By Elisabeth Dawson, Founder of Copia Wealth Management & Insurance Services
If you’re an entrepreneur in San Diego, you’re no stranger to ambition. This is a city full of big ideas and passionate people building businesses that reflect their values and visions. But there’s also a reality we can’t ignore:
San Diego is one of the most expensive places to live in the country. And when you’re running your own business—often reinvesting every spare dollar back into it—it can feel nearly impossible to prioritize your own personal wealth building.
But here’s the truth I’ve seen over and over again in my years advising local business owners on wealth building strategies for San Diego entrepreneurs:
The higher your cost of living, the more intentional you need to be about building long-term wealth. Because success in your business doesn’t automatically equal financial security in your life. Let’s unpack why—and what you can do about it.
The San Diego Cost-of-Living Reality
Entrepreneurs here face some of the steepest living expenses in the country. And unlike salaried employees, there’s often no safety net beneath them.
🏡 Housing
Whether you rent or own, San Diego housing is a major monthly expense. The median home price is hovering around $950,000, and monthly rents for even modest homes or apartments regularly exceed $3,000.
🧒 Childcare
If you’re a parent, full-time childcare can easily cost $1,500 to $2,000 per month—per child. That means even high earners are squeezed financially.
🛒 Basic Living
Groceries, gas, healthcare, insurance—everything in San Diego costs more than the national average. And unlike your business, these costs don’t generate a return—they just keep the wheels turning.
So what does this mean? It means entrepreneurs can easily fall into the trap of living well but saving poorly—even with strong top-line income.
The Risk of Delayed Wealth Building
I’ve worked with many successful entrepreneurs who reach their 40s or 50s only to realize they’ve spent decades building their business—but not their personal financial future.
Here’s why that happens:
- All profits are reinvested into the business
- There’s no employer-sponsored retirement plan
- There’s a mindset of “I’ll worry about it later”
- Revenue volatility makes consistent savings feel impossible
But here’s the problem: your business might not always be the engine it is today. Markets change. People change. Health changes. And exit strategies don’t always go as planned.
So if you’re relying solely on your business to fund your retirement, you’re taking on far more risk than you may realize.
Wealth Building Isn’t Optional—It’s Survival
For entrepreneurs in San Diego, wealth building isn’t a luxury. It’s how you create options:
- The option to retire comfortably
- The option to step away from your business when you’re ready
- The option to care for your family without financial stress
- The option to give generously, live freely, and leave a legacy
And unlike your business—your wealth doesn’t take sick days, doesn’t rely on market cycles, and doesn’t burn out.
5 Smart Wealth-Building Strategies for San Diego Entrepreneurs1. Pay Yourself First—Always
Even if cash flow is tight, set up an automatic transfer every month (or week) into a separate savings or investment account. Start small if you need to, but build the habit.
Treat it like a non-negotiable business expense—because your future depends on it.
2. Establish a Solo 401(k) or SEP IRA
These retirement accounts are designed for self-employed individuals and offer substantial tax advantages.
Depending on your income, you could potentially contribute over $66,000 per year, reducing your taxable income while building long-term retirement savings.
If you don’t have one set up, let’s fix that.
3. Use a Tax-Efficient Investment Plan
You don’t need to chase the market or day trade. You need a diversified, tax-smart investment portfolio tailored to your goals and risk tolerance.
The goal isn’t to “beat the market”—it’s to build wealth steadily and minimize tax erosion over time.
4. Protect Your Income and Business
Life insurance and disability insurance are often overlooked by entrepreneurs—but they’re essential. If something happens to you, your income and business could vanish overnight.
With the right coverage, your family, your team, and your legacy are protected.
5. Build Wealth Outside Your Business
Your business is a source of income—but don’t make it your only asset.
Start accumulating non-business wealth: investments, real estate, retirement accounts, cash reserves. That way, if you ever want to sell or step away, you’re not starting from zero.
Real Client Story: Reclaiming Financial Clarity
One of my San Diego clients, “Brian,” is a successful creative agency owner. His business was grossing over $1 million a year—but his personal savings? Less than $30,000.
He told me, “I thought because the business was growing, I was doing well.”
When we sat down and ran the numbers, he realized:
- He had no personal retirement savings
- His family would be financially vulnerable if something happened to him
- His business had no formal succession or exit strategy
We created a plan that included:
- A Solo 401(k) with monthly automated contributions
- A diversified investment account to begin building personal wealth
- Term life insurance to protect his family
- A roadmap to eventually sell or transition the business
Fast forward 3 years, and Brian now has over $250,000 in retirement and investments—and the confidence that his business success is translating into real, personal wealth.
Wealth by Design, Not by Default
This is the heart of what I teach in my Wealth by Design course and what I practice every day at Copia: financial security doesn’t happen accidentally. It happens when you design it, step by step.
As an entrepreneur, you have more control over your income than most people. But you also have more responsibility to make sure that income is working for your future—not just your present.
Let’s Build the Plan Together
If you’re an entrepreneur in San Diego and you’ve been putting off personal financial planning, I invite you to schedule a conversation with me.
We’ll talk about:
- Where you are today
- Where you want to be
- How to start building wealth, even with variable income
- What tax-smart strategies can help you keep more of what you earn
You’ve worked too hard to let rising costs and short-term stress stand in the way of long-term freedom.
Let’s make sure the success of your business leads to the success of your life.
Schedule your complimentary strategy session today and let’s start building your wealth—by design, not by default.
Warmly,
Elisabeth Dawson
Founder | Financial Advisor | Educator
Copia Wealth Management & Insurance Services
📍San Diego, CA
CA LIC #0C71264, #0G81294
Investment advice offered through Copia Wealth Management Advisors, Inc.
Copia Wealth Management Advisors, Inc. is a registered investment advisor.
