Wealth Building DNA

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Category Archives: Wealth Principles

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

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

Your Triple Bottom Line

Our company, Legacy Wealth Building, LLC is not just about showing you how to make money and reduce your tax liability. That’s not that hard. What is sometimes very hard is keeping it. Keeping it away from lawsuits, taxes, and economic threats. What is even more difficult is keeping it beyond your time on this planet. But with a little planning and discipline, anyone can learn to hold onto more of their wealth and make sure it becomes a legacy for a future generation.

But the picture gets a little bigger than that. Not only do we want you to succeed in passing your success to your heirs, we want you to pass it on in a way that helps the rest of the planet. If you haven’t heard of the phrase, Triple Bottom Line, I would encourage you to watch this brief video by this amazing speaker and author named Will Marre.

He talks about how it IS possible to take care of the THREE P’s that make up the Triple Bottom Line. People, Planet, and Profit. When you watch him speak you begin to realize that we all as individuals need to do a better job of long-term planning for our own lives but long-term planning for our children, our grandchildren, and the rest of the souls on this planet!  Check out this video and when you are ready for a little of your own long-term planning, give me a call!

Please drop me a note if there is anything I can do to help you stash more cash! More tax saving tips from an earlier post.

Keep More – Leave More

Gabby Huguenin

208-263-7202

Lower Taxes in 4 Minutes, Watch This Video Podcast by Gabby Huguenin

Doctors want to reduce taxes. Attorneys want to reduce taxes.

Everyone wants to reduce taxes but too many of us don’t want to slow down enough to learn the simple secrets of cutting taxes. Lowering taxes, cutting taxes, and reducing taxes for doctors are regular topics on my blog.

Doctors and so many other professionals often put their businesses at risk by not setting up the proper entity structure. Even though you may be a Saint and nothing bad ever happens to you, what if the doctor down the hall (or partner down the hall) screws up and gets his butt sued?

How does that affect you? How does that affect the overall business? Watch this tax saving, hassle reducing video for the next four minutes and save yourself a boatload of money!

Learn how to grow your money in a tax advantaged environment AND learn to protect your assets with the proper legal entity. This is not tax or legal advice, just educational information. AND… information that could save you endless sleepless nights and thousands of dollars!

Have a prosperous day!

Gabby Huguenin

Wealth Coach

208-263-7202.

Families Learning Together Earning Together

Wealthy people continue to learn and grow. On the other hand, poor people think they have all the answers. Their cynicism keeps them thinking small. Whether you are single, married with 10 kids or barely out of college, gather your family members or those important to you and support each other in learning about building financial freedom.

It doesn’t matter whether you’re developing a plan for retirement, working at saving tax money, or just looking for more effective financial education tools, we can help.

Wealth training begins with your own desire to improve your life. Watch all of our financial education videos and get inspired to create a wealth building strategy that will work for you and your family. Need one on one coaching? Call me.

Have a prosperous day!

Gabby

Legacy Wealth Building, LLC

208-263-7202 office

By the way, we offer wealth building programs in many formats to fit your busy lives. Check out our schedule of financial webinars, financial teleclasses, and live wealth building programs taking place ever month.

http://www.wealthbuildingdna.com/blog/financial-webinar/0/0/family-that-learns-together-earns-together

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

Money, Taxes, Assets, what are we doing to prepare to rely on ourselves in this financial climate?

Faith is not always enough to Save the Day: sometimes re-evaluating how we approach things is necessary.

There is a famous saying: if it’s not broke, don’t fix it. Sounds logical doesn’t it?! However, when applied to our finances or business success that point of view can sometimes lead to complacency. That, as anyone knows, can spell out a slow and painful death of all we have worked hard to achieve.

People are so busy that they don’t take time to look around them and really notice what is happening to their financial health, life, money, retirement, assets, and taxes!

Looking outside of our current list of advisors can sometimes yield unexpected results. In addition, if we begin to edge a little further out and explore some new ways of thinking or approaching an old subject something amazing can happen. We can find that what we needed was sitting here all along.

You want advisers that have a VESTED interested in your financial health and are in it to win it with a win / win playing field.

I have a long term friend of mine, whom I consider family, has elderly parents with failing health, the bills have been piling up, and their attorney has instructed them to keep their assets in their names, and let their children fight over the assets upon their death. Why do you think that is?? It is simply because the attorney will earn more money for himself by letting the assets go through probate upon their deaths, and then the heirs will be left with not only the pain of losing their parents, but the pain of paying the estate taxes, probate tax, and losing the things that they grew up with.

