RESULTS! Wealth Building Tips from Happy Clients

I’m always giving out wealth building tips but it’s nice when a client gives them out for me!

“Hope of a future, faith in myself, techniques and tools to actualize a wealth plan.” This is what people are saying about Wealth Classes Coaching and the wide variety of classes and workshops we provide. Rich people look at a dollar bill and see a seed. A seed that once planted, will grow into a harvest of plenty more. Yet that seed needs nurturing and feeding to grow to its full potential. What do you see when you look at a dollar bill?

“What seeds will you plant today to bring you closer to achieving total financial freedom?”

If you are committed to building lifelong wealth but you don’t know where to start, listen to one of our workshop participants as she talks about my business partner George Antone and our Infinite . . . → Read More: RESULTS! Wealth Building Tips from Happy Clients

Legal Entities – Choosing the Right One for Maximum Wealth BuildingWe had a great call last night with my students who are working to discover new ways to grow and protect their wealth. Each Monday night during our Connector Coaching Program give specific wealth building ideas and actions to help build lifelong wealth. Here are some of the points I shared last night about setting up the right type of entity structure to protect yourself and your assets. Having the right legal entity structure does two very important things. 1. Tax Advantages – When set up properly the proper legal entity gives you significant tax advantages. This is what I mean when I talk about creating a tax-advantaged environment. 2. Asset protection – This is so important into today’s litigious society. When you have assets that everyone knows about, you are inviting others to come and get them! It is your legal right to protect what you have worked so hard to earn! Here are some of the highlights from last night’s Connector call. Key points to remember: 1. The right entity structures separate you from your business. This keeps you and your assets apart so that if one or the other has any legal challenge, your entire financial system is not at risk. 2. Sole Proprietorships are great for startups because they are low cost, simple and still have some tax benefits. There are lots of tax deductions available to this entity. This might be a good structure for a very small business where a person is a freelance writer or a network marketing rep where there is really very little risk. Downside is – very risky if you get sued. Tip – Once you start to make over 60k or so find a more protective entity and have an attorney set it up properly. Another downside to this entity is that there are over 90 million lawsuits filed in the U.S. each year and sole proprietorships are quite vulnerable. 3. The Secretary of State in each state is where you can go to begin your business name search. This is just a starting point. Business names need to be registered in the state where they reside but you will also need to begin the trademark and registration process. Just because a business name is available on a local level doesn’t mean a larger corporation hasn’t registered the name nationally. Use an attorney on this. 4. LegalZoom.com and other similar services may be useful for legal documents when you have enough experience to know what to look for. For example: If you need an operating agreement for a new LLC you are setting up and you’ve done it before, LegalZoom might provide a starting point as a template to save you some time and money. But, be careful. Complicated entities require quality legal advice. 5. Real Estate – Never, ever put it in your own personal name. Always use an LLC or another entity but having real property in one’s name invites trouble. There is a lot of exposure in the real estate world so don’t risk it. No sole proprietorships in real estate. 6. General Partnerships – These are a little like sole proprietorships but require two or more partners. There are some benefits when you are fortunate enough to find a partner who is equally committed and capable of doing his/her share of the work (although that’s rare to find the perfect balance). Great for small business with clearly defined and divided responsibilities. General partnerships can be easier to raise capital or get loans for a start up. Each partner files their own tax returns and all income and losses flow through to the individual partners. Downside – Some states require termination of the partnership when death, retirement, withdrawal, or resignation occurs. There are ways around that but that’s fairly typical. More complicated than a sole proprietorship but there’s no double taxation that can occur in a c-corp. Exposure is high as all partners are responsible for the actions of the other partners. You better know your partner real well! Tomorrow, I’ll get into additional entities such as LLCs, PLLCs, S – corps C – corps and more. If you want to join our weekly wealth building coaching program to learn how to grow and protect your financial future, drop me a note, give me a call, or visit my site for more info. Of course, all that said, the information I provide here is for educational purposes only so always get appropriate legal and accounting advice from professionals you trust. Have a prosperous day! Gabby Huguenin Wealth Coach CEO Wealth Classes Coaching, LLC www.WealthClassesCoaching.com 888-888-3612 By the way, if you are facing some tax challenges, cash flow issues, or need a solid asset protection strategy, there is no charge to give me a call! We have a number of powerful wealth building programs to help you in the process of building financial freedom. Comments for Legal Entities – Choosing the Right One for Maximum Wealth Building Friday, September 25, 2009 by Earl Patterson: Great stuff Gabby. I’ve used LegalZoom.com for a lot of things too and they’re good but if you’re talking about saving tax money, protecting your assets and keeping out of trouble, I suggest a good attorney. By the way your financial education tools are awesome. I wish you would do more blogging on planning for retirement. E.P.

