Wealth Building Strategies
If you endeavor to build wealth, you start with a strategic plan to preserve wealth.
A strategic asset protection plan is the essential foundation to safeguard assets so you can continue to build wealth and become wealthier. Strategic wealth preservation and asset protection planning has long been a closely held secret of the wealthy. The same planning that has enabled the Vanderbilt, the Rockefeller, or the Carnegie families to amass and pass wealth from one generation to the next, can now be utilized by informed business owners to develop their own strategies to build and protect wealth and pass it to the next generation without risk of lawsuit or reduction by taxes.
Profit, Tax Planning and Wealth Building
The determination to build wealth must start somewhere. The only way to become wealthy is to continually increase the gap between the money that comes into the business and the money that goes out. What is your goal with the business – make money or build wealth? Most business owners make money but never progress to the point of building wealth. Why? If you fail to plan – you plan to fail.
What prevents business owners from building wealth? – Failure to develop and implement a plan to reduce the assault on wealth by : Taxes, Lawsuits and Missed Opportunities.
The Goal – Not Merely Making a Profit But Accumulating Wealth
Is your goal to make a million dollars or accumulate a million dollars? There’s a HUGE difference. How much profit did your business make last year…$100,000, $250,000 – Where is that $100,000? Why spend 2500 hours a year (50 hours a week for 50 weeks) developing ways to make your business profitable or even hiring a big dollar consultant if you spend little to no time developing a strategy to accumulate wealth?
Threats to the Accumulation of Wealth – Lack of Knowledge and Failure to Plan
A business owner’s wealth preservation plan must identify threats that impact income during the year – taxes, and expenses paid with after-tax, out-of pocket dollars, and impact from year to year – taxes, lawsuits, retirement planning, exit planning and estate planning.
Studies suggest that: 80 million lawsuits are filed in the US each year; 150 lawsuits are filed each
minute; You, as a business owners have a 30 percent chance of being
sued this year!
Owning a business makes you a target. You are perceived to have deep pockets. How prepared are you to survive a lawsuit? Strategic Tax Planning and Asset Protection Planning can enhance your privacy and keep assets and tax favored, wealth-building vehicles out of the reach of business and personal litigation. The most frustrated business owners we deal with are those that attempt to scramble to move and protect assets after an accident happens – there is nothing that you can do at that point.
This planning MUST BE PROACTIVE. If you have a crystal ball and can predict when someone will sue you, wait! If not, protect yourself, your business, your employees, and your family NOW!