Emma spoke with David Lunn, financial planner and Principal at Lifestyle Wealth Partners.

Are you an accidental business person? I am! I studied, worked for the public and private sector, decided to become a sole trader, and now I spend more time running and expanding my business than I do clinical work.

Accidental business people might be good at rolling with the punches and making a success of their expertise, but you probably haven't thought too much about financing your retirement.

It may seem a long way off, but retirement can be a shock when you're used to a steady and generous income stream. How are you going to keep up that standard of living when the stream is cut off?

Future planning is important. Like any goal, you need to set out to achieve it.

You want to be making decisions that benefit your business now and in the future.

In your corner, you'll need a financial planner or a good accountant who can understand your goals and objectives. A compliance accountant may not be invested in your vision, so make sure you find someone who will work alongside you.

Having the correct financial structure is imperative when it comes to asset protection. You'll need a firebreak between your private wealth assets and at-risk assets.

When it comes to tax, if you're not structured properly at the start of your business venture, it can be expensive to restructure and get things where they need to be.

Don't stress about locking yourself in-for-life to a set-up that may not be right for tomorrow. David says that as a financial planner, he aims for flexibility in any structure he works on with his clients.

It's really important to me that despite my business, my priority is my kids – and I know I'm not alone in that constant battle! I need my work and home life to be in sync.

With your own retirement plan you should consider synchronicity with growing your business, and your personal goals. Your personal values are important in this big picture, and you can future-plan a structure that will suit both.

If you want to future plan, David Lunn is one resource you can find at www.lifestylewealthpartners.com.au - I've also shared a link to his business on our facebook group HR and leadership skills for aussie health practitioners.

Good luck!

emma-spencer-bio

Emma Spencer

Emma is a Clinical Psychologist who has a special interest in the assessment and treatment of children, adolescents and families and peri-natal care.  Her background has been varied and included employment within hospital and community settings, both public and private.

Emma also worked for a number of years in consulting, as a trainer, project manager, neuropsychological assessor and also provided employment selection and transition services.