How to turn that corner is often the hardest step to make. It means acknowledging that what has worked so well in our wealth building journey for so long no longer has the horsepower to work. It means acknowledging that our financial education is a little rusty, and our long-held goal of financial independence is slowly slipping away,

In fact, financial freedom may have completely gone off the tracks. Avoidance of this fact is easy in the short term. Unfortunately in the long term, it will mean that our retirement has often been eaten up by shoring up our current situation or our hard won assets are now at risk.  Not such a pretty picture is it.

However, there is a point of view – a skill set – available to everyone who believes their family, business, retirement, assets, tax planning and every other aspect of their lives is worth protecting. It is when you recognize that you need help and that help can come in the form of an advisor or wealth building coach.  If you think of any successful sports person or team, wealthy person or business you know they have at least one top-notch coach they can depend upon.  You can have the same level of commitment as well.

Try looking around for the coach (and their approach) that will work best for you. Look at their references, past track record and important information that backs up all their claims. For instance, if they talk about saving money on taxes: just how much have they saved and can they prove it? How do they protect assets? What is their proposal for long term financial health for you and your family? Is it customized to YOU personally? Is it able to be implemented? Will your advisers be able to support it, and does the IRC and laws of the nation we live in support it?!

All of these things are very important when choosing the right wealth building coach for you.

Have a prosperous day.

Gabby Huguenin
Wealth Coach

208-263-7202

About Legacy Wealth Building LLC

Gabby Huguenin lives what she coaches. High impact, & high energy; Gabby is laser focused on assisting individuals and businesses to RECAPTURE income that would normally flow to income tax, while building, sustaining, and succeeding a business plan into Legacy Wealth Building

Gabby is personally mentored by multi-millionaires, and has access to billionaire advice. The slogan in her house and business is ‘the team work makes the dream work’.

She currently leads and owns several companies in the USA and has international business developments. She is a mother of two and married.

Gabby & Timothy McGilberry, CPA starting separately with Gabby in 2003 – 2008 and then 2008 until now with Mr. McGilberry, saved clients an excess of 14 million in taxable income legally with 1:1 proven coaching tactics.

She assists her clients in building, sustaining, and protecting wealth for legacy impact.

Her job is to keep you safe when it comes to tax, asset protection, and wealth building.

She will give you everything she has got and then some to make sure that you succeed within the parameters that are set.

Gabby grew up in a family business that had an excess of one hundred million in assets. She worked in the family business from a young age. Gabby started her first business at age 17 upon graduation from high school she went straight into business.  She has built several revenue streams in her 20’s and became an accredited investor at age 28. This was all with the help of a great team and a supportive family and spouse.

She is the founder of Legacy Wealth Building, LLC formerly known as Wealth Classes Coaching, LLC which built upon her ability to save students money, time, and protect their assets while pursuing and securing their revenue streams.

Gabby is currently revamping the mastermind process of her coaching to feed into a world know, strong, growing community

Gabby is constantly uncomfortable – growing and stretching and doing what she calls the guinea pig approach, she will try it first and then let her success or failure be a guidepost for others to follow or avoid!

Gabby’s life mission is to remain healthy enough and time rich enough to continue to assist as many businesses and individuals as possible into the Legacy they wish to lead, live, and leave for their families, charities, and family to come!

Timothy McGilberry

Timothy McGilberry graduated cum laude from Lincoln University in Pennsylvania with a B.S. in accounting. He is a certified public accountant (CPA) with a verifiable record of success. He has twenty-seven years with highly developed interpersonal, time management, and communication skills. He is dedicated and hands-on leader, with motivational management and team building skills.

Tim has expertise in finance, auditing, accounting, marketing and sales, increasing client base and financial assets. Areas of expertise include tax preparation for individuals, sole proprietors, small businesses, corporations and non-profits. Management expertise includes general accounting, budgeting, payroll, treasury and other functions.

Tim’s ability has helped organizations secure compliance, improve organizational communication, and achieve corporate goals.

Tim has been recognized in Strathmore’s Who’s Who, Notable American Men, Who’s Who in Government and Outstanding Young Men of America. Furthermore, he is a Dale Carnegie graduate.

Tim has been married to Rhonda for 23 years and has four kids; Timothy, Titus, Thomas and Tobias. He also enjoys singing, coaching basketball, and mentoring young people.

For over four years, Tim has been coaching high end clients and changing student’s lives.

Tim is the CFO of Legacy Wealth Building, LLC and a share holder in the other companies they relate to.

For a strategy session contact us at 208-263-7202.

Year End Tax Tips – That’s Tax Tips not Tax Tricks!

Year-End Tax Solutions:

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.  But first, you must start thinking like a banker.

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.

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

208-263-7202

By the way, if you are facing some tax challenges, cash flow issues, or need a solid asset protection strategy, give me a call!