To Build Generational Wealth, SHIFT Your Thinking from Income-based to Asset- or Equity-based Wealth

If you’ve worked in a W-2 corporate environment your entire career this shift can sometimes be difficult to grasp. In a W-2 work environment you have your guaranteed paycheck coming to you monthly and annually. If you’re fortunate enough you may also receive a small percent merit increase and/or bonus after you receive your annual performance appraisal.

But to build generational wealth you need to make the shift over to an equity-based strategy. Each year that goes by in corporate allows you to hopefully receive a minor bump in compensation.

However, when you own your own a business you’re building annual equity in the business which should far exceed any annual merit increases or even bonuses you received at your employer.

Build a Tax Fortress…Which is Best Done when Self-Employed

As a business owner you can build a tax fortress. BEING YOUR OWN BOSS gives you access to tax incentives not available to other workers. The following are all examples of what you can deduct being self-employed and benefits to claim:

Mileage or vehicle expenses

Retirement savings

Insurance premiums

Office Supplies

Home office expenses

Credit card and loan interest

Phone and internet costs

Business travel and meals

Start-up costs

Continuing education

Advertising

Self-employment taxes

I can introduce you to some of the most talented individuals in the franchising industry who specialize in helping you create the most appropriate business entity for your franchise. These individuals can help you maximize your deductions to help you build your own tax fortress.

MAKE Money in “Dolby Stereo”

I’m huge advocate of not putting “all your eggs in one basket”. If you choose to purchase a franchise that’s great. However constantly think about diversifying your revenue streams.

Most franchise owners tend to start with one location and end up owning between 3-5 locations over time. They’re diversifying and not relying on one of their locations to carry the load.

Other franchise owners end up purchasing another franchise to either “bolt-on” to their existing franchise or they choose to purchase a franchise in a completely different industry. Utilizing a “Dolby Stereo” approach to your finances and business allows you the flexibility and opportunity to grow financially in several different directions.

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