Here’s my HOT TAKE for the day, I don’t think that everyone needs a financial advisor. There are a lot of great investors out there who do a great job doing financial planning on their own. That being said, I believe there are 4 questions you have to answer YES to in order to do it yourself.
1. Am I good at managing my own money?
2. Do I have the time to manage my own money?
3. Do I want to manage my own money?
4. Is it worth my time to manage my own money?
If I were a successful business owner ready to buckle down on my finances and do it on my own, here’s exactly what I’d do:
Not someday.
Not when I sell.
Right now.
Because waiting usually costs more than taking action.
Separate business and personal finances.
No more shared credit cards or “blended” expenses. Clarity starts with clean books.
Create a cash reserve.
For both business and personal. I’d aim for 3–9 months in each. Peace of mind isn’t optional.
Know my burn rate.
What does it really cost to run my life each month? Once I know that, I control the pressure. Monarch Money is my go-to.
Create an actual financial plan.
Not a spreadsheet. A real plan that tells me what I need, when I need it, and how to get there.
Max out tax-advantaged accounts.
401(k), defined benefit, cash balance, or HSA, whatever fits my income and age.
Pay myself like a professional.
Salary. Distribution. Bonuses. All intentional. No more random transfers from the business account.
Organize my investment buckets.
Cash. Growth. Income. Opportunity. Each has a job, a time horizon, and a strategy.
Build a team that works for me.
Not one that sells to me. A CPA and attorney who collaborate and keep me focused.
If all that sounds like a lot, maybe your answer to questions 1, 2, 3 or 4 is actually no and you should talk to a professional.
