The Two Biggest Thieves In Regards To Wealth Building

The Two Biggest Thieves In Regards To Wealth Building



The Two Biggest Thieves In Regards To Wealth Building
The two biggest wealth thieves a​ person will encounter are tax deductions and​ lawsuits .​
Taxes work against you by chipping away at​ your wealth .​
These include federal income taxes (deducting up to​ 39% of​ your income), state taxes (deducting up to​ 9.6%), and​ self employment or​ social security (over 15.5 %.) .​
The average American is​ paying 42-55% in​ taxes .​
Ironically, the​ wealthiest people in​ the​ U.S .​
are paying only single digits taxes .​
Rest assured, because there is​ something you can do about this, and​ it​ won’t cost you the​ $500/hr that these wealthy people are paying for​ tax tips from their specialists.
Next, lawsuits are the​ other evil .​
This is​ not the​ slow reduction of​ your wealth as​ with taxes .​
It is​ the​ sudden confiscation of​ the​ money you worked hard to​ build .​
You can literally fall from the​ top of​ the​ totem pole to​ the​ bottom of​ the​ barrel overnight .​
I​ believe there are no winners in​ lawsuits because even winning a​ lawsuit takes up time and​ money that will set you back .​
Once again, you can protect yourself by learning how to​ structure yourself properly .​
You can bullet-proof your assets .​
You can even avoid lawsuits all together .​
Crucial to​ understanding these strategies is​ differentiating the​ concepts of​ asset and​ liability .​
Ask yourself the​ following: is​ a​ real estate investment an​ asset or​ a​ liability? You may be thinking, It generates income and​ provides equity; therefore, it​ has to​ be an​ asset.
However, the​ answer is​ more complex .​
You must look at​ how you hold title to​ that property .​
If you own it​ incorrectly and​ are not properly structured, you could be putting yourself at​ risk .​
If you have your home, your car, your bank accounts all lumped together, someone can take them all away in​ one sweep .​
Therefore, you must learn how entity structure.




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