We had a great call last night with my students who are working to discover new ways to grow and protect their wealth. Each Monday night during our Connector Coaching Program give specific wealth building ideas and actions to help build lifelong wealth. Here are some of the points I shared last night about setting up the right type of entity structure to protect yourself and your assets.

Having the right legal entity structure does two very important things.

1.  Tax Advantages – When set up properly the proper legal entity gives you significant tax advantages. This is what I mean when I talk about creating a tax-advantaged environment.

2. Asset protection – This is so important into today’s litigious society. When you have assets that everyone knows about, you are inviting others to come and get them! It is your legal right to protect what you have worked so . . . → Read More: Legal Entities – Choosing the Right One for Maximum Wealth BuildingWe had a great call last night with my students who are working to discover new ways to grow and protect their wealth. Each Monday night during our Connector Coaching Program give specific wealth building ideas and actions to help build lifelong wealth. Here are some of the points I shared last night about setting up the right type of entity structure to protect yourself and your assets. Having the right legal entity structure does two very important things. 1. Tax Advantages – When set up properly the proper legal entity gives you significant tax advantages. This is what I mean when I talk about creating a tax-advantaged environment. 2. Asset protection – This is so important into today’s litigious society. When you have assets that everyone knows about, you are inviting others to come and get them! It is your legal right to protect what you have worked so hard to earn! Here are some of the highlights from last night’s Connector call. Key points to remember: 1. The right entity structures separate you from your business. This keeps you and your assets apart so that if one or the other has any legal challenge, your entire financial system is not at risk. 2. Sole Proprietorships are great for startups because they are low cost, simple and still have some tax benefits. There are lots of tax deductions available to this entity. This might be a good structure for a very small business where a person is a freelance writer or a network marketing rep where there is really very little risk. Downside is – very risky if you get sued. Tip – Once you start to make over 60k or so find a more protective entity and have an attorney set it up properly. Another downside to this entity is that there are over 90 million lawsuits filed in the U.S. each year and sole proprietorships are quite vulnerable. 3. The Secretary of State in each state is where you can go to begin your business name search. This is just a starting point. Business names need to be registered in the state where they reside but you will also need to begin the trademark and registration process. Just because a business name is available on a local level doesn’t mean a larger corporation hasn’t registered the name nationally. Use an attorney on this. 4. LegalZoom.com and other similar services may be useful for legal documents when you have enough experience to know what to look for. For example: If you need an operating agreement for a new LLC you are setting up and you’ve done it before, LegalZoom might provide a starting point as a template to save you some time and money. But, be careful. Complicated entities require quality legal advice. 5. Real Estate – Never, ever put it in your own personal name. Always use an LLC or another entity but having real property in one’s name invites trouble. There is a lot of exposure in the real estate world so don’t risk it. No sole proprietorships in real estate. 6. General Partnerships – These are a little like sole proprietorships but require two or more partners. There are some benefits when you are fortunate enough to find a partner who is equally committed and capable of doing his/her share of the work (although that’s rare to find the perfect balance). Great for small business with clearly defined and divided responsibilities. General partnerships can be easier to raise capital or get loans for a start up. Each partner files their own tax returns and all income and losses flow through to the individual partners. Downside – Some states require termination of the partnership when death, retirement, withdrawal, or resignation occurs. There are ways around that but that’s fairly typical. More complicated than a sole proprietorship but there’s no double taxation that can occur in a c-corp. Exposure is high as all partners are responsible for the actions of the other partners. You better know your partner real well! Tomorrow, I’ll get into additional entities such as LLCs, PLLCs, S – corps C – corps and more. If you want to join our weekly wealth building coaching program to learn how to grow and protect your financial future, drop me a note, give me a call, or visit my site for more info. Of course, all that said, the information I provide here is for educational purposes only so always get appropriate legal and accounting advice from professionals you trust. Have a prosperous day! Gabby Huguenin Wealth Coach CEO Wealth Classes Coaching, LLC www.WