Fitness Entrepreneur
Fit Frank (29)
Fit Frank has been focused on building his online business but he is overwhelmed with the amount of work necessary to scale and needs to delegate his personal finances. He has no investing expertise and has fallen behind on his tax obligations in the past few years. Traditional retirement isn’t his top priority, but he would like to become more tax-efficient in his business, protect his future family, and create flexibility for future investments in the business or real estate.
Fit Frank is an online personal trainer. For many years, he worked in the gym setting but transitioned to online training in the past few years. Last year he grossed $150,000 in revenue. Outside of his business, he is engaged and saving for a wedding in the near future with ambitions for starting a family in the next few years.
Fit Frank takes the leap and schedules a free intro call.
Getting Started
During the intro call, Frank made it very clear that he was looking for a trusted partner to assist him on his journey. He values delegation and a strong technology platform. We showed Frank an example of the technology we use and expressed how we could be the trusted financial planner he needed to allow him to focus more on building the business. Frank thought it over for a couple of weeks and decided to work with Assist FP on an ongoing basis with investment management services.
How did Assist FP help?
Assist FP helped Fit Frank discuss his financial goals and envision his future. At this time, him and his fiancé have decided to keep their finances separate until they are married.
Once the goals were established, we reviewed the monthly income and expenses for his business and personal life to identify any areas for improvement.
Assist FP crafted an automated savings plan for his short-term goals, specifically the wedding, and helped implement the plan.
Fit Frank had trouble figuring out how to pay himself out of the business and therefore his business and personal finances were commingled. We introduced him to a system of paying himself first and educated him on how to separate the two accounts.
Assist FP opened a self-employed retirement plan for Fit Frank which allowed him to defer income tax and save for retirement at the same time. He decided to invest the account conservatively based on the high risk of his current business income.
Assist FP discussed the pros and cons of merging his finances once married and introduced him to a methodology to implement after the marriage.
Assist FP performed an insurance analysis on his current policies to ensure he had the proper coverage. We also discussed how his insurance needs would be changing over the next few years as he starts a family.
Assist FP monitors and updates the financial plan. In addition, we send quarterly updates including information on submitting quarterly estimated payments to the IRS.
Fit Frank was able to free up a lot of his time which allowed him to focus on building his business and reduced the stress that was mounting from ignoring his personal finances. With a solid financial foundation and increased flexibility, Fit Frank was able to increase his business revenue and reached his goals sooner than he expected.