Wealth Building Strategy

 

 

Small Business Tax Deductions - The year is coming to an end. Do you know where your deductions are? Whether you work from home, the car or the beach, you have a lot of small business deductions you have earned!

I’ve talked a lot about the tax benefits of having a small business to protect your assets and to reduce your taxes. If you’re new to the idea of starting your own business, we should talk. But first, as part of any wealth building strategy, I recommend you do a little homework.

Here’s some good foundational information that the U.S. Gov supplies about starting a business. Follow the link at the end for more info.

Business Expenses
 
Small Business Expenses and Tax Deductions
Guidance for the Self-Employed and Sole Proprietors

There are two basic tax concepts new business owners need to add to their vocabulary: business expenses and capital expenses.

Business expenses are the cost of conducting a trade or business. These expenses are common costs of doing business, and are usually tax deductible if your business is for profit. For example, costs of renting a storefront, business travel, and paying employees are all deductible business expenses.

Capital expenses are the costs of purchasing specific assets, such as property or equipment, that usually have a life of a year or more and increase the quality and quantity of products and services. For example, if you own a landscaping business and you purchase mowers and excavating equipment, these costs are capital expenses and do not qualify as deductible business expenses. However, you can recover the money you spent on capital expenses through depreciation, amortization, or depletion. These recovery methods allow you to deduct part of your cost each year. In this way, you are able to recover your capital expenses over time.

Figuring business expenses vs. capital expenses is not always clear cut. Consider taking advantage of free tax training opportunities offered by the IRS. If you have hired an accountant, you should also seek his or her advice regarding tax deductions.

The following information provides a brief overview of expenses that quality as tax deductions, with links to resources that provide clear guidance on deducting and capitalizing your expenses... For more: http://www.business.gov/finance/taxes/business-income/tax-deductions.html


Have a prosperous day!

Gabby Huguenin
Wealth Coach
CEO Wealth Classes Coaching, LLC
www.WealthClassesCoaching.com
888-888-3612

Here's a free gift for you: Sign up for our free eight week Wealth Building Secrets program that you can take from home. No cost, no obligation. Just 8 weeks of wealth building tips, money making ideas, tax saving strategies and new ways of thinking about wealth, money, and prosperity. There’s no obligation and you can get start right now!

Tax planning for doctors is all too often put at the end of the long list of to do's for fast-moving professionals. Part of any physician's wealth building strategy needs to include personal advisors, wealth coaches, and industry specific legal and financial experts. I believe it is very important to learn all you can about wealth building strategies but that doesn’t mean you have to know everything and do everything yourself.

Nobody becomes wealthy without a team effort. Athletes don’t get to the Olympics without a great coach, students don’t graduate from medical school without great professors, bosses can’t do their job without great assistants and people don’t become wealthy without a wealth team.

Raymond Aaron, founder of “The Monthly Mentor” once said, "If you don’t have an assistant, you are one."

Tax Planning for Doctors - in 30 Seconds?
High net worth tax planning is not exclusive to doctors and it is not something you should do on your own.  Financial advice for doctors shouldn’t come from the 30-second money making tips on tonight’s nightly news. So, whether you are a doctor, dentist or any other professional too busy to slow down and plan, ask yourself, these three questions:

• Who is on my wealth team and how qualified are they?
• Who should I be removing from and/or adding to my wealth team?
• What can I do today to improve this team?
  • Have clear goals that they all understand
  • Have regularly scheduled communications with clear agendas
  • Make sure expectations of performance and measures are crystal clear

If you are fortunate enough to be generating significant income but realize that you are paying way too much in taxes maybe this is the time to enhance your financial team with a wealth coach and a team of advisors to help you find legitimate business tax write offs and new ways to keep more of your hard earned cash in your pocket.

And finally, here's a few words from one of my wealth coaching clients...

"I just wanted to shoot you off a quick note to say thank you for your guidance. Your coaching has opened my eyes to a world of opportunities. It's amazing that after being a CPA for over 25 years, I was not aware of so many the tax saving strategies. Your coaching has helped personally as well as with my business. I couldn't have done it without you. Thanks again."

-- Lynne H, CPA


Have a prosperous day!

Gabby Huguenin
Wealth Coach
CEO Wealth Classes Coaching, LLC
www.WealthClassesCoaching.com
888-888-3612

P.S. If tax planning techniques bore you or intimidate you and small business tax deductions just aren’t your thing, then maybe it’s time to expand your wealth team. Find out how our wealth coaching programs can make setting up a small business or maximizing a mature one much more profitable. I’ve saved my clients nearly 14 million dollars in tax dollars in recent years. Feel free to give me a call!

Asset protection solutions are more important for certain types of businesses and individuals than others.  We all understand the value of insuring our homes, cars and lives but when things are going well it’s easy to forget about protecting yourself from the absurdity of pocketbook predators.  Don't let this craziness scare you because there is a solution. It's called Asset Protection Solutions!

There have been crazy cases where judges found a landlord liable for the alleged damages of another tenant’s cigarette smoke. Ridiculous awards have been made to plaintiffs for a wide variety of things that nobody in their right mind would believe is fair! I won’t waste any more time on the absurd, we all see the stories in the news so let’s just get down to protecting ourselves, our businesses and our assets with proper asset protection solutions.

Who’s at Risk?
Well, with more attorneys in this country than any place on the planet, if you’re an American, you’re at risk. But, if you’re in one of the following categories, you’re at higher risk:

• Architects
• Contractors
• Developers
• Engineers
• Physicians
• Dentists
• Medical Professionals
• Corporate Officers
• Financial Advisors
• Legal Advisors
• Real Estate Brokers/Agents
• Landlords
• Landlords
• Landlords

Oh, did I mention, landlords? It’s kind of funny in a sick kind of way. You work your tail off to find and purchase your first investment property. It takes you five years to get to positive cash flow. You net a couple hundred bucks a month and voila! You look like you’re a rich landlord with a big asset so you’re easy to spot and easy to sue! Ahhh, the joys of being a landlord.

