If you're like some metalworking professionals, you keep a more watchful eye on the fiscal health of your business than on your personal finances. That's not a good idea. These are two separate challenges; both need and deserve your best efforts. One NOMMA member we interviewed for this article said that she could serve as the model for not devoting enough attention to her personal finances. The only money she has put aside for retirement is resting in a bank savings account. She has never set up a tax-deferred retirement account.
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