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Unlocking Financial Wisdom with Jenna Biancavilla

In our latest episode of The Shades of Entrepreneurship, I am thrilled to host Jenna Biancavilla, the CEO of Pearl Capital Management. Jenna brought her wealth of fiancial wisdom in financial planning, offering advice that is both actionable and insightful.

Whether you're a young professional starting your financial journey or a seasoned business owner planning your retirement, Jenna's insights are sure to guide you towards better financial health.

Founder of CEO of Pearl Capital Management Jenna Biancavilla on The Shades of Entrepreneurship the podcast
CEO of Pearl Capital Management, Jenna Biancavilla

Avoiding Lifestyle Creep

Jenna emphasized the importance of avoiding lifestyle creep, especially for young professionals. Instead of measuring savings in dollars, she recommended using percentages. This approach helps maintain a consistent saving habit regardless of income fluctuations.

Maximizing Retirement Savings

Jenna broke down the differences between Roth IRA and Traditional IRA. She advised opting for Roth IRA when you're in a low tax bracket and expect higher future earnings, while Traditional IRA is preferable during high-earning years to defer taxes. This strategic planning ensures you maximize your savings by considering your future tax situation.

Smart Savings Options

Looking for better ways to save? Jenna highlighted the benefits of high-yield savings accounts and money market accounts. These options offer higher returns compared to traditional savings accounts, making your money work harder for you. She recommended institutions like American Express for their competitive rates and security.

I personally use OnPoint Credit Union Premium Bundle Rewards Savings account that has a 5.25% annual percentage rate (APR).

Retirement Planning

One crucial aspect of retirement planning Jenna discussed is understanding Required Minimum Distributions (RMDs). She explained how retirees need to start withdrawing from pre-tax accounts like Traditional 401k and IRA in their mid-70s, which can unexpectedly increase their tax bracket. Planning for RMDs through strategies like Roth conversions can help manage these tax impacts effectively.

Planning for retirement is a crucial step in securing your financial future. With the complexities of retirement accounts, tax implications, and investment strategies, it’s essential to have a knowledgeable guide by your side.

Pearl Capital Management logo
Pearl Capital Management

I highly recommend connecting with a retirement professional who can provide personalized advice and help you navigate the intricacies of retirement planning. A retirement professional will work with you to create a comprehensive plan tailored to your unique financial situation and goals, ensuring that you can retire with confidence and peace of mind. Don't wait—schedule a consultation with a retirement professional today and take the first step towards a secure and prosperous retirement.

Business Exit Strategy

For business owners, Jenna stressed the importance of planning your exit strategy well in advance. Having the right consultants, like former guest Jessica Fialkovich, can help you optimize your business for sale, ensuring you get the best value. She also advised planning the use of sale proceeds beforehand to implement tax-efficient strategies and maximize benefits.

Final Thoughts

Jenna’s parting advice was to ensure business owners pay themselves adequately and save outside their business. This practice safeguards against unforeseen obstacles and ensures personal financial stability.

Ready to dive deeper? Read the full conversation with Jenna Biancavilla and gain more insights on building your financial future.

Continue reading here.

Stay financially savvy,

Gabriel Flores

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