Why mindset is critical for building wealth

YOU WON’T ATTRACT SUCCESS WITHOUT THIS!

You can’t go from rags to riches on the same path you’ve been following! We can talk about money, wealth, riches, and security until we turn blue in the face. You can take notes until your carpal tunnel gets the best of you. None of it matters UNLESS you make a shift in your thinking.

Without a Mindset for Success – Zig Ziggler, famous sales trainer and motivational speaker calls it, Stinkin’ Thinkin’. To achieve greater success you need more financial education tools, a clear understanding of goal setting, a wealth building strategy, and a little tune up from the neck up.

What the most successful (and wealthiest individuals in the world) understand that most others do not, is that the secret of their success is not in there education, the database, or their endless energy (although these are all very important). Their success comes from the way they view their world. It comes from their mindset.

Your thinking process, your perspective, your psychology = Your Mindset

The way you think about wealth, your attitude to achieve it, is what we call The Millionaire Mindset. If you are already a millionaire then we could call it your Multi-Millionaire Mindset! It’s one of the most compelling laws of the universe and quantum physics is digging up more and more proof every day that our minds are all we need to succeed. Of course I want to help you reduce your taxes, build profitable businesses, and create long-term wealth strategies. But I can’t.

I can’t do anything to help you unless you are willing to take control of that gray matter between your ears. It’s all up to you. Not some of it, not most of it, but ALL of it!

It’s hard for many to believe but we do control our own thoughts. Nobody else controls them no matter what they do. Unless of course, we give our minds permission to believe another person’s words. When a teacher says you are no good at math, a coach says you are too small or a spouse says you are too this or that, the choice is yours whether to believe them or not.

If you’re ready to take greater control of your life and are ready to start building a Mindset for Success, then print the following graphic out and post it on your refrigerator and anywhere else you can to keep this message front of mind.

It takes practice but you can make conscious decisions about what to do with your thoughts. Notice the word CONSCIOUS! Those who don’t reflect on their own thinking are often easily lead through life and find it difficult to choose their own path. Building financial freedom takes effort. Building financial freedom takes practice. And most important of all, building financial freedom takes a Mindset for Success. I write a lot about this in my upcoming book because it is truly the foundation for everything related to wealth.

You can learn more about building a Mindset for Success in any of our coaching programs. The more you learn, the more you earn! Don’t let no Stinkin’ Thinkin’ get in the way of your dreams!

Have a prosperous day!

Gabby

Building Wealth Is About Building Plans

Wealth Building is Wealth PLANNING!

Your children will learn a lot about money when they finish college and get into the real work world. But I believe that as a parent, your job is to start when they are young, teaching them about money, business and the principles of wealth.

The earlier you start the better. That leads me to a major point I want to make about the “P” word. PLANNING!

It’s not enough to get your kids through school with straight A’s. That’s nice but although their grades are important, most schools are not teaching anything about financial or business planning. We are continually amazed in our wealth coaching programs how little information adults have, let alone their offspring, about the importance and power of PLANNING.

In fact, for the rest of this post, I’m going to put the word PLANNNING in all caps in hopes that you’ll notice how passionate I am about this!

“It doesn’t matter if you’re a wealthy doctor, dentist, or lawyer…”

It doesn’t matter if you’re a wealthy doctor, dentist, or lawyer, your income has little to do with your long-term wealth. Unfortunately, I’ve run into a lot of broke doctors, dentists and lawyers who had plenty of income but way too much outgo. Their lack of PLANNING created an endless cycle of working harder and creating more stress versus working smarter and finding more peace.

Your wealth is a result of your PLANNING not your income. Here are a few things to teach your children about PLANNING (some of this might work for parents as well).

1. LIVE like this is your last day on earth but PLAN like you’re going to live forever. In other words, enjoy this moment, let go of worry and be present to the joys of life all around you. And of course, that’s much easier to do when you’re PLANNING process gets those little worries out of your head and onto paper.

It’s easier to relax about money when you’ve automated your savings, you pay yourself first, your investing takes place automatically, the important things are insured and you have a clear understanding of where your money is going. This is part of the “First things first” philosophy that allows us to enjoy the day because our minds aren’t cluttered with unfinished business.

2. Teach the positive and negative power of interest. We love earning interest and we hate paying it. Watch your child’s horror when you teach her that that brand new $30,000 car will really cost her $40,000 if she finances it. Watch her amazement when you show her the power of compounding interest. Show her how quickly she will double her money by teaching her the simple formula of the rule of 72. Divide 72 by the interest rate being earned on the investment to determine the number of years the investment will need to grow in order to double in value.

For example, if she’s making eight percent on her mutual fund you set up for her, then the $2000 she makes over the summer working at McDonald’s turns into $4000 in nine years. Now that might seem like an eternity to a teenager but putting this on paper in front of your children now is a powerful motivator for teaching them the power of PLANNING!

3. Model the concept of Delayed Gratification. Teaching your children how a “cooling off period” before making a major purchase is in itself, a money maker! Teaching your child how to be aware of their purchasing process will save them from a lot of financial stress in the future.

Teach them to practice wealth building skills such as – Research, Negotiation, and Saying No. Teach your children that the marketing campaigns bombarding them every minute of every day are based on hard core research. Big business has studied all the ways to play on the emotions of fear, greed and vanity to get us to buy things we don’t really need.

4. Start PLANNING today! Keep it simple. Sit with your kids and write down three things they want to have, do or know in the coming year. That’s a plan! Now, tie in the financial components and you’ve got a good start on some highly beneficial long-term PLANNING!

I’m not saying that any of this is easy to teach or to practice but at the same time, they’re not really that hard! It doesn’t really matter if you have kids or not, these principles are powerful PLANNING principles that any of us can start using today!

And by the way, when you’re ready to start developing a solid long-term wealth plan for YOUR life, give me a call.

Have a prosperous day!

Gabby Huguenin

How Much Creativity is Allowed in Tax Planning?

Creative Tax Planning –

How is it Possible and How Will it Help me?

To some of us, the word creative smacks of illegal or certainly circumventing what is the right thing to do. There is another way to approach both this world and the world of taxes.

It is by focusing on using every single tax deduction permitted by the IRS in as defined and all encompassing way as possible. It is about a true connoisseur of tax coding and regulations being let loose within your company structure to explore every last nook-and-cranny for you.

Then showing you exactly what you have been missing, and just how much money will be pouring back into your pocket and bank account.

“Tax codes and rules are meant for everyone, not just the rich and powerful.”

Creative Tax Planning is therefore a skill set that is definitely real and definitely works. Luckily for us, there are quite a few of these stellar folk out there who specialize in tax planning techniques for all walks of life, and focus on saving all of us as much money as they can.

Making your money work for you is another side-benefit, and a big one, when utilizing this way of thinking. It means that you get to use your money first, pay your bills first, invest first, replace equipment, offices, whatever you need for your company and pay your taxes last. Quite a concept.

This is how multi-millionaires such as Bill Gates continue to remain in the single digit tax paying brackets. It is not that they are doing anything they should not. Nor is that they are employing people 24/7 trying to find as many tax loopholes as possible. Rather it is that they do work with amazing wealth teams that are focused on utilizing every single deduction that the IRS allows for each and every situation.

There is no reason why you cannot benefit in the same way. Those tax codes and rules are meant for everyone, not just the rich and powerful. There is also no reason why you can not utilize the same forward thinking and create your own reduced tax liability and tax planning techniques.

All you have to do is find your own tax planning specialist. You may want them to be part of your own wealth building team. Perhaps have a coach or mentor, heading up your team and working on your behalf using well thought out strategies to build and protect your wealth. For you and generations to come.

Need help?

Call me at 208-263-7202.
Gabby

12 Tax Deductions For Small Business Owners

More Money Saving, Tax Saving Ideas for Small Business Owners!

The list continues! Check with your tax advisor in your unique situations but ALL of the following should be reviewed by you and/or your wealth team! Here are a few more write offs:

1. Fees we Hate! Service for processing credit cards is deductible!

2. Pens and Paper – Office Supplies! Those little things add up.

3. Bad Debts. As opposed to good debts? The only good in any debt might be its deductibility. If that debt was included in previous income, it may be deductible.

4. Professional Fees – Even if you felt like you got amateur advice, professional fees are usually deductible. Lawyers, accountants, and other consulting fees are write offs.

5. Office Equipment – Computers, iPads, cameras, fax machines, as long as it’s part of doing your biz, deductible it iz! You may be able to take it this year or depreciate it.

6. Furniture – Just like office equipment. Write it off.

7. Repairs and Maintenance – Keeping that office in tip-top-shape costs money! Deduct it and get some of it back.

8. Interestingly Enough, Interest is Still Deductible! Mortgage, finance charges, payment plan interest, and other interest may reduce that taxable income! Now, do you despise your credit card company a little less for that 22% interest rate?

