It's About Time!
Successful business owners maximize their time. The cost of procrastination compounds daily. When it comes to captive insurance, the timing is right now.
Maximizing Time
Successful business owners have many similarities. Regardless of the industry, I have found the most successful business owners maximize their time. These owners have maximized how to be productive with their time, all of the time. They understand the value of their time and the fact that "time is money." So much, in fact, they typically have very little.
Yet the very qualities many business owners possess are also the liabilities that burden them, as many often say, "I don't have enough time." This statement is often very real, yet sometimes it is a false objection when delving into areas the business owner is unfamiliar with. The cost of procrastination, whether valid or false, when compounded with the value of time and the value of assets, is very expensive.
Timing and Success
Another common statement by successful business owners when asked how they became successful is, "The timing was right." Successful business owners have a sense of timing and they create wealth as a result. Not because they were able to time the market, but typically because they created the market. Successful business owners have an innate ability to know when to expand, which contracts they should take on or not, and how to adjust. They know when to hire, and when to let go.
The Power of Compounding
Business owners don't have time to wait. The addition of interest to the principal sum of a loan or deposit is compounding. Compound interest is interest on interest. It is the result of reinvesting interest and it is powerful with time.
My dentist asked me, "When is the right time to fix the crack in your tooth? The day before it breaks?" When is the right time to buy life insurance? The day before you get sick, the day before you are in a critical accident, the day before you die?
The Timing Is Right Now
When insuring your business with captive insurance, the benefits of insurance help business owners now, as well as in the future, both in profitable times and slower times. Regarding captive insurance, the timing is right now. Premium limits have been raised to $2,800,000 per year. Congress has given clarity, and most importantly, the uncertainties are now certainties, the unfamiliar is very familiar — if a business owner takes the time.
Wisdom About Time
There is no time like the present!
"Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time." — Thomas A. Edison
"Success is simple. Do what's right, the right way, at the right time." — Arnold H. Glasow
"Lost time is never found again." — Benjamin Franklin
"All great achievements require time." — Maya Angelou
A common statement after taking the time to understand and implement advanced financial strategies like captive insurance is, "I wish I would have started this several years ago."