A few weeks ago I did a post about the importance of getting all real estate out of your personal name and into appropriate operating entities that separate you from your assets and also allow you to fly a little more under the radar. Remember, if you cannot be found, you cannot be sued. Of course, you only do this in straightforward legal ways but it is possible to protect yourself better with a lower profile.

One of the asset protection solutions we teach our students in Wealth Classes Coaching is using LLCs, C corps or other entity to reduce your liability. We help our students find the state most favorable to their specific entity and then we incorporate all of these tactics into a long-term wealth building strategy that keeps the pocketbook predators at bay.

Effective asset protection solutions help to limit the ability of creditors to seize your assets or to even know where to find your assets. The typical attorney working for the plaintiff to attack your assets is going to do an asset search before she decides to take that person’s case. If there is nothing of value to be found, it’s harder for the predator to find a playmate!

If you want to learn more about asset protection solutions, give me a call for a no obligation phone consultation. Discover how my high net worth tax planning strategies and business tax write offs can put a little more cash in your pocket next year, call me for a free consultation. I sometimes joke about it but I really can spot significant tax savings opportunities for most people in a matter of minutes!

If your new to some of this wealth building talk and just want to get the basics, then you don't have to take some complicated tax planning course, just start right here with our free class called Wealth Principles Online.


Have a prosperous day!

Gabby Huguenin
Wealth Coach
CEO Wealth Classes Coaching, LLC
888-888-3612

P.S. Whether you are interest is reducing tax payment, setting up a small business, or creating an effective asset protection strategy, we have an individual wealth coaching program for you. Just call me! Watch this video to learn 7 Tax Saving, Money Making Tips You Can Use Today!




Disclaimer:
This information does not constitute a complete description of all or any one aspect of financial planning. There is no offer to sell or buy any financial product in this video or on our website. Please consult with a qualified financial, legal and/or tax professional before investing or modifying any aspect of your taxes, assets or finances. This information is strictly educational.

Stephen Gandel, writer for Time Magazine recently did an article on “Why It’s Time to Retire the 401(k).”

Here’s part of what Stephen said…

“The ugly truth, though, is that the 401(k) is a lousy idea, a financial flop, a rotten repository for our retirement reserves. In the past two years, that has become all too clear. From the end of 2007 to the end of March 2009, the average 401(k) balance fell 31%... In what must seem like a cruel joke to many, the accounts proved the most dangerous for those closest to retirement.”

Yup, he’s got some good points here but does he have a solution? The fact is, nearly half of all Americans have a 401(k). Some financial experts say most Americans don’t contribute as much as they could, thereby leaving free money (from the matching amount employers contribute) on the table. Although that may be true, in this economy I’m guessing some people who put their money somewhere besides a 401(k) are probably grateful they DIDN’T contribute to the max!

Planning for Retirement with 401(k)s
The sad thing about this retirement tool is that most people do not know how to use it properly. The average 401(k) is about $35,000 right now. Not exactly retirement utopia. And the irony is that every time we take our meds, get that surgery, and add a few more years to our lives we make our original retirement strategy a little weaker. The funds might run out before we do.

The 401(k) Solution
In his article, Gandel suggested something that my business partner, George Antone and I have been saying for a long time. He suggested insured accounts might offer part of the solution. George and I have been teaching for years that the proper combination of investments and the right type of life insurance instruments can create tax advantaged environments and make guaranteed returns a lot easier.

The ERISA Industry Committee (ERIC) is a group that represents our nation's largest employers. In Gandel’s article he states that they have proposed to the government, a system of exchanges that allows individuals the ability to buy a guaranteed retirement account on their own. And... I believe this type of retirement plan flexibility will require the use of insurance instruments to be effective.

When American’s stop counting on their employer or Uncle Sam to plan their future, they will finally see the benefits of long-term financial planning. There is a place for 401(k)s but that place is inside a solid, well thought out, wealth building strategy.

If you’re tired of depending on anyone else to plan your retirement, join us at our next Infinite Wealth System workshop and take charge of your financial future!
Here’s Stephen Gandal’s Time article.  

Learn more about our Connector Coaching calls and start taking all your legal tax deductions and planning a retirement strategy that will last as long as you do.


Have a prosperous day.

Gabby Huguenin
Wealth Coach
CEO Wealth Classes Coaching, LLC
www.WealthClassesCoaching.com
888-888-3612

P.S. If you are planning for retirement, looking at saving tax money, or just trying to create a new plan for total financial freedom, call me! There is no charge for your initial consultation. Watch this video to learn how to grow your money in a tax advantaged environment:



Disclaimer:
This information does not constitute a complete description of all or any one aspect of financial planning. There is no offer to sell or buy any financial product in this video or on our website. Please consult with a qualified financial, legal and/or tax professional before investing or modifying any aspect of your taxes, assets or finances. This information is strictly educational.

Last Minute Tax Tips and a Free 8-Week Class to Boot!

The end of the year is closing fast and now is the time to get the tax deductions you deserve by knowing what information to share with your CPA. Here are a few year-end tax tips to consider right now.

Year-End Tax Solutions:
Read a few of these tax-saving, money making tips and I’ll give you a wonderful financial educational tool for absolutely free at the end of this post.

1.    If you might owe taxes…  review the list of potential deductions. Do you know what’s available? Diane Kennedy’s book, Tax Loopholes of the Rich has a great list.   Also, Jackson Hewitt Tax Service has a quick list of tax deductions for free that are often overlooked. Review these lists and look at where you spend money. Then bring this list to your CPA. I have a list of around 300 deductions that I use with my wealth coaching clients.

2.    Prepare for next year with a system… What is your wealth building strategy? What is your money management system? What is your process for building lifelong wealth? If you are shrugging your shoulders at these questions then you need a system. Our most popular workshop is called the Infinite Wealth System and it teaches you how to be your own banker, get paid like a banker and reduce risk like a banker. But first, you must start thinking like a banker. This workshop is quite powerful but don’t take my word for it, listen to some of the students.

3.    Create a Tax Advantaged Environment… What that means is that you should be doing everything legally available to maximize your tax advantages and minimize your tax liability. For example, There are four ways you can protect your income and your assets for a more joy filled retirement.

