By Barry Harlow

Some of the smartest business people I know have a blind spot when it comes to their personal finances. Take the case of Gary, a 50-year-old software developer. It took three years to get his start-up off the ground, and when it did, it really took off-he landed a licensing agreement worth nearly $1 million. Now flush with cash, it occurred to Gary that the value of the investments he cobbled together through the years came nowhere near the amount he and his wife would need to retire comfortably.

Gary's situation is not uncommon. Most entrepreneurs understand the importance of saving for long-term financial goals, and that they should revisit their portfolio periodically, making adjustments to lock in gains. But they often don't act, money sits and the opportunities are squandered.

Small business owners typically seek investment advice when there's a sudden increase in cash flow, such as a big product order or sale of their business. These are smart, savvy people. They hold engineering, law or masters degrees. They've built their business, or expanded their practice or franchise under challenging circumstances, often at great personal expense. They're at a stage where they no longer have to reinvest the money back into the business or juggle to pay vendors. They know they should do a better job at managing their investments, but they're accustomed to being in control and will "get around to it"-until the next big order comes in.

If you work hard for your money, you owe it to yourself to make your money work hard for you-especially so it's there when you need it; for example, a child's college education or your retirement. Here are some strategies to make your life easier and move you closer to achieving your financial goals.
 
Consolidate Your Accounts
People often assemble a hodge-podge of investments over the years - a few IRAs with different financial institutions, a 401(k) that's still under a former employer's plan, mutual funds with various companies, and stocks and bonds in a brokerage account. You will save much time and effort by consolidating accounts, and you'll know the net worth of your cash and securities at any given moment so you can adjust your portfolio according to your needs and market conditions.
 
Revisit Your Retirement Savings Plan
Even the smartest investors can be complacent when it comes to their 401(k) or other retirement savings plans. It's important to take advantage of recent federal changes in laws governing these tax-deferred investment vehicles. For example, take advantage of the catch-up contribution provisions. These allow investors over age 50 to increase their contributions by $5,000 for 401(k)s and $1,000 for individual retirement accounts (IRAs). If you're a sole proprietor, you should be aware of so-called "solo 401(k) plans." These allow larger deductible annual contributions so you can quickly build up a substantial tax-deferred retirement account balance, while cutting your annual income tax bills.
 
Consider Changing Your "Investing Lifestyle"
Examine how you're currently investing and whether it's time to change. For example, if you're an active trader with less and less time to trade, but don't want to hire a stock broker, consider taking advantage of online tools and research offered, in some degree, by a number of companies. These include programs that allow you to design a portfolio based on risk tolerance, timeline and budget, among other factors. This will allow you to maintain control of your investments without the day-to-day worry of being too heavily concentrated in one stock or sector and therefore vulnerable to market down-swings.

Consider Hiring a Financial Advisor
This is often the toughest part for entrepreneurs who are used to being in charge. Delegating the stewardship of your finances is a peace-of-mind issue. If you can't proactively manage your money, pay someone to do so - just as you pay your lawyer. To find potential candidates, ask people you know and trust for referrals. You can ask for referrals from other professionals you work with, such as your accountant or insurance agent.

Barry Harlow is Branch Manager of TD AMERITRADE, located at 6601 West 119th Street in Overland Park. You can reach him at .