While the following strategies can stand alone, multiple strategies can
combine to obtain superior results. Adding the tax savings available to a
business can go a long way towards maximizing what you keep.
To quote Supreme Cout Chief Justice Learned Hand speaking of taxes, "we must all pay our fair
share, and not a penny more" ... In addition, eliminating debt and saving
thousands in future interest, plus creating passive income can help to create
"The American Dream" ... financial freedom and retirement.
Wealth Builder # 1 ... Have Your Own Business
No matter what, if you don't have your own business today you are missing out
on all the tax deductions that are allowed as incentives by the IRS code. If you
are a W-2 employee, you are taxed to the tune of 44% to 55%, while the rich and
the super rich are taxed in the single digits. Are they more deserving than you
... or are they just more educated.
Now even if you do own a business, one might think that their accountant
would know and set them up with all the tax deductions that apply. However, what
is the accountant's job? Isn't it to take the information you supply and fill
out the paperwork so that there are no red flags?
Not to take away from your CPA, but he has plenty to do ... and in all
fairness ... most have a list of 10 to 50 deductions that they use to help their
business clients.
Would you be surprised to learn that there are at least 330 possible
deductions based on your circumstances, plus there are business structures that
can shelter and protect your assets and give you additional tax advantages.
Wealth Builder # 2 ... Get Rid Of Your Debt
I had a Financial Professional tell me that he didn't think it was a good
idea to pay off the mortgage because, after all it was the one place he could
write off the interest.
Think about it ... how many people do you know that have to continue working
in their "golden" years because they have to pay off their credit cards and
other outstanding loans? Actually, you probably don't know because we think this
is "normal".
The only people who look at their "liability portfolio" are those who can't
afford to pay the minimum payments. Until now there was little incentive for a
Financial Professional to do anything about it.
So, what about the family, making a decent living and still not living the
"American Dream"? A family that has not ruined their "credit rating" and lives
cautiously so that they don't get in trouble like half their friends!
Would you be surprised to learn that there is a "Program For Liability
Management" that is saving people hundreds of thousands of dollars in future
interest? Would you be surprised if this can be accomplished without paying any
more than you are currently ... without anything more out of pocket?
Wealth Builder # 3 ... Create Passive Income
If you would like to retire, eventually you will need enough income to
maintain your lifestyle. Our first wealth building strategy, "Have Your Own
Business" can go a long way to make that happen.
There are so many businesses you can create that can work for you while you
are busy with your life. (Oh yes) they also give you those tax deductions since
"it's not what you have, it's what you keep" that is going to go a long way
towards giving you and your family the lifestyle you dream about ... plus if you
have it, ask me about the doctor that saved about $1,300,000 in future interest.
Pensions from employment, Investments, Insurance, Annuities, IRA's (both
regular and Roth) are just some of the ways that should be explored with your
Financial Professional
