Today’s Blue-Collar Business Owners (BCBOs) often find that their employees receive more favourable treatment from banks than they do. 
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When applying for loans or mortgages, self-employed individuals are frequently assessed as higher risk than they deserve. This is surprising when you consider that most businesses generate income from many different customers — essentially acting as multiple sources of revenue.

 

Unlike employees, business owners are often better equipped to handle the loss of one customer by replacing them with a new one or increasing work with existing customers. If an employee loses their sole source of income, the financial impact can be far more severe and immediate. Many employees are not prepared for months without income, and once their savings are depleted, they may quickly fall behind on debt obligations. Yet in many cases, banks still favour employees over business owners.

 

Blue-Collar Business Owners are a cornerstone of our economy and our communities. Without the determination, skill, and risk-taking spirit of these individuals, job opportunities would be significantly reduced — ultimately increasing pressure on government support systems and contributing to a larger national deficit.

 

In this podcast episode, we cover the first four tips from the 10 Tips to Maximize Blue-Collar Wealth series, helping business owners prepare for a successful and confident retirement.