By Sam Buchanan
Would you rather have cracks in your countertops or cracks in your foundation? Intellectually, we all know that a cracked countertop is a much smaller problem than a faulty foundation. Yet when it comes to finances, many people do the opposite — focusing on surface-level fixes while neglecting the deeper, foundational habits that create long-term stability.
The truth is, your financial foundation determines how well you can weather both expected and unexpected challenges — job changes, market downturns, or health issues. It also impacts how confidently you make decisions in the future. But how does one build a strong financial foundation?
For business owners and self-employed professionals:
- Consider paying down the mortgage early. You could save hundreds of thousands of dollars just by putting together a debt repayment plan and sticking to it. This not only reduces long-term interest costs but also increases your monthly cash flow flexibility.
- Create a retirement plan through your business. There are many advantages to this, including investing for the future, becoming a more attractive employer, tax efficiency, etc.
- Know what you own and why. The best investment plan isn’t the most complicated, it’s the one you can understand, believe in, and stick with through volatility.
For those nearing or in retirement:
- Position your investments to handle volatility. Recent markets have made this more important than ever. Stability doesn’t mean zero risk, it means taking calculated risk.
- Factor in tax efficiency. Consider whether a Roth conversion makes sense, the order in which you withdraw from accounts, and whether your assets are in the right place to minimize taxes in the future.
- This season looks different. It’s no longer about how fast you can build — it’s about what can stand the test of time and support the life you’ve worked so hard to create.
Build with purpose
When it comes to your finances, it’s not just about building — it’s about building with purpose. The right structure now creates freedom and resilience later. Because it’s not just about how much you grow. It’s about whether what you’ve built can stand, adjust, and last through whatever comes next.
Sam Buchanan is a lifetime resident of Jackson. He decided to pursue a career in financial services because of his passion for financial planning, investing, and people. In 2024, Sam graduated with highest honors from Mississippi State University with a degree in finance. He is currently pursuing his CFP® certification, demonstrating his commitment to professional development and excellent services. Sam has had previous work experience throughout his collegiate career, including with International Paper, Wellspire Financial Group, and Congressman Michael Guest. Outside of work, Sam enjoys playing golf, bow hunting, and participating in men’s Bible study.