Today’s Blue-Collar Business Owner’s (BCBO) are finding their employees are getting more respect from banks then they do!
When applying for a loan or mortgage, banks tend to financially underwrite the self-employed as a higher risk then they should. Considering most businesses receive income from a large number of customers who are in effect quasi employers of the business. However, unlike an employee, business owners are in a better position to handle the loss of one of these “employers” by simply adding a new customers (employers) or doing more work for existing customers (employers).
If an employee losses their sole source of income from an individual employer, it may take them months to find new employment. Unfortunately, many employees are not financially prepared for months without an income. Once they’ve gone through whatever savings they may have then it’s highly likely they will then default on their increasing debt yet banks still tend to favor them over business owners.
Blue-Collar Business Owners are the backbone of our economy and our country, without the drive and determination of these brave people to start a business of their own there would be a lot fewer opportunities for employment which would increase the need for government support and significantly increase the Canadian deficit.
In this podcast, we discuss the first 4 tips to Maximize Blue Collar Wealth, helping business owners prepare for the eventual retirement.