Taxes. Debt. Inflation. Retirement. Are they a part of your life? Of course they are, and they are stealing your wealth right out from under you.
There are ways to legally keep more of your money so it can make more money for you.
Let’s start with the first two: taxes and debt.
There are several strategies people can reduce their taxes and free up money to invest in cash flowing assets.
A big one is simply to do what the U.S. tax code rewards people to do. People think the term “tax break” is a dirty word. It’s not. It’s simply a legal reward for doing what our government wants us to do, which is grow our economy and create jobs.
The government rewards people who do that - It’s called starting a business and it’s just one of the ways to reduce your taxes.
The right information, at the right time, from the right people.
Getting smarter with your money also means understanding debt. Have you heard people say proudly that they are debt free? I feel sorry for them. It just means they don’t understand the concept of good debt vs. bad debt. What they should brag about is that they are bad-debt free. Then, I’d say, “Alright!” Bad debt is what robs you of your wealth through credit card interest, your home mortgage interest, interest you pay on car loans - any interest you pay on goods that provide no cash flow. That is bad debt.
People should use good debt to increase their wealth. The trouble is, even people who have been diligently paying their bills, keeping up with their mortgage payments, doing everything right can still have a credit score that makes it tough to borrow money at favorable rates to buy cash-flowing assets.
So they can’t use good debt to their advantage because of their credit score.
Go over the ways to prevent credit rating surprises. If you don’t have a good credit score, it’s tough to get in the game, but there are ways to improve it. Everyone, even people who don’t have credit problems, should hear this because credit score drops can happen to them, too, even if they never miss a payment on anything!
Don’t trust others with your financial future when you can do it yourself. But you must get smarter with your money.
It’s time to take charge!
