Paying themselves first

The Tukufus' retirement plans help fund their business start-up

oversaw the policy’s modification. The original policy provided $3,700 of monthly disability protection. It has now been modified to $2,500 a month with a 180-day waiting period.

Business finances:
To minimize expenses, Claytor encourages the Tukufus to use Quicken to keep track of their business costs. He advises them to input revenue and expenses on a daily basis and make estimated tax payments on a monthly basis-as opposed to quarterly-to avoid the trap of spending their tax estimates before remitting their quarterly payments.

Future plans:
Once the business matures, Claytor recommends that Darryl establish a Simple IRA plan, utilizing the MFS Emerging Growth Fund, Investors Growth and Investors Trust Funds. The Simple IRA will allow him to contribute and deduct $6,000 a year plus 3% of net self-employment plan.

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