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All Kirtland CU branches and locations will be closed on Thursday, November 28 in observance of Thanksgiving.

Phishing attempts are on the rise. Use caution if you receive a call, email, or text message that claims to be from Kirtland CU. Remember: we will never ask for your online banking access codes or credentials, or for you to transfer money. Learn more on our Fraud Awareness and Prevention Center. 

FRAUD ALERT: Have you received a text message asking to verify a fraudulent transaction? Do not click on that link or call the phone number on your text message. Scammers are using a variety of messages and techniques to gain access to your account. Learn how to protect yourself on our Fraud Awareness and Prevention Center.

We have engaged Forvis Mazars, LLP (Attn: Bud Hollenkamp, 1801 California Street, Ste. 2900, Denver, CO 80202) to perform member verifications. Kindly compare the balance of your accounts on your September 2024 statement WITH YOUR RECORDS. If balances do not agree, please address your discrepancies directly to Forvis Mazars, LLP. Include your name, truncated account number, and an explanation of the difference noted.  A reply is not considered necessary unless a difference is noted.

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High Earner to Business Owner: Why Owning a Small Business Could Be Your Next Best Move

By Kirtland Financial Services

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For workers in the U.S., a six-figure income is enough to land you in the top 10 percent of wage earners.1 Looking even higher, the top 5 percent earns an average of $340,000 per year, while the top 1 percent earns an average of $820,000 annually.

Some high earners have conquered the rat race but they also generally enjoy being in the workforce. But they also may find it increasingly difficult to stay motivated and challenged. They may also chafe under a rigid schedule that doesn’t allow them as much freedom as they anticipated to enjoy the cash they’ve earned. Read on for several reasons why high earners may be able to benefit from starting their own business.

Wealth Creation

If your skills can command a high salary, they can also be leveraged into the creation of a successful enterprise. You may be able to easily pivot from being a firm’s subject-matter expert (SME) to consulting, putting you in control of the fruits of your labor.

Working for someone else at the beginning of your career has plenty of benefits — you’ll have access to on-the-job training and infrastructure that lets you learn the ropes without paying the cost of beginner’s mistakes.

But working for yourself can make good financial sense once you’re mid-career or have picked up the skills you need to offer your services.

Tax Advantages

Business owners enjoy a variety of tax advantages that can help lower their overall tax rate. These include deducting business expenses and claiming tax credits and deductions available to small businesses. You can also take advantage of tax-deferred retirement accounts and other tax-efficient strategies to shield a significant amount of your income from federal or state taxes.

Income Diversification

You don’t necessarily have to quit your day job to start a business — and by cultivating multiple income streams, you can provide stability and resilience against unemployment, economic downturns, or other challenges. A business can also help you pivot into full-time entrepreneurship if you eventually decide you’d like to leave the 9-to-5.

Control, Autonomy, and Work-Life Balance

Entrepreneurship provides high earners with far greater control over their day-to-day schedule. Instead of taking orders from someone else or checking your boss’s calendar before scheduling a meeting, you can set your own hours to work around your personal and family commitments. You’ll also be able to control your workload, whether this means cultivating a client list or focusing your services on what interests you the most.

All in all, starting a new business can be a lucrative and personally rewarding endeavor for high earners.

1 “How Much Income Puts You in the Top 1, 5, or 10 Percent,” Unbiased,  https://www.unbiased.com/discover/banking/how-much-income-puts-you-in-the-top-1-5-or-10

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.

This article was prepared by WriterAccess.

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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Kirtland Federal Credit Union and Kirtland Financial Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Kirtland Financial Services, and may also be employees of Kirtland Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Kirtland Federal Credit Union or Kirtland Financial Services. Securities and insurances offered through LPL or its affiliates are:

Not NCUA Insured or Any Other Government  | No Credit Union Guaranteed | Not Credit Union Deposits or Obligations | May Lose Value

The LPL Financial registered representatives associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.

Kirtland Federal Credit Union (“Financial Institution”) provides referrals to financial professionals of LPL Financial LLC (“LPL”) pursuant to an agreement that allows LPL to pay the Financial Institution for these referrals. This creates an incentive for the Financial Institution to make these referrals, resulting in a conflict of interest. The Financial Institution is not a current client of LPL for advisory services.

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