Interested in starting your own entrepreneurial journey but unsure what to expect? Then read up on our interview with Steven Huskey, owner of Huskey Financial Group, located in Charleston, SC, USA.

What's your business, and who are your customers?

I'm in the business of helping doctors, dentists, and medical business owners thrive at work, at home, and in their family lives because they have the utmost confidence that they're financially well-rounded. I help these business owners protect, grow, and one day exit their business on their own terms. My favorite part of working with clients is seeing their faces light up with excitement as their reach new milestones and achieve their most important goals. I am driven to combat the spread of misinformation and provide deeper, meaningful guidance instead of the one-size-fits-most advice touted by many financial "gurus."

Tell us about yourself

My practice is centered around helping medical professionals navigate the complexities of their financial lives. By focusing on a comprehensive process rather than prescribing product-centered solutions, I serve as a resource and trusted advisor to my clients. My process is based on a time-tested planning philosophy that seeks to build financial balance, optimize cash flow, and improve tax efficiency by putting each dollar to its highest and best use. The result is guidance tailored to the unique financial position and goals of my clients designed with flexibility in mind.

What's your biggest accomplishment as a business owner?

Here is one of my biggest client wins: This client was referred to me by an estate planning attorney partner of mine. He knows the work we do here at Huskey Financial - Consulting & Wealth Management is balanced and led by strategy above all else.

This client came to us with four major concerns:

  1. To leave a large sum of money to his children and grandchildren as a lasting legacy, not to be eaten up by taxes. The SECURE act has effectively killed the Stretch Traditional IRA benefits (lifetime of growth and income to family members now needs to be depleted in 10 years or face major penalties).
  2. To reduce taxes during his lifetime on his portfolio and reduce taxes transferred to family in his portfolio when he passes wealth to the next generation.
  3. Create a large pool of assets to provide liquidity in his portfolio for emergencies and health care costs, as all his money was tied up in IRAs and qualified money and his home.
  4. To provide diversity in his portfolio and reduce the risks of longevity, market downturn, inflation, and increasing taxes in the future. This family has been to FOUR different #advisory firms looking for help on these issues over the past three years, and none have offered REAL value to him. They just wanted to manage his money. No real planning was constructed for him or expressed in REAL numbers where it made sense to him.

Through the wonderful advanced level planning team we have, we were able to provide him with the following results:

  1. Reduced his taxable required minimum distributions from his IRAs by doing his annual charitable giving directly from the IRA and converted a large portion of these RMDs to Roth IRAs. We did this just under the income amount where it would not cause his Medicare Part B or Part D premiums to increase (large income, you'll pay large premiums).
  2. Provided him with an increased step up in basis on his non-qualified (Non-IRA) assets and his real estate.
  3. Reduced his lifetime taxes by $135,000 over the next 20 years.
  4. Added $1,400,000 in additional liquidity in his portfolio over the next 20 years.
  5. Increased his tax-free legacy at death to his children by $1,500,000.
  6. Reduced the added stress significantly for himself and his family of having to create this strategy for himself and execute it alone. We can do all of that for them over their lifetime.

These clients came to us in a huge bind. We were able to make significant contributions from a service standpoint, listened to their concerns and treated them head-on, and gave them the peace of mind and clarity they deserve with a plan that makes sense, is spelled out for them in real numbers (not just "concepts"). Now they are moving their relationship to us so we can walk beside them through life and give ongoing support.

What's one of the hardest things that come with being a business owner?

Trying to manage everything yourself until you figure out how delegation works wonders for your time management. It's not about letting go of specific tasks; it's about recognizing what you're very skilled in and doing just that. Outsource everything else.

It's also difficult to be super protective of your calendar. People will try to get time on your calendar to tell you how good they could be for your business if you work with them, yet it's best if you have a relationship with them first. Time is finite, yet money can be continuously made.

What are the top tips you'd give to anyone looking to start, run and grow a business today?

  1. Delegate, delegate, delegate!
  2. Pair with partners that highlight your strengths because they have a skill where you are weak. It will only make your team stronger.
  3. If you're going to have employees, make sure they are always your top priority. Without your best people, you can spend precious time, money, and effort replacing them where that time and money could be used elsewhere.

Is there anything else you'd like to share?

Stay humble, stay super motivated, don't get complacent, and network. You can grow by knowing the right people. Networking has helped me find new clients, new centers of influence, new relationships, and new friends!

Where can people find you and your business?

Website: https://www.huskeyfinancial.com/
Facebook: https://www.facebook.com/huskeyfinancial
Instagram: https://www.instagram.com/huskeyfinancial/
Twitter: https://twitter.com/huskey_steven
LinkedIn: https://www.linkedin.com/in/huskeyfinancial/

If you like what you've read here and have your own story as a solopreneur that you'd like to share, then email community@subkit.com; we'd love to feature your journey on these pages.

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