• Entity Structuring – set up an LLC, a C Corp, an S Corp or other legal business structure that will give you the greatest tax benefits and asset protection. You never want to hold real estate personally and LLCs are often great vehicles for protecting your investment and your family from legal hassles.

• Banking System – Utilize the proper life insurance products to establish a system of managing your cash flow and earning the interest on things you finance instead of paying interest to the bank or finance company.

• Self-Directed IRAs With Checkbook Control - A lot of peoples’ retirement accounts have taken a beating in the last year but there is a way to recover some and do better next year. Set up a checkbook controlled IRA and tie it into your banking system to maximize your earning power while reducing tax liability.

• Elite Family of Trusts – Trusts are powerful vehicles for creating long-term wealth and setting up a financial legacy.

4.    Tracking Software (Quicken, Quickbooks, etc.) There are many programs to choose from but the most important point I want to make is that if you don’t know where your money is going you won’t know where it went. Solid wealth building strategies require that you track your money well. If you’re not on a good financial management software program this is the ideal time to set it up so you can be ready for the new year and a fresh start.

Now… about that free gift. Sign up for our free eight week Wealth Building Secrets program that you can take from home. No cost, no obligation. Just 8 weeks of wealth building tips, money making ideas, tax saving strategies and new ways of thinking about wealth, money, and prosperity. There’s no obligation and you can start right now! 

To learn more about our wealth coaching programs, wealth building guides, or other financial education tools, drop me a note or give me a call!


Have a prosperous day!

Gabby Huguenin
Wealth Coach
CEO Wealth Classes Coaching, LLC
www.WealthClassesCoaching.com
888-888-3612

By the way, if you are facing some tax challenges, cash flow issues, or need a solid asset protection strategy, there is no charge to give me a call! We have a number of powerful wealth building programs to help you in the process of building financial freedom.

Learn how your dog might be a legit tax deduction :-)
Home based business owners are leaving money on the table when they don't capitalize on their legitimate tax deductions. The most missed tax deductions are often around the home office. Here are some money saving tax deduction ideas that anyone working from home should know about.

Tax Deductions - The More You Know the More You Keep
Always check with your tax and/or financial adviser before making any changes to your taxes but in this Connector Coaching call I share examples of ways you can legally and safely reduce your taxes by taking approved tax deductions. Here's a snippit of a typical Monday night Connector Coaching call!



Tax Deductions - Home Offices Offer Many
This Podcast is an example of what we provide in our weekly wealth coaching calls. For example, you can't deduct your home as a residence. But...  If you meet the office rules requirements, you can deduct a portion of the home. The home office deduction is available only to the extent that your dwelling is used exclusively on a regular basis as one of the following - its either your principle place of business, a place of business that you use to meet and deal with patients, clients or customers in the course of normal trade of your business.

Some people think I'm strange but I love learning about tax deductions. Why? Well, it's money in my pocket and it allows me to teach people how to keep more of their hard-earned money.

Retirement planning and wealth building are easier when you have a wealth building strategy and a commitment to building financial freedom. And... reducing those taxes doesn't mean you need a second job or have to work harder it just means you need to be a little smarter with what you already have!

Now, to keep the legal beagles happy remember....

Disclaimer:
This information does not constitute a complete description of all or any one aspect of financial planning. There is no offer to sell or buy any financial product in this video or on our website. Please consult with a qualified financial, legal and/or tax professional before investing or modifying any aspect of your taxes, assets or finances. This information is strictly educational.

Learn more about our Connector Coaching calls and start taking all your legal tax deductions.


Have a prosperous day.

Gabby Huguenin
Wealth Coach
CEO Wealth Classes Coaching, LLC
www.WealthClassesCoaching.com
888-888-3612

P.S. If you are planning for retirement, looking at saving tax money, or just trying to create a new plan for total financial freedom, call me! There is no charge for your initial consultation.

Any wealth building strategy should include a health building strategy. So here are a couple of wealth building tips based on health building tips.

Stress can take the health out of wealth real fast unless you learn how to manage it. Stress is linked to major diseases like cancer, heart failure, even arthritis! Now don’t go getting all stressed out over these nasty stats, there are some simple solutions you can do today to reduce your stress levels while you make your millions.

Stop pulling your hair out and read a little more. The best anti-aging program is a stress release program. And, since you're working so hard at creating your wealth building strategy I know you're going to want to be around a long time to spend all the money!

Here are three effective ways to lower your stress levels today!

Practice the 3-D’s!

The three D’s are: Do it, Dump it, or Delegate it. It’s not rocket science but it can be a lifesaver! Look at everything on your to-do list today with your 3-D glasses on!

• Do it – if you run across something that can be done in two minutes or less, just do it now and get it off your list. One less thing to stress about

• Dump it – Get brutal with the junk mail, email, and mindless tasks that waste time and energy. Get protective of your time and focus your energy to the most important tasks of your job or your personal life. Dump the stress that comes with doing things you really don’t want to or need to be doing.

• Delegate it- Leverage your time by letting others do what you’re not good at or committed to. Ask for help, develop support systems, but don’t do it alone! Share the love, the work, and the stress! If it's not an activity that is creating you money then you should't be doing it.

Have a prosperous day!

Gabby Huguenin
Wealth Coach
CEO Wealth Classes Coaching, LLC
Connector Coaching Program

888-888-3612

Learn more about our wealth building programs. Whether you make $1,000 a month or $100,000 a month, we have a financial education program you can use to start building lifelong wealth. Visit my coaching site at www.WealthClassesCoaching.com or just call me!

First, a couple reminders. Nov 14 , 15, we're having IWS 2. This is our next level in the Infinite Wealth System. If you've been to another Infinite Wealth System workshop or taken our online course you are qualified to go to the next level of our wealth training programs. Visit www.wealthclasses.com and click on classes to learn more. 

One of the topics of our last Connector Coaching call is a critical part of any wealth building strategy. Term Sheets are legal documents that create a clear starting point for a business venture. Here is part of the definition from Wikipedia...

A term sheet is a bullet-point document outlining the material terms and conditions of a business agreement. After a Term Sheet has been "executed", it guides legal counsel in the preparation of a proposed "final agreement". It then guides, but is not necessarily binding, as the signatories negotiate, usually with legal counsel, the final terms of their agreement.

There are several major documents you need to be aware of before starting any company be it an LLC a C corp, a joint venture or whatever. You need to know what they are to keep yourself out of trouble and to make sure your business venture has a good shot at success.

There are a lot of legal issues around these documents and I'm not an attorney nor am I giving financial advice on this blog. All I want to emphasize today is that we just had a great educational call on term sheets and it reminded me of the power of planning.

The more time you put up front in the planning phase, the less time you'll need to get to the profitability phase. Term sheets are crucial so do your homework. If you want to learn more about starting your own business, launching a joint venture, or just reducing your taxes, find out how one of our wealth coaching programs can help!

Here's a Podcast video describing the various wealth coaching programs we offer.



Have a prosperous day!

Gabby Huguenin
Wealth Coach
CEO Wealth Classes Coaching, LLC
www.WealthClassesCoaching.com
888-888-3612

By the way, if you are facing some tax challenges, cash flow issues, or need a solid asset protection strategy, there is no charge to give me a call!

Here are a few more wealth building tips from my Connector Coaching call with Jim Britt!

Jim agreed with me that to build wealth in today’s economy, it’s a good idea to have a job to keep some form of revenue coming in while you look for ways to start your own business or leverage your money in tax advantaged ways.  Here are a few more highlights I've paraphrased from that Connector Coaching call interview with the very wealthy and very kind Jim Britt!

• When starting your business, don’t start desperate. Desperate people push investors away
• If the business plan says something about catching up on the pickup payments nobody will (nor should they) invest
• Opportunity stays far away from desperation
• Start your business to focus on giving others value not on all the money you are going to make. See things from the eyes of your customers. You’ll sleep better and you’ll ultimately make more money. If you focus on value, the money comes to you
• Network marketing is a way to start a business with little or no overhead. For around $500 there are tons of great businesses you can start. Choose a solid company with good people and a product that is leading the market. Something that is hot and cutting edge is best. Look for a category creator.
• Jim made hundreds of thousands from numerous network marketing companies and still gets residual checks many years later without much effort
• Most powerful thing you can do in business… build a network. Keep track of people, offer to help people. Be a resource to people and genuinely try to help others. That’s how you build a network of resources, allies, and friends. Your network is not just for raising money. Always be asking… “How may I help you?”
• Be responsible. Take responsibility for your life. The good, the bad, the ugly. Then do something about it. Don’t dwell on the past, just learn from it and move forward.

Finally, I asked Jim what he believed was the reason for Jim Britt’s success. He said it was this… “I always try to be the best I can be, notice I did not say to be the BEST but to be the best I can be. Not better than others, just better than I was the last time.”

Have a prosperous day.

Gabby Huguenin
Wealth Coach
Wealth Classes Coaching, LLC
www.WealthClassesCoaching.com
888-888-3612

P.S. For more wealth building tips, financial education tools, and financial education videos visit www.WealthClasses.com. If you don't have a wealth building strategy what is your strategy?

To continue a few more ideas from our Monday night’s Connector Coaching call, here are a few more thoughts on the best legal entities to consider. There’s a lot more to know about the tax advantages and asset protection features of each of these but this will give you an overview of the pros and cons of each legal entity (Check out yesterday's post for more).

Limited Partnerships – In this legal structure the partners cannot be actively involved in the management of the business. It’s important to be realistic with this. If you’re the kind of person that has to have your voice heard and you can’t avoid getting involved, this structure is not for you. Limited means limited.

If you do get involved you can lose your status as a limited partner and that opens a whole different set of issues and defeats the original intent. All income coming into limited partnerships flows through to the members, the partnership does not pay taxes.

Family limited partnerships where members are family members have some unique tax advantages.  Family limited partnerships can be used to pass tangible assets that wouldn’t normally be found in a business such as jewelry, art, heirlooms, etc. to the next generation. In limited partnerships it’s a good idea to have separate CPAs, bookkeepers and administrative functions. Downside – these can be tough to sell and costly to set up.

S Corps or Subchapter S – This is a standard corporation that has elected a special tax status with the IRS. The basic information requirements are the same as a C corporation wherein formation documents must be filed with the state agencies and necessary filing fees paid, of course. The S corp is different from the C corp in that it does not suffer double taxation like the C corp. With an S corp the profits and losses pass through to the shareholders and must be reported on their individual tax returns.

S corps also have unlimited life extending beyond the illness or the death of its owners. Stock can be sold, business expenses may still be deductible, and ownership is relatively easy to transfer. Downside – The number of owners must be fewer than 100, they cannot be non-resident aliens and all income tax obligations flow through to the individual owners.

This is just some of the material we covered in my last coaching call. Learn how you can participate in an ongoing wealth building program. Connector Coaching Program 

Limited Liability Companies or LLCs.  An LLC is a cross between a limited partnership and a corporation. You can have more than one owner. You file a 1055 tax form to do your return. From asset protection standpoint an LLC has many tax benefits. With single member LLCs you can add an S election that allows you to run it as an S corporation to get some additional advantages. An LLC limits your legal liability. Like a C corp you are only personally responsible when there is gross negligence or fraud involved. So, don’t do anything stupid and your LLC will protect you and your assets just fine!

You can have as many members as you want and you can have foreign investors. This is great when you are trying to come up with additional capital and you need flexibility in how you have structured the business. Income and losses flow to members so there is no double taxation. Great for holding real estate.

You don’t have to have formal meeting minutes like a C corporation. An LLC may protect assets better than any other structure. If you do get sued, you usually cannot lose stock to new members taking over because the current members decide who gets stock. If creditors put a lien on your interest in an effort to get paid, they may be liable for a tax on that debt. Bad for creditors, good for the LLC.

Rules vary by state so check your local laws although most states allow LLCs. Downside – Some states require LLCs to terminate at 30 years or at the death of a member but there are ways around that when structured properly.

Corporations  or C corps. A lot of accountants underestimate the tax advantages of C corporations. One big advantage of a C corp is you can control the income and you can pick the fiscal year end. Most other entities are based on the calendar. If you have a huge income influx, you can make adjustments to offset tax liabilities. You can also do what is called upstreaming income – legally shift income from your LLC to your C corp. The C corp is great to use as a financial planning tool.

Bottom line - You have time with c corps, lots of deductions and you can take advantage of many fringe benefits with minimal restrictions. The downside- lots of paperwork and double tax. You are going to be taxed on the income you draw and on the income created by the corporation.

C corp requires planning but if you are expecting higher income a C corp could be good. Use an attorney to set this up.  Again, these are just general and condensed points to consider when setting up your new business or looking for legal and safe ways to building financial freedom. Always use professional financial, legal, and tax advisors.

Andddddd... just as importantly, learn for yourself how to take charge of your wealth building strategy. Join one of our wealth coaching programs or take one of our online seminars or live seminars or workshops. Nobody cares about your financial well being as much as you do! Please feel free to leave a comment or ask a question. Just click the comment button below this post.

Have a prosperous day!


Gabby Huguenin
Wealth Coach
CEO Wealth Classes Coaching, LLC
Connector Coaching Program

888-888-3612

Learn more about our wealth building programs. Whether you make $1,000 a month or $100,000 a month, we have a financial education program you can use to start building lifelong wealth. Visit my coaching site at www.WealthClassesCoaching.com or just call me!

Legacy Solutions Now!

WealthClasses Coaching was founded early spring 2008 by Gabby Huguenin and George Antone. WealthClasses Coaching’s CEO and Director Gabby Huguenin has helped save entrepreneurs and W2 wage earners just under 14 million in income taxes over the past six years.

The intention behind Gabby's efforts is to help people in their process of building financial freedom and assist them in creating a legacy that will last for generations to come. The only way one can build lifelong wealth that will make a difference long after you are gone is to protect your assets and do everything legally possible to reduce your tax liability. That's where Gabby comes in!

WealthClasses Coaching has protected the assets of 38 students in 2009 and hundreds over the past 6 years. This is accomplished through an ongoing mentoring process. The significance of the smaller number is the individual support on a one on one basis.

Watch this video as Gabby describes various wealth coaching programs she offers.



WealthClasses Coaching breeds success for its students with the proven success systems and strategic alliance with WealthClasses Inc. founded in 2006 by George Antone and the famous “Infinite Wealth System”  Watch this video, with famous Entrepreneur Jeff Black to discover how wealth coaching can be a profitable part of your wealth building strategy.



To learn more about our wealth coaching programs, wealth building guides, or other financial education tools, drop me a note or give me a call!


Have a prosperous day!

Gabby Huguenin
Wealth Coach
CEO Wealth Classes Coaching, LLC
www.WealthClassesCoaching.com
888-888-3612

By the way, if you are facing some tax challenges, cash flow issues, or need a solid asset protection strategy, there is no charge to give me a call! We have a number of powerful wealth building programs to help you in the process of building financial freedom.

Wealth building ideas seem like a great idea for people who have money to invest and the knowledge to make more money but the reality is if you don't have the money, you don't have the money! So, relax. I have a gift for you. It doesn't cost anything and you don't have to go anywhere. It's Wealth Building Idea #1.

Financial Education Tools

If you have no money at all and want FREE advice, lessons, audios, etc. This is for you:

Please consider signing up for our starter program that has been designed specifically for people with little or no budget. There's no obligation, no catch, and it's no wonder that people love it! This is for beginners or for a great refresher course on building your wealth program. All you need to do is to commit the time to read and listen!


Here's a little more info:

Regardless of your background, status in life, if you’re starting over, starting out, or ending up, this path will lead to your ultimate outcome. We have spent thousands of hours, a ton of our own money, and spent years implementing this ourselves.

Get started today, Right NOW. I am a night owl so the team is probably up – if it’s late – don’t wait until tomorrow, do it right now. I still remember what I was wearing when I decided to show up for this kind of process, and the time is now.

We wanted to build such a STRONG foundation for every wealth builder - a program that allows YOU to build wealth in your life, all in your spare time. We recognize wealth builders are busy building wealth, so we developed this program to deliver very focused lessons on a regular basis with the intention of being able to completely BOOST your wealth building life!

We want to do all this at NO COST TO YOU!

Yep, you read that right!

NO COST TO YOU!

NO STRINGS ATTACHED!

All the information you need to get you ready to build a SOLID wealth foundation will be delivered to you in this fantastic home study course at no charge to you! By the end of this program, you will:

    * Have control over your finances
    * Have control over your debt
    * Be ready to handle (financially) any events in your life; good or bad
    * Have a good understanding of wealth principles and how to use them to build wealth
    * Have complete focus on what you are doing
    * Have an organized workspace and home with a CLEAR mind
    * Have an organized filing cabinet with all your documents
    * Have a clear target of where you are heading
    * Have control of your credit and ready to use it to build wealth
    * Among other things ...

As CEO and Co Founder of Wealth Classes  Coaching, LLC Gabby Huguenin is a born entrepreneur. Her passions are three things: 1. Her Family, 2. Her Students and 3. Leaving a specific legacy that is changing the world now.

Gabby’s Family – She comes from a family background of extreme success, wealth, and a down-to-earth results-oriented love for people. Gabby’s grandfather started out in business with a loan of $500 and over the next three decades amassed a $100,000 million estate. Both of Gabby’s parents taught and still teach her lessons today about success.

In the 90’s Gabby’s family lost their entire estate over downsizing corporate structures. Enduring a painful litigation process over a period of years, Gabby watched her family be split into pieces of its former self by the loss of the money. Yet, money was never the motivating factor for Gabby’s family.

Gabby vowed at age 17 that she was going to be a millionaire by the time she was 30. Gabby became and accredited investor at age 28. Today, Gabby runs a highly successful business. She is part of an elite group of entrepreneurs that devote painstaking hours to the success of various ventures and opportunities through wealth teams and long-term business relationships.

She spends her time in Idaho where she lives and travels extensively to pursue and implement her wealth building classes.  She often teaches with her business partner at live workshops and seminars with her business partner George Antone and the Wealth Classes team.

