Dive deep into the essentials of retirement planning (Securing the Future) specifically tailored for martial arts school owners in our enlightening interview with Mike Bogdanski. 

In this episode, Mike shares invaluable insights from his personal journey of starting early with retirement savings, maximizing IRA contributions, and the importance of working with trusted financial advisors. 

Discover practical strategies to prepare for a financially secure future, including developing an exit strategy for your school and embracing different management styles for continued success. 

Whether you're just starting your career or looking ahead to retirement, this episode offers crucial advice to help you build a robust financial foundation and transition smoothly into retirement. Tune in to learn how to make your golden years truly golden!

Podcast Purpose

Interview with Mike Bogdanski on retirement planning for martial arts school owners

Key Takeaways

Start saving for retirement as early as possible, even small amounts

Maximize contributions to retirement accounts like IRAs as income allows

Work closely with financial advisors and accountants to plan and stay on track

Have an exit strategy and transition plan for your school

Be open to others' approaches as long as outcomes are positive

Topics

Retirement Savings

Mike's parents started an IRA for him at 18, providing an early start

He contributed small amounts early on, then increased with rising income

Maximized IRA and other retirement account contributions over time

Worked closely with financial advisor to set goals and stay on track

Letting Go of Control

Hard for many school owners to let others run things differently

But the end result (good students) is what matters most

Have to be open to different approaches as long as core values upheld

An area Mike still struggles with and could use counseling on

Financial Team

Importance of great accountant and financial advisor

They invest your money, so scrutinize and demand great service

Review accounts regularly and change advisors if not performing

Take advantage of their expertise by asking questions

Retirement Mindset

Designed a 20-year plan to retire at 68 and transition school

Now follows "if it's not fun, I'm not doing it" approach

Still stays active with hobbies, town roles, some training

Lets trusted student run school while he enjoys retirement

Action Items

Start an IRA if one has not already been started 

Hire a financial advisor and accountant who can maximize returns on investments and help meet financial goals. Replace them if they are not performing.