Rest Confident, Your Money is Safe and Secure at Kirtland Credit Union, a message from our President & CEO. Learn More

All Kirtland CU branches and locations will be closed on Wednesday, January 1st in observance of New Year’s Day.

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.

If you may experience financial hardship related to the government shutdown, we’re here to help. Call 1.800.880.5328 or visit one of our branch locations for more information.

ROUTING NUMBER: 307070050

ACCOUNT ACCESS

We're Invested

Retirement, investments, financial planning for every stage of life—learn about it all here at Invested,
a blog from your Wealth Management Advisors at Kirtland Financial Services.
Check out the Weekly Market Insights
BC-box-check_xxsm_kCreated with Sketch.

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

By Kirtland Financial Services

Facebook
Twitter
LinkedIn

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.

LPL Tracking # 552909

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.

Please visit https://www.lpl.com/disclosures/is-lpl-relationship-disclosure.html for more detailed information.

LPL Financial Form CRS

CRPC®️ conferred by College for Financial Planning.

LPL Privacy Policy | Make Appointment

Accounts
Member Services
Help & Support
About
On The Go
Apple
Android

Connect With Us

Facebook Instagram Linkedin

Routing Number: 307070050

6440 Gibson Blvd. SE, Albuquerque, NM 87108

Copyright. Kirtland Federal Credit Union 2024. All rights reserved

THIRD PARTY LINK DISCLOSURE: We may provide links to third party sites, independent from Kirtland Federal Credit Union. These links are provided only as a convenience. Kirtland Federal Credit Union does not manage the operation, content or any links contained inside of the website you are about to enter. The privacy and security policies of the site may differ from those of Kirtland Federal Credit Union.

To access your investment account – click the button below. The login page for LPL will open in a new window.

access your account

If you have access issues, CONTACT KIRTLAND FINANCIAL SERVICES.

Let's Make Friends

Share the love! Get $200 for you and your friend for each qualified referral you make.

Learn Now

Online and Mobile Banking are currently experiencing technical difficulties and may be intermittently unavailable. We apologize for any inconvenience this causes our members.

Member Login

Not registered, Click Here to Register

Credit Card Rewards Points

REDEEM NOW