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Listen "386 | Securing the Future: Smart Retirement Strategies for Martial Arts School Owners"
Episode Synopsis
Dive deep into the essentials of retirement planning (Securing the Future) specifically tailored for martial arts school owners in our enlightening interview with Mike Bogdanski.
In this episode, Mike shares invaluable insights from his personal journey of starting early with retirement savings, maximizing IRA contributions, and the importance of working with trusted financial advisors.
Discover practical strategies to prepare for a financially secure future, including developing an exit strategy for your school and embracing different management styles for continued success.
Whether you're just starting your career or looking ahead to retirement, this episode offers crucial advice to help you build a robust financial foundation and transition smoothly into retirement. Tune in to learn how to make your golden years truly golden!
Podcast Purpose
Interview with Mike Bogdanski on retirement planning for martial arts school owners
Key Takeaways
Start saving for retirement as early as possible, even small amounts
Maximize contributions to retirement accounts like IRAs as income allows
Work closely with financial advisors and accountants to plan and stay on track
Have an exit strategy and transition plan for your school
Be open to others' approaches as long as outcomes are positive
Topics
Retirement Savings
Mike's parents started an IRA for him at 18, providing an early start
He contributed small amounts early on, then increased with rising income
Maximized IRA and other retirement account contributions over time
Worked closely with financial advisor to set goals and stay on track
Letting Go of Control
Hard for many school owners to let others run things differently
But the end result (good students) is what matters most
Have to be open to different approaches as long as core values upheld
An area Mike still struggles with and could use counseling on
Financial Team
Importance of great accountant and financial advisor
They invest your money, so scrutinize and demand great service
Review accounts regularly and change advisors if not performing
Take advantage of their expertise by asking questions
Retirement Mindset
Designed a 20-year plan to retire at 68 and transition school
Now follows "if it's not fun, I'm not doing it" approach
Still stays active with hobbies, town roles, some training
Lets trusted student run school while he enjoys retirement
Action Items
Start an IRA if one has not already been started
Hire a financial advisor and accountant who can maximize returns on investments and help meet financial goals. Replace them if they are not performing.
In this episode, Mike shares invaluable insights from his personal journey of starting early with retirement savings, maximizing IRA contributions, and the importance of working with trusted financial advisors.
Discover practical strategies to prepare for a financially secure future, including developing an exit strategy for your school and embracing different management styles for continued success.
Whether you're just starting your career or looking ahead to retirement, this episode offers crucial advice to help you build a robust financial foundation and transition smoothly into retirement. Tune in to learn how to make your golden years truly golden!
Podcast Purpose
Interview with Mike Bogdanski on retirement planning for martial arts school owners
Key Takeaways
Start saving for retirement as early as possible, even small amounts
Maximize contributions to retirement accounts like IRAs as income allows
Work closely with financial advisors and accountants to plan and stay on track
Have an exit strategy and transition plan for your school
Be open to others' approaches as long as outcomes are positive
Topics
Retirement Savings
Mike's parents started an IRA for him at 18, providing an early start
He contributed small amounts early on, then increased with rising income
Maximized IRA and other retirement account contributions over time
Worked closely with financial advisor to set goals and stay on track
Letting Go of Control
Hard for many school owners to let others run things differently
But the end result (good students) is what matters most
Have to be open to different approaches as long as core values upheld
An area Mike still struggles with and could use counseling on
Financial Team
Importance of great accountant and financial advisor
They invest your money, so scrutinize and demand great service
Review accounts regularly and change advisors if not performing
Take advantage of their expertise by asking questions
Retirement Mindset
Designed a 20-year plan to retire at 68 and transition school
Now follows "if it's not fun, I'm not doing it" approach
Still stays active with hobbies, town roles, some training
Lets trusted student run school while he enjoys retirement
Action Items
Start an IRA if one has not already been started
Hire a financial advisor and accountant who can maximize returns on investments and help meet financial goals. Replace them if they are not performing.
In God we trust