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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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Turning Profits into Wealth: A Guide for High-Earning Business Owners

By Kirtland Financial Services

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Growing a business is impressive, but it takes more than just turning a profit to build wealth: It requires a mind shift from short-term gains to long-term prosperity. A business owner must focus on the company’s financial confidence and long-term sustainability. Here are some critical tips to help business owners turn their earnings into wealth.

Invest in the future of the business.

One of business owners’ most significant mistakes is exhausting their profits on immediate gratification, such as extravagant purchases or lavish vacations. While rewarding yourself for your hard work is essential, investing in your business’s future is equally crucial. Here are some ways business owners can invest in the future of their business:

  • Expand the product line.
  • Make technology upgrades.
  • Hire critical employees and new management.
  • Purchase new equipment.


Another way to invest in the future is to hire financial and tax professionals. These individuals will work together as business consultants to guide the business forward. Some things they can help business owners accomplish include tax planning, sales forecasting, succession planning, and more.

Diversify income streams.

Relying solely on one source of income can be risky. As a business owner, it is vital to diversify the business’s revenue streams to preserve wealth. For example, diversification could mean branching out into new markets, offering new products or services, or creating passive income streams. By diversifying business income, you can generate multiple sources of revenue that can sustain your business through economic downturns or unforeseen challenges.

Business owners may want to consider investment strategies to diversify revenue streams—for example, bond funds, REITs, and other income-generating investments suitable for the business and owner.

Engage in business planning and owner's planning.

A business plan is crucial to turning profits into wealth. The business plan should include short-term and long-term goals, budgeting, forecasting, and a contingency plan. It is essential to clearly understand the business’s financial health and where you want it to be in the future. Seek the help of financial and tax professionals to help create a plan that aligns with the goals and objectives of the business and owner.

The business owner also needs a plan that includes personal budgeting, short-term and long-term goals, investment strategies, insurance, emergency savings, and a succession plan if the business closes or the owner cannot work.

Mitigating debt and expenses

Debt and unnecessary expenses can weigh down a business and hinder its ability to accumulate wealth. It is essential to carefully manage the business’s debt and avoid taking on more than it can handle.

Additionally, regularly reviewing expenses and finding ways to mitigate them can significantly increase the business’s profit margins. Negotiating better deals with suppliers or finding more cost-effective business operations options is a great place to start.

Business succession planning

As a business owner, it is crucial to plan for succession to ensure the future sustainability of the business. Succession planning involves identifying and preparing a successor who can take over the company when the owner retires or in unforeseen circumstances. A succession plan can ensure the business’s legacy and allow the owner to pass on their wealth to the next generation.

Invest in Yourself

Investing in yourself is just as important as investing in the business. As the company’s leader, your personal growth and development are crucial to your business’s confidence and wealth creation. Attending workshops, conferences, or seminars, hiring a business coach, or joining a peer advisory group are all ways to invest in yourself. Continuously learning and improving your skills may help you become a better leader, enable strategic decision-making, and take actions that benefit the business long term.

Another way business owners can invest in themselves is by practicing the ‘pay yourself first’ methodology. Paying yourself first means contributing to retirement savings, automating other savings, and then paying the remaining monthly bills each paycheck.

In conclusion, turning profits into wealth requires strategic planning, financial discipline, and a long-term mindset. By investing in the future of your business, diversifying your income streams, and managing your finances, you can build lasting wealth for yourself and your business. Remember to seek the advice of professionals and continuously invest in your personal growth to work toward long-term confidence.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing.

There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.

This information is not intended to be a substitute for individualized legal advice. Please consult your legal advisor regarding your specific situation. 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 Fresh Finance.

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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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