Wealth Building DNA

Create The Life You Desire

Category Archives: Wealth Building Strategy

Powerful Retirement Plan For Small Business Owners

Solo K is A.O.K for Small Business Owners Seeking Lower Taxes and Retirement Contributions.

If you missed out on the millions of bucks sent to the big corps in Uncle Sam’s stimulus program, don’t fret, you still have some options (Although, they don’t involve big financial handouts).

The Solo (k) commonly referred to as Solo K is a retirement plan set up for small business owners. Small business owners drive this economy, (in spite of what the lobbyists in DC would have us believe). As a small business owner, your tax liabilities are the most threatening thing to your financial well being right after the economy. Learning how to reduce your tax liability should be a part of every small business owner’s wealth building strategy. Knowledge is power. Let me re-phrase that, knowledge is money! Continue reading →

Top 3 Tax Problems That Doctors Have

Admit it. You Don’t Have a Practice – You Have a Job

Many of my tax reduction clients are high-income professionals including doctors, lawyers and even accountants. These are people with unique financial and tax-reduction problems. Having a respectable income isn’t the problem for most of them.

The three primary problems doctors, lawyers, and other professionals have in common are as follows:

1. Working too many hours.

2. No time left for financial planning.

3. Paying too much in taxes and being too tired to enjoy what’s left of their income.

Breaking exhausting cycles like this is not simple. It’s not really difficult but it’s going to take a commitment. Here are a couple of things you can do to shift from having a job to having a business. If you have a true business model that’s working, you can take time off and the business will continue to create wealth for you and your family. If you have a job, you are obligated to be there and you don’t get paid when you are not.

Which do you have? Does your practice allow you to leave without a big dip in income? Does your practice grow without consuming more of your time? If you said “no” to either of those last two questions, you don’t have a business or a practice, you have a job.

There’s nothing wrong with having a job as long as you are aware of that. But a practice that keeps you in the “job” mode is difficult to grow without more of your time. And that takes you back to problem number one. Trying to grow your business, when it’s really a job, means you’ll work too many hours and never get a commensurate reward.

Tax Deductions for Small Business – With all that time spent on the practice, you might have some good revenue coming in but too many doctors, dentists, or lawyers have little time left to do their own financial planning. So, they give it to their spouse, their bookkeeper, or their accountant. And, it’s likely that none of these people are specifically trained in tax-lowering strategies.

So, the money comes in, everyone does the best they can with it and the money goes out. Unfortunately the amount of money going out to Uncle Sam is usually much more than it should be in these situations.

So, my recommendation for anyone facing the endless cycle of work more, spend more, work more is this. Find someone who can help you design a strategy to break this cycle. There are two types of professionals that may be able to help you.

We are not on this planet to figure it all out on our own.

It’s okay to ask for a little help.

GET HELP – First, get a business/marketing consultant to help you find the leverage points in your business. Where is there more profit, less effort, and continuity in your business? Where are the opportunities for exponential growth in your business? Who EXACTLY are your best customers and how can you give them better service in return for greater profits? To turn your job into a business you want to know what your clients are looking for and then give it to them.

Take time this week to work ON your business not IN your business.

Second, get a tax-planning specialist on your team. That person will show you how to utilize legal entities that will protect your hard-earned money and make it work much harder for you. Notice, I said, your MONEY will be working harder, not YOU! Tax planning is beyond checking off the list of business deductions and putting numbers in the right columns. Any accounting person can do that for you.

A true tax specialist will have the ability to help you create a wealth-building plan that will solve the miserable cycle of working too many hours, no financial planning, paying too much in taxes, and being exhausted!

Finally, if you do nothing at all with what you just read, at least do this. Take time this week to work ON your business not IN your business.

That higher perspective will change everything.

 

Have a prosperous day!

Gabby Huguenin

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

Don’t Be Dumb… S.M.A.R.T. Goals Build Wealth!

I spend a lot of time helping very wealthy people keep more of their hard earned money and…

even though I spend endless hours talking about reducing tax liability, creating asset protection strategies, and finding ways to reduce taxes from double digits down to single digits, none of that really matters unless my client has clear goals. The one thing that separates successful people from everyone else is that the wealthy ones are clear about what they want. So, here’s a little tool you can use to begin your legacy wealth building journey.

S.M.A.R.T Goals.

Setting goals is a powerful way to bring your dreams into the real world. Without a vision of where you want to be, how will you know when you get there? In my new Legacy Wealth Building workbook, I give you 60-plus pages of ways to visualize your dream and get there. One of the most important aspects of achieving your dreams is committing them to paper (sign up for the book now, it’s FREE).

But sometimes sitting down and writing out a goal can be difficult. To make it a little easier and more likely to come true, use this simple formula that’s been around for a long time. It’s called a S.M.A.R.T. Goal.

It’s a simple acronym that helps you remember all of the elements needed to create realistic and meaningful goals. Print this little graphic out and sit down with your family and/or business partners and discuss your goals within the context of a proven formula. It’s not any more complicated than that!

Have a prosperous day!

Gabby

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

Where do you Learn About Wealth Building?

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
208-263-7202

http://www.wealthbuildingdna.com/blog/wealth-building-course/0/0/where-do-you-learn-about-wealth-building