.
But what if this was 15 years ago? I don’t think it worked. We would have been faced with paying for my treatment with a credit card or applying to the hospital for charity care. As entrepreneurs, it’s important to take the time to plan in the event of an emergency, such as a medical crisis, that can affect our work and health in the long term. Based on my experience, here’s how to create a safety net for her as a business owner.
Pay yourself and file your taxes
Entrepreneurial TV shows praise contestants for saying they “haven’t paid in five years,” which is a great virtue. it’s not. If she doesn’t pay it herself, she’s not paying FICA, a federal payroll tax designed to help retirees and people with disabilities. Once he left his traditional job and started a business, he had 10 years from the last time his wages were contributed to her FICA to apply for Social Security Disability if he needed it, before qualifying. must contribute to No one wants to be disabled, but what if it’s a last resort? And when you reach retirement age, do you want a big gap in average wages and fewer Social Security benefits? ?
Put on your oxygen mask first
It’s hard to put money away when you’re building a company or navigating a tough quarter. Your business is your baby. You want to nurture it, encourage it, and grow it. But if you go down without an oxygen mask during a health crisis, your baby won’t survive. increase.
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Consider opening a retirement account
I waited until I was 40 to open an IRA. Before I started my business, my employer did not offer a retirement plan. That means he missed nearly 20 years of contributions when he could have saved his yearly tax burden and 20 years of growth. Having money in a retirement account is just as important to a business owner as it is to have money in a savings account just in case. Depending on your account type, you may be able to withdraw without penalty during a health crisis.
Research health insurance options
It’s common for entrepreneurs to save on their own health insurance. We all want the unthinkable to never happen, so we push it away. Allow room in your monthly budget and explore all options such as PPO, HMO and HSA to see what works for you. We chose his HMO several years ago. This saved me a lot of money on insurance premiums and out-of-pocket costs, and I was able to cover my medical bills with little trouble. It is helpful to be prepared for crises at any point in your life, even if you are young.
Do not miss regular checkups
A new car needs an oil change every 3 to 6 months. Your body is the only machine you are going to get. Skipping two years of screening due to the pandemic and then cancer, in business he works 18 hours a day and can find it difficult to find time to prioritize his needs. Do you ever bring your new car into the shop for routine maintenance? No, don’t neglect it.
After receiving my cancer diagnosis, I experienced crippling anxiety. It would have been much worse if I hadn’t prepared years ago to make it easier for me to deal with this temporary problem in my life. I hope you don’t face a crisis like mine, but if you do, sound planning can ease your anxiety and help you overcome hurdles. Baby you need to be at your best I have.
The information provided here is not investment, tax, or financial advice. Please consult a qualified professional for advice regarding your specific situation.