She is a mother of two children biologically and absolutely adores her kids and spending time with them. They are the light of her life and what she calls her “WHY” to continue to make this world a more successful and peaceful place. 

Gabby’s Students:
Gabby currently works with what she calls “The now generation of success systems at work.” These are the students that are involved with the coaching and mentoring process of Wealth Classes Coaching, LLC.  She believes that students are attracted to this process by divine appointment. No student engages with her or her team by accident.

Her mission is clear – in being a servant leader and willing to get her hands dirty in the trenches of what needs to be done, she is committed to accomplishing three main things for her students.

1.    Build Streams of Income by capitalizing on the opportunities with each student’s sphere of influence)
2.    Protect Your Assets – Making sure to build your fortune and your future in the present – in other words on an extremely solid, secure and safe foundation
3.    Pay the Legal Minimum in Taxes – Now don’t mistake this as tax evasion, just directing your income to the appropriate sources by understanding what Warren Buffet has acclaimed a lot of his success to – “Understanding the tax code under which our livelihood is subject to.”

Gabby devotes tireless hours to the pursuit of each individual students dreams and visions through a time-tested proven model of success.

She has a team supporting her in Wealth Classes Coaching and couldn’t be free to implement and do what she calls mentorship transmission of power to her students without her amazing team and partners. There is no such thing as a self-made millionaire.

Her philosophy is:


If you are looking for someone to help you create your own wealth building strategy, let her know three things:

1. Who you are
2. What you are working on
3. What you need next to move it forward

Gabby is also involved in some major projects with some unique criteria for success. The scale of these projects have three main criteria:

1.    Recession proof income streams/opportunities
2.    Humanitarian causes for the greater good – world-changing in nature
3.    Ability to create new economies by producing income within five years of a billion dollars or greater in actual revenues.

Gabby is 1,000 percent committed to the success of those around her and in turn herself. Come and meet her at a class www.wealthclasses.com or through one of her wealth coaching programs.
www.infinitewealthworkshop.com
If you are broke and don’t know where to start go to www.wealthprinciplesonline.com .

Or if you are well on your way towards your goals and want to get there faster go to www.infinitewealthworkshop.com. 

To continue a few more ideas from our Monday night’s Connector Coaching call, here are a few more thoughts on the best legal entities to consider. There’s a lot more to know about the tax advantages and asset protection features of each of these but this will give you an overview of the pros and cons of each legal entity (Check out yesterday's post for more).

Limited Partnerships – In this legal structure the partners cannot be actively involved in the management of the business. It’s important to be realistic with this. If you’re the kind of person that has to have your voice heard and you can’t avoid getting involved, this structure is not for you. Limited means limited.

If you do get involved you can lose your status as a limited partner and that opens a whole different set of issues and defeats the original intent. All income coming into limited partnerships flows through to the members, the partnership does not pay taxes.

Family limited partnerships where members are family members have some unique tax advantages.  Family limited partnerships can be used to pass tangible assets that wouldn’t normally be found in a business such as jewelry, art, heirlooms, etc. to the next generation. In limited partnerships it’s a good idea to have separate CPAs, bookkeepers and administrative functions. Downside – these can be tough to sell and costly to set up.

S Corps or Subchapter S – This is a standard corporation that has elected a special tax status with the IRS. The basic information requirements are the same as a C corporation wherein formation documents must be filed with the state agencies and necessary filing fees paid, of course. The S corp is different from the C corp in that it does not suffer double taxation like the C corp. With an S corp the profits and losses pass through to the shareholders and must be reported on their individual tax returns.

S corps also have unlimited life extending beyond the illness or the death of its owners. Stock can be sold, business expenses may still be deductible, and ownership is relatively easy to transfer. Downside – The number of owners must be fewer than 100, they cannot be non-resident aliens and all income tax obligations flow through to the individual owners.

This is just some of the material we covered in my last coaching call. Learn how you can participate in an ongoing wealth building program. Connector Coaching Program 

Limited Liability Companies or LLCs.  An LLC is a cross between a limited partnership and a corporation. You can have more than one owner. You file a 1055 tax form to do your return. From asset protection standpoint an LLC has many tax benefits. With single member LLCs you can add an S election that allows you to run it as an S corporation to get some additional advantages. An LLC limits your legal liability. Like a C corp you are only personally responsible when there is gross negligence or fraud involved. So, don’t do anything stupid and your LLC will protect you and your assets just fine!

You can have as many members as you want and you can have foreign investors. This is great when you are trying to come up with additional capital and you need flexibility in how you have structured the business. Income and losses flow to members so there is no double taxation. Great for holding real estate.

You don’t have to have formal meeting minutes like a C corporation. An LLC may protect assets better than any other structure. If you do get sued, you usually cannot lose stock to new members taking over because the current members decide who gets stock. If creditors put a lien on your interest in an effort to get paid, they may be liable for a tax on that debt. Bad for creditors, good for the LLC.

Rules vary by state so check your local laws although most states allow LLCs. Downside – Some states require LLCs to terminate at 30 years or at the death of a member but there are ways around that when structured properly.

Corporations  or C corps. A lot of accountants underestimate the tax advantages of C corporations. One big advantage of a C corp is you can control the income and you can pick the fiscal year end. Most other entities are based on the calendar. If you have a huge income influx, you can make adjustments to offset tax liabilities. You can also do what is called upstreaming income – legally shift income from your LLC to your C corp. The C corp is great to use as a financial planning tool.

Bottom line - You have time with c corps, lots of deductions and you can take advantage of many fringe benefits with minimal restrictions. The downside- lots of paperwork and double tax. You are going to be taxed on the income you draw and on the income created by the corporation.

C corp requires planning but if you are expecting higher income a C corp could be good. Use an attorney to set this up.  Again, these are just general and condensed points to consider when setting up your new business or looking for legal and safe ways to building financial freedom. Always use professional financial, legal, and tax advisors.

Andddddd... just as importantly, learn for yourself how to take charge of your wealth building strategy. Join one of our wealth coaching programs or take one of our online seminars or live seminars or workshops. Nobody cares about your financial well being as much as you do! Please feel free to leave a comment or ask a question. Just click the comment button below this post.

Have a prosperous day!


