Earning and saving money is difficult enough, but protecting the value of that money is an even bigger challenge. At the end of the day it is not about the money you made, but the money that you get to keep. One of the most important strategies in wealth preservation is tax management. By using different approaches, significant tax savings and tax deferrals can be achieved. If you have a business, it is important to protect it from lawsuits through sound legal understanding of the challenges, accompanied with insurance policies and even physical barriers.
- Watch out for financial predators, they can be organizations and people we trust. Do not let their hands into our pockets.
- If you are going into business you need to have someone that can protect you from large taxes through a legal entity, like an LLC
- Run all business expenses through your businesses to help lower your taxes. Never be a sole proprietor or General Partnership.
“Rich dad always said it’s not how much money you make that matters, it’s how much money you keep.”