14 Sep Why Owning a Business is the Key to Building Wealth That Lasts
Entrepreneurship: that’s how prosperity originally started, and it’s been here since the dinosaurs and the beginning of life. It’s a stunning realization, the idea that prosperity began somewhere! We don’t notice it, though, for one obvious reason—we were born into money from the very moment we could walk, right up until we die. And here’s the stunning fact:
No One Actually Knows How to Make Money… or Even How Money Works
Think about it. Does anyone these days talk about their salaries? Not in my experience. This is because we were taught, from the very beginning, just how inappropriate it is to mention income. Simply put, it’s highly frowned upon to talk about how we accomplished our first six-figure hit. It’s hush-hush; inappropriate.
There aren’t any high school classes about how to make millions, unfortunately. Most of us were only taught how to budget and balance a checkbook. However, that’s not good enough. We should’ve been taught how to create generational wealth that lasts. Wealth that is self-sufficient and continually builds beyond the work put into it.
In fact, that’s exactly what true self-made millionaires have done. They’ve built wealth, often without earning a single paycheck from someone else, that continues to grow and sustain itself into the future.
To do this, it takes planning, persistence and, most importantly, it takes knowledge.
For help on your path to gaining this knowledge, request a FREE Gap Analysis Strategy Session with one of our investing and wealth-building experts right now to not only discover the obstacles, but find effective ways to circumvent them.
The Mindset Behind the Mystery of Money Began a Long Time Ago
In 1933, the banking system began. You see, in those days, entrepreneurs thrived. That’s where it all started. Someone would have an idea and, eventually, that idea would become a business. The problem was, others didn’t know what to do or how to do it, hence, the banking system was formed to organize things.
This created the actual economy. The system was designed to benefit institutions, educational systems, and big corporations like pharmaceutical companies. Those who ran a business had the backing of the banks, in a big way, which made perfect sense—since banks make money from your money.
So in other words, if you didn’t live your business, you didn’t really live. The rich got richer and the poor got poorer. The key to making money was not working for someone; the key to making money was simply making your own.
We’re Taught Exactly What We Need to Do the Moment We Sit in a Classroom
Part of the natural progression of owning a business, unfortunately, is that, oftentimes, we need help. That’s why, in school and at home, we’re taught the most quintessential, and destructive, lesson of all—get a job and work for someone else.
While that’s fine for some, there are implications that arise from that way of thinking, including some individuals losing their entrepreneurial spirit and deciding not to shoot for the stars, professionally speaking. Then, we’re taught that if one job is not enough, simply get a second job to make ends meet. Naturally, we end up working our bones to the ground, and are no better off than we were in the beginning.
Learn the Truth—Real Wealth Isn’t About Earning a Paycheck
If we want to attain wealth, first, we have to learn how it works. We have to know it inside and out, and not blindly accept the trite lessons of the past—get a job, get a second job, get married, have kids, die. If you really want true wealth that lasts beyond your days, you start a business. Generate empires and, in turn, wealth.
The system is in place for a good reason; it’s designed to benefit you & your business, but it has to be structured correctly. In the current tax code, there are dozens of different kinds of deductions designed to make your money work for you, not the other way around.
This is why corporate entities and tax planning are essential to building your wealth. Get out of “Sole Proprietor Land” and make your money grow on its own.
- You can start an LLC (Limited Liability Company)
- S Corporation
- C Corporation
- Limited Partnership
- Or, you can even set up a Trust Fund
By setting yourself up for the future, not just the daily grind for the next paycheck, you won’t be the only one who benefits, those after you will benefit, as well. That’s the key to millionaire living. Retirement isn’t an end; it’s a beginning.
Know Your Tax Code — Get Deductions — Reap the Benefits
It takes work to build a company, obviously. But, if you have an LLC and put money toward it, even if you are already working, you will earn more. Tax returns aplenty. Think about it: you get a flat tax deduction of 21%, regardless of your income for corporations. Consider what that could mean to your return, which could then be used to invest more into what matters—your business.
There’s no secret sauce to how it works. It’s just knowing the system—and the money regulated by it—and how to use it to your business’ advantage.
The Key to Real Wealth: Let It Work for You — Not for Someone Else
It’s a scary decision, because we all want something guaranteed. The quick fix. This, however, what you’ve just read: is a certainty. Go for it.
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