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How to Build Wealth Smartly
10,000 people a day turn age 65 and will continue the next 17 years. Their biggest fear? Outliving their money, also, the average American household’s taxes will increase $3,500 next year, are you prepared?
95% of People, Regardless of Income…
Don’t save enough money. One single tragedy like a job loss, car accident or health issue can wipe out most families. Everyone says to save more money but the problem is, too few people have money left over at the end of the month to save. What to do? Is it really just cut down your expenses, stop eating out so much, and delay living an abundant life that will create wealth for you?
I think that mentality is like a diet. Sounds great when planning it but 90 days later, it sucks, and we go off it. I also think too many people are solely focused on making a dollar today but not focused on creating wealth long term. What to do?
Ways to Build Wealth Now
1. Pay less taxes. Regardless of who you voted for, the average American household cost in taxes is going up $3,500 next year. There are two types of taxes, those for the informed and those for the uninformed. Most Americans are uninformed and even most small business owners pay too much in taxes. Register for this FREE webinar on Thursday, 8pm EST on December 13th with former IRS trainer, CPA, Attorney and best selling author, Sandy Botkin. You can register here.
2. Be smarter about your plan. If you want to know how to build wealth, just look at what the wealthy do with their money. They put their money in tax and creditor friendly locations. You can create personal private pension plans that generate a tax free income to you without risking growth potential or principle, you just have to know how. I just spent 4 days in Palm Springs learning how to do this type of planning and it is amazing learning how much I didn’t know about creating wealth.
3. Big Government. Know what would make sense to politicians that believe in big government and small freedom to citizens? Flipping a switch and nationalizing your IRA or 401k. That way you don’t have to worry about such things as investing and which options to choose, all choices would be made for you. If you think this is conspiracy talk, you may consider pulling your head out of the sand. My thoughts on the government running our retirement plans can be summed up in this quote from Milton Friedman: “If you put the federal government in charge of the Sahara Desert
4. Understanding MONEY. Lets say you are going to live to 100 and you want to retire at 70. What would be a daily dollar amount you might spend on food alone? Let’s say you budget to spend $40 a day on food alone, certainly not eating steak and lobster but also not eating tuna salad. $40 a day, times 365, times 30 years is $438,000. This does NOT include rent or mortgage, fun, , travel, visitings kids and grandkids, movies, cable TV, gasoline, or clothes. The sooner you start to put together a real plan, the better. For more on this you can see my blog post on Self Employed Retirement
Helping People with How to Build Wealth
I love the network marketing model as it helps me teach people how to build wealth but a few months ago I decided to expand how I am doing just that. I got licensed and started a financial services company to help the average family create tax friendly and safe ways to build wealth. Like I mentioned above, I am considering putting together a detailed series of webinars that will include building wealth tips, as well as non-conventional but save ways to build wealth. If you have an interest in that, leave a comment below. It would not be for a few weeks as I am tied up on other projects but let me know if this interests you. I still believe the low risk, low overhead way of network marketing makes the most sense of any other vehicle to build wealth however most people need to use smarter options than IRA’s or 401k’s when it comes to their money. Looking forward to hearing your interest and thanks for stopping by!
To Your Abundance!
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