9. Insurance For Sure – Premiums you pay for liability, credit, workers’ comp, malpractice and others is deductible.

10. Software Anywhere – Whether you got it from the box or downloaded it, generally, software is deductible. Future software apps are evolving to online service products that you don’t need to download and those fees are likely deductible as well.

11. License to Kill – Well, James Bond you’re not but most licenses can be written off. Licenses, fees, regulatory gouges, I mean fees are usually deductible.

12. Taxes – Whoa. That’s weird. Pay taxes. Use them as a tax deduction? It’s a strange taxable world we live in but yes, taxes are a business expense and if you incur them running your business, Uncle Sam says, write ‘em off!

Obviously, we have a little fun talking about taxes but the most fun you can have with your taxes is when you go from paying double digit taxes to single digits. That’s what I do. I want you to pay taxes – but only the ones you are obligated to and most of you are paying taxes that you are NOT obligated to pay!

Why pay for something when you don’t have to? Dang good question! We should tax, I mean, talk. ( I really did type that mistake – oooh, it must be tax season!)

Have a prosperous and deductible day!

Gabby Huguenin

Wealth Coach

Tax Fighter

All Around Fun Gal

P.S. Call me if you want to lower your taxes in 2011!

208-263-7202

7 Ways To Fire Yourself in 2011

Seven Things You DON’T Have to Do to Grow Your Business in 2011!

Fire yourself? Yes! Put it on the calendar and fire your lazy, no good, self by the end of 2011! Now that you’re shocked, here are the details.

1. Don’t keep your job! Make it a goal to fire yourself by the end of the year. Work ON your business at least one day a week. You have to work IN your business for now but to grow you must work ON it. Think long-term, strategic, and high level. Get out of the day to day activities more and more. If you are in a production position right now, set a goal to be in a strategic position by the end of the year!

2. Don’t do the TWO STEP. If you take more than two steps from your desk/workstation to do a repeatable activity, you may not have efficient systems in place. If you are reinventing functions on your computer, in your communications, through your marketing, then you have not automated what can be automated. If you can get it down to one step, you’re getting closer to a business that you can leave once in a while! If you can’t leave, you don’t have a business, you have a job!

3. Don’t be a moaner and a loner! If you’re complaining about having to do everything yourself, you haven’t formed the proper team. Whether they’re on staff or outsourced, the only way to grow our biz is leverage! Don’t try do it all yourself. It won’t work. Period.

4. Don’t become a control freak. I’m not talking micromanaging here; I’m talking systems, procedures, best practices, checks and balances. For example is your bookkeeper that you’ve known and loved for years writing checks and reconciling the checkbook? If so, you’re playing with fire. Do you find yourself in a big hassle every time you replace an admin member? Is it because you didn’t have the discipline to set up the desk manual and all the controls that go with that position in a nice little three ring binder? Control is a good thing. Just don’t freak out over it.

5. Don’t forget to water and fertilize. Are you nurturing the controls, systems, vendors AND team members in a way that they are ready for greater growth? Are you training, preparing, and exciting your team for the future? Do they know how to do their jobs and think for themselves or are they more compliant than self-reliant? Your future depends on their ability to think. For themselves.

6. Don’t try to become a marketing maven. Do you depend on outside people to manage your marketing functions? Nothing wrong with that but you need to know enough about the rapidly changing marketing tactics to ask intelligent questions. Do you know how to Tweet? I’m just asking! It’s not necessarily something you should do but you should know what it means! Don’t try to be the expert at everything, be the strategist with the 30,000 foot view and your business stands a better chance of growing in 2011.

7. Don’t try to find Balance. There’s no such thing for the entrepreneur yet you can come from a place of calm more often than you think. Start your next meeting by asking your team to close their eyes and take three deep breathes. Start your next project at your computer with a moment of pause… slow down… breathe… enjoy the ride. Cooler heads prevail. It may never be a perfectly balanced life in your position but you can slow it down for a minute now and then to make sure you’re taking care of yourself so that when you are working on your business you are focused, clear headed and making your best decisions.

Go ahead, take ten minutes right now and walk around the block. You’ve got a lot of things we DON’T want you to do this year. You better get ready!

And, by the way, call me if you want to lower your taxes in 2011!

Have a prosperous day!
Gabby