Tradies and Builders- How to succeed in business (and life!)

Financial planning for tradies and builders is really important, and the truth is that it doesn’t just cover investments and retirement planning.

As a tradesman or builder, you need to consider the framework for a successful business begins and ends with effective financial planning. And when things are going well at work, invariably things go great in life.

So here are a few things that a financial planner recommends will help you have a better business life:

Business Insurance

A financial planner doesn’t sell business insurance BUT they are great at helping connect you with reputable brokers who will serve you and your business.

So what does this mean for you? It means you get the best policy for your specific needs. We all know that cheaper is not always the best, and being underinsured may hurt your business (and your family) in the end. A financial planner will work with you to get the right broker so you get the coverage needs.

Personal Insurance

It doesn’t matter how long you have worked as a tradie, the reality is that there is always a chance that you will not be able to work due to illness or injury. This is why income protection insurance for tradesmen is so absolutely necessary. Making sure that your insurance covers things, life insurance, TPD insurance, trauma insurance and business expense insurance can make your life better when things go bad.

Your financial planner can help you determine if you have the optimised cover for your business and ensure your family is covered if things in business aren’t so great.

Retirement Planning

One key role of your financial planner is to structure your finances to help you live well during your retirement years. Here is your chance to sit down with your planner and map out your current situation as a tradesman or builder, your goals, and your retirement plans. Once your financial planner has this information, they can develop a plan that involves putting money into areas such as investments, savings, and superannuation to ensure that you have enough to cover you throughout your retirement years.

Having a trusted financial planner on your side is important to protect your business and personal financial interests. Without adequate financial planning, you may find that you do not have enough (or the right) insurance coverage or that you aren’t able to retire when you want to. A financial planner is also there to help you plan for when something happens to you to ensure your family are adequately protected.

7Wealth has a history of helping tradies and builders succeed in business and to protect themselves and the ones they love.

Want to know how we can help? Drop me a line, my contact details here.

7Wealth Pty Ltd ABN 44 609 210 246, is an Authorised Representative of AMP Financial Planning Pty Limited ABN 89 051 208 327 Australian Financial Services Licence 232706 and Australian Credit Licence 232706
This blog contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. If you decide to purchase or vary a financial product, your financial adviser, and other companies within the AMP Group may receive fees and other benefits. The fees will be a dollar amount and/ or a percentage of either the premium you pay or the value of your investment. Please contact us if you want more information.