Gabby Huguenin
Wealth Coach
CEO Wealth Classes Coaching, LLC
Connector Coaching Program

888-888-3612

Learn more about our wealth building programs. Whether you make $1,000 a month or $100,000 a month, we have a financial education program you can use to start building lifelong wealth. Visit my coaching site at www.WealthClassesCoaching.com or just call me!

The Infinite Banking System puts you in total control of your wealth. When it’s all set up and running properly, you decide what money comes in and what money goes out. You set the interest rates and terms you want to pay to borrow money, just like a banker does. You decide how much interest you will charge others when you lend money and of course, the terms under which they will pay you back.

If your plan for retirement has been modified by our economic situation, maybe it's time to learn how to create a recession-proof wealth building strategy.

Plan for Retirement - Systematically
Again, there is no reason to compromise your lifestyle. We understand that it has been hammered into you since you started working that you must be saving for and planning for retirement. Of course, we all want to enjoy a retirement free of financial stress but why wait for retirement? This is the time to start building lifelong wealth.

To create truly massive wealth, there are four major systems you will eventually want to master. Here they are.

1.    The Financing System. This is the core of wealth creation but it does not stand alone. The Financing System is how you currently use your credit cards, loans, and leases. This is how you manage all of the money coming in and going out. It is the process of transferring funds, documenting transactions, forecasting the future, and monitoring changes.

This is the system, the technology, and awareness of the flow of funds through your life. The Infinite Banking System is a key element of the financing system that we teach in our wealth classes.

2.    The Debt Management System. This is the math, the timing, and the best use of your funds to reduce, minimize, and eliminate debt in the most sensible, manageable and realistic manner. A solid debt reduction process must be a part of any wealth building program. Of course, in our wealth training we don't want you to wait for anything. Eliminating debt and building wealth both begin immediately.

3.    The Tax Management System – This is the process of leveraging your knowledge of legal tax benefits into the lowest tax category possible. A properly structured tax management system allows the power of compounding interest to work for you. There is no lifestyle change required to maximize your tax benefits. Saving tax money is not an event it's a journey.

4.    Investing System – This is an optional yet complimentary system to the first three systems. Investing does not have to be risky or require too much work when you know where to start and what to avoid. Many people invest in traditional ways such as stocks, trading, real estate, etc.

When a systematic system of investing is combined with a systematic financing system, the synergistic results can improve your wealth creation momentum dramatically. There are tons of online investment classes and dozens of magazines that offer great advice on how to make money yet few of them provide a system that you can set up to run on autopilot.

How many people do you know that have “Investments” that they talk about yet they still never seem to have enough month left at the end of their paycheck? If you have invested in real estate, the stock market or any asset with an opportunity to appreciate then you are on the right track. What we teach you is that by combining any of the four major systems above, your wealth grows exponentially.

Savvy Investors Still need Systems
If you already have your own successful approach to investing, that’s great. Adding just one more thing, that you are about to learn to your investment system will greatly enhance your returns. If you have income coming in from your job, rental properties, investments, or other sources, we want that revenue to flow through your debt management system and into your financing system. We believe in the synergy of the systems. They work best when they are working together.

Top Financial Advisors
If you already work with a top financial advisor or manage your investments on your own, it doesn't matter to the team at Wealth Classes Coaching. Our goal is to help you eliminate distractions, delays, and excuses that keep you from creating massive wealth by automating as many of these systems as possible.

If you have to keep changing your approach, creating new tactics and re-inventing your strategies, then you don’t have a system. And if you don’t have a system, you don’t have control. And if you don’t have control, well, then somebody else does.

And there is only one person on the entire planet that cares as much about your financial well being as you do and that is… YOU!

Have a prosperous day!

Gabby Huguenin
Wealth Coach
Wealth Classes Coaching, LLC
www.WealthClassesCoaching.com
888-888-3612

P.S. If you're working with a financial advisor at Merrill Lynch, JPMorgan, Smith Barney, or any other big name firm, good for you. We don't replace your financial advisors we simply teach you how to leverage your knowledge and relationships to build great wealth in efficient, safe, and sensible ways.

I love wealth coaching. I truly enjoy helping people on their path to building total financial freedom. Yet, although I am very passionate about the power of our wealth coaching process, I recognize there are many ways to build lifelong wealth. For example, Money magazine, www.CNNMoney.com had a great article recently about the 7 New Rules of Financial Security. The article was good and probably helpful to many readers.

Entrepreneur Magazine had some great articles on marketing tactics, the impact of the stimulus plan, how Firewire Surfboards has reshaped an industry, and a few tips on whether or not to expand your franchise from one location to many. All good stuff but… pretty broad.

One of the things I believe is very important to building financial wealth is creating a team of people around you that can help you create wealth within your specific and unique situation.

Look for a combination of people that are able to:

• Support You -  in getting solid information and giving feedback
• Provide You - money making ideas (earlier than magazines do :-) )
• Share With You Practical Experience – creative and practical financial tactics that are being used by real people that you know and trust
• Guide You – with their specialized training, experience, and expertise– words to the wise from a variety of financial experts that can give advice and guidance without trying to sell you something you don’t need

Some other ways to get the financial education tools and resources you need are online investment classes, financial webinars, financial teleclasses, wealth classes, and one on one wealth coaches. It doesn’t matter which wealth building strategy you choose, the fact is the only one that will work is the one you will stick with!

Loral Langemeier, Bill Bartmann, Joe Vitale, Dr. John Demartini
My friend Lance Hood of www.TheGreatestLivingSuccessCoaches.com has done a marvelous job of bringing together some amazing talent for his wealth building course called The Greatest Living Success Coaches. I will be one of his featured speakers, speaking to a very large audience of his in a teleclass later this week. I am honored to be in the presence of fellow presenters such as Loral Langemeier, Bill Bartmann, Joe Vitale, Dr. John Demartini, Alex Mandossian, Les Brown, and many others. It’s important to keep in mind that when it comes to financial success we truly are a reflection of the company we keep.

Wealth Building Tips
I challenge you to take one or two action steps toward establishing a wealth plan – TODAY! Reading financial magazines, taking wealth classes, signing up for one of our wealth coaching programs are all great ideas but figure out what works for you and get started.

