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Originally Posted by Street Pharmacist
I have spoken in the past with other owners and they have all kinds of trusts and investment vehicles I've not heard of and sounds far more complicated than I know. I'm sitting on a bunch of cash not doing anything and my accountant has been bugging me for a while to get a Financial Planner, but I've been procrastinating to my own detriment. I literally just finished doing up a will and getting life insurance as a 42 year old professional with 3 kids. Dumb
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Sorry I missed this, but you aren't out of the ordinary in terms of waiting for the will and life insurance! A lot of people put that kind of thing off until they get a little more settled.
Investing for you shouldn't be incredibly complicated though. I have a lot of clients who have businesses and while there are some considerations as far as tax, it's still not that crazy! I would also say that while you should have a basic understanding of what's happening and how things are structured for you, you don't have to be an expert in these things; that's why you're having an advisor or planner work with you. I think that the ideal thing for you (or someone in your situation) is to feel comfortable asking a lot of questions and don't be afraid to ask things based on thinking that "everyone else knows that". A good advisor would walk you through things and be more than happy to explain why they're structuring things the way they are, give you an explanation of the investments and investment vehicles and overall just help educate you.