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Jack's Firewood - Coggle Diagram
Jack's Firewood
RETIREMENT
ROTH IRA
Since I plan to be a sole proprietor, a ROTH IRA is the best retirement option for me.
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BENEFITS
Once I retire, the amount in my ROTH IRA will continue to grow.
It's all tax-free growth, and I would never have to be concerned about future tax rates.
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WHY?
It's important that start planning for retirement as soon as possible so that I can have a sufficient amount of money for retirement.
I can invest money based on my net income, and there is no minimum limit for investing money into a ROTH IRA.
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CONSIDERATIONS
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If I invest more than what my net income is for the year, I could be penalized for overinvesting money into my ROTH IRA.
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INSURANCE PROFESSIONAL
INSURANCE CONSIDERATIONS
For Jack's Firewood, I probably need business insurance.
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MY NEEDS
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I should consider seeking an insurance broker who can look around for insurance options for my business, including knowing the risks.
KNOWN RISKS
I would want an insurance professional to know the risk of customer property damage caused by me when delivering firewood.
I would want an insurance professional to also know the risk of injury if my firewood injuries somebody while being handled.
Thirdly, an insurance professional should know the possible risk of defamation.
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BUSINESS INSURANCE
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INSURANCE BENEFITS
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I wouldn't have to keep working for the rest of my life if I had to pay for lawsuits without general liability insurance.
FUTURE CONSIDERATIONS
If I ever decided I wanted to make Jack's Firewood a bigger business, I would need additional insurance.
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I could consider business income insurance if my business were to be destroyed by a forest fire or earthquake.