We offer free classes, one on one coaching, financial webinars and the works. If you are at a higher level of investing and business building and would like to learn more about our “think-tank” mastermind styled approach to building wealth, ask about our Legacy Wealth Group.

This is the day. Let’s get started!

Have a prosperous day.

Gabby Huguenin
Wealth Coach
Wealth Classes Coaching, LLC
www.WealthClassesCoaching.com
888-888-3612

My partner, George Antone and I did a teleclass not long ago about the concept of the Zero-Sum Game. It was an eye opener for many students and I think it is time to revisit this concept because we’re past the half way point of the tax year. A little year-end planning starting about now would be a great idea!

Zero-Sum Game & The Stock Market
You need to understand the definition of Zero-Sum Game because many of you are playing it and don’t know it. Here’s an example. Three guys go into a casino to play a little poker. They each have five chips at the table for a total of 15 chips in the entire game. At the end of the evening, one player has 5 chips, another has 10 and the third player has zero. A Zero Sum Game has just occurred for the loser. No more chips were created in the process of playing the game. Kind of like the stock market isn’t it?

The Stock Market or the Casino
From a big picture perspective, the stock market is a Zero-Sum Game. Like poker chips, stocks are bought and sold over and over but the same number of shares still exists. Someone wins, someone loses. Nothing new is really created from that same pool of stocks. And then there’s the concept called Leakage. Like a dripping faucet, someone skims a few of the shares/chips off the table every once in a while. You might consider those brokerage fees or commissions, “leakage.” So, add a Zero-Sum Game and a little Leakage together and what do you have? A costly game!

So what does this have to do with your building long-term wealth? Well the truth is, without a well-thought out wealth building strategy, you may have both a Zero-Sum Game and leakage going on in your investment portfolio and not even know it.

Tax Saving Tip - Checkbook-Controlled IRAs
What we want our clients to do is save on their taxes and increase their wealth by ending the Zero-Sum Game, stopping the nearly invisible leakage going on in their IRAs and other so-called secure retirement planning tools and get a plan in place that allows you to clearly understand where your money is going and what it is costing you.

A self-directed IRA may be a great tool but is it a Zero Sum Game waiting to happen? Every situation is different so I couldn’t tell you for sure but what I do know for sure is that a Checkbook-Controlled IRA is going to give you control and leverage that you most likely didn’t know existed. You must be very careful with a Checkbook-Controlled IRA but it can be a very powerful way to leverage your assets for significant tax savings.

I think going to the casino once in a while can be entertaining but when it comes to our client’s wealth building strategies we teach our clients to have as much control as possible. A Zero-Sum Game is not in the cards for this Wealth Building Dame. :-)

Have a prosperous day!

Gabby Huguenin
Wealth Coach
CEO Wealth Classes Coaching, LLC
www.WealthClassesCoaching.com
888-888-3612

Call about setting up your own wealth building strategy. There is no charge for the initial consultation and I usually can find a few ways for you to save money on taxes in that first call.

What do reducing taxes, creating wealth, and accountability contracts have to do with retiring wealthy? Wait a minute, you don't know what an accountability contract is? In this Podcast we give a little more than your typical listing of wealth building tips. Accountability contracts are part of our wealth building program. If you are ready to Turn Your BURN into an EARN you'll enjoy this Podcast! If your through being stuck in the past and you're ready for something different, then take one of our free course, a teleclass, a paid coaching program or just give my last Podcast an ear.

What I'm talking about is how to take the things that are causing you strife and stress and turn it into a blessing of overflowing cash! If you've been burned in the market or your business or you're just a little hot under the collar because of the economy these days, cool your jets and listen to learn.




Financial Education Tools
Whether you are planning for retirement or just planning on having a little more fun in your life, building financial freedom starts with a plan. Everything we do is about creating the tools you need to save tax money, create multiple streams of income and generate wealth building strategies that give you the freedom and cash flow you've been dreaming of. The first tool we work on is that one between your ears. :-)

Have a prosperous day!

Gabby Huguenin
Wealth Coach
CEO Wealth Classes Coaching, LLC
888-888-3612

Don't forget, we've built our reputation on teaching wealth principles that will work for almost anyone willing to learn and take action! Find out when our next wealth building workshop is at www.WealthClasses.com.

Flip on CNN and there’s good news about the economy then bad news about the economy. Creating wealth doesn’t depend on good news or bad news. It DOES depend on good thinking and bad thinking. Good thinking- “Hey, there’s a recession going on, I’m going see this as ‘recess’ and make the best of it!” Bad thinking- “Gee, I lost a ton of money in the market. I’m going to fire my broker/financial advisor/tax planner and do nothing at all.” 

Let’s all Calm Down
When the universe hands you a bucket of lemons go make some lemonade right?  Listen to this Podcast I just did because you will learn something about getting control of your finances, REGARDLESS of how bad or good your situation might be right now. Now it’s time to Turn Your Burn into an EARN! That’s the clever title of today’s Podcast.

TURN YOUR BURN INTO AN EARN!




If we give in to the group think and allow the negativity of the media to control our minds, we’re sunk. A better way to view this economy is to take control of what we DO have. There is no benefit in placing blame on anyone or anything at this point.

It’s Time to get Moving.
This is the time to create a Tax Advantaged Environment. You will ultimately find financial freedom in that environment when you incorporate these four components into your wealth building strategy.

• Entity Structuring
• Checkbook Controlled IRAs
• The Banking System
• Elite Family of Trusts

Now is the time to reorganize your financial life so you keep what you have while you create a long-term financial plan to make more. This is not the time to get paranoid, freeze everything and pull into your shell. That’s financial suicide. Yes, it’s time to be very smart, careful, and methodical but it is not time for prosperity paralysis!

Have a prosperous day!


Gabby Huguenin
Wealth Coach
CEO Wealth Classes Coaching, LLC

888-888-3612

Learn more about our wealth building programs. Whether you make $1,000 a month or $100,000 a month, we have a financial education program you can use to start building lifelong wealth. Visit my coaching site at www.WealthClassesCoaching.com or just call me!