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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.
