Tradies and Builders- Financial Planning Tips

Financial planning for tradies is extremely important and does not simply cover investments and retirement planning. As a tradesman or builder, when you are looking for a financial planner, look for someone that specialises in financial planning for tradesmen and who can help you with everything from tools of trade insurance and accounting to superannuation and your will.

Some of the things that a financial planner can help you with include:

Business Insurance

While a financial planner typically does not offer business insurance, they can help you compare different policies by benefits and features, which will ensure you find the best policy for your specific needs. It is important to remember that the cheapest insurance is not always the best, and being underinsured may hurt you in the end. A financial planner can find you a policy that balances your budget and your coverage needs.

Personal Insurance

Regardless of how long you have been working as a tradesman or the amount of experience you have, there is always a chance that you will not be able to work for a time due to illness or injury. This is why income protection insurance for tradesmen is so important. Other insurance policies that are just as important to ensure that you are your family are protected from financial hardship include life insurance, TPD insurance, trauma insurance and tradesman tool insurance.

Once again, your financial planner can help you will all types of insurance to ensure that you get the best coverage for your budget, and ensure that you and your family are covered no matter what happens.

Accounting and Taxes

Most tradies and builders have very physically demanding jobs and work long hours, which leaves very little time for administrative work and bookkeeping. Fortunately, a good financial planner can take care of this side of your business leaving you free to spend your time doing what you do best.

Your financial adviser can also help you when you need to make business purchases or key decisions, to ensure that you minimise costs, maximise revenues and pay the proper taxes.

Retirement Planning

One very important job that your financial planner will do is help you structure your finances to provide income during your retirement years. You and your planner should sit down and talk about your current situation as a tradesman or builder, your goals, and your retirement plans. Once your financial planner has this information, he or she can develop a plan that involves putting money into investments, savings, and superannuation to ensure that you have enough to cover you throughout your retirement years.

Wills and Estate Planning

It is very important that everybody has an up-to-date will. However, it is something that many people find hard to do, and therefore keep putting it off. Your financial planner can discuss your will with you, and help you find the best way to ensure it remains current and your assets are adequately protected. Your financial planner can also assist you with estate planning to ensure that the wealth you have built over the years is distributed in the best way possible.

As you can see, financial planning for tradies and builders is extremely important for both the business and personal sides of your life. Without adequate financial planning, you may find that you do not have enough insurance coverage, or have the wrong type of insurance. You may not be able to retire when you are ready to, and if something happens to you, your family may not be adequately protected.

Here at Tradebusters Academy we are committed to helping tradesmen and builders succeed in business with numerous tips for tradies, events, and trusted service providers.

If you do need a good financial planner for your trade business, why not contact one of the listed financial planners for tradies on this website.  And also check out some of the special offers they have for you.