Hobart Financial Group Discusses 4 Common Money Mistakes Entrepreneurs Make

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Following an article published by Inc. Magazine, Hobart Financial Group, a leading RIA firm, discusses four mistakes entrepreneurs must avoid when making financial decisions.

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Hobart Financial Group, a leading RIA firm, discusses four mistakes entrepreneurs should avoid when making financial and investment decisions.

According to a February 2014 issue of Inc. Magazine article titled “4 Money Mistakes That Entrepreneurs Must Avoid,” the core sentiments of a good investment strategy are: diversify, embrace stocks, and “make time work for you.” However, for small business owners and entrepreneurs looking to invest, those core beliefs don’t always ring true. The article says some business owners believe their company is the only investment they need. However, this could be a gamble. If the company folds or ends up in financial trouble, it could mean serious turmoil for the business owner, especially with no investments to fall back on.

In order to ensure that business owners do not become their own financial enemies, the article lists four mistakes to avoid when investing.

1.    Aggressively investing.
2.    Not saving enough.
3.    Investing too heavily in specific industries.
4.    Not taking advantage of tax privileges.

Chris Hobart, CEO of Hobart Financial Group, a leading RIA firm in North Carolina, says business owners must take note of these mistakes and change their strategies accordingly. “Don’t put all your eggs in one basket,” he says. “It’s as simple as that. Entrepreneurs and the self-employed are headed toward a retirement crisis. Many of them pour their life savings into these companies without thinking about what happens if they fail. Most don’t even think about their future without the company. It’s imperative that business owners and entrepreneurs start thinking about their future.”

Hobart says investing could help business owners save more money for retirement. “Investing is a great way to generate spendable income for retirement,” he says. “However, many entrepreneurs make the mistake of investing too aggressively. Instead, it might be more beneficial for them to look at more conservative options, especially if they have a decent chunk of money invested in their company. When investing, they should also look outside their industry for up-and-coming stock options. Entrepreneurs like to stick with what they’re used to, but in terms of investing, it’s better to diversify.”

Hobart Financial Group is an independent financial advisory firm dedicated to personalizing service with uncompromising integrity. Its focus on comprehensive, tax-advantaged plans help to provide sound preservation of capital, growing income and increased returns with reduced risk. Chris Hobart, founder of Hobart Financial Group, understands that true wealth means being able to share your life with the people you love, free from financial anxiety. Hobart Financial helps Carolinas’ retirees preserve and protect their wealth with comprehensive financial retirement planning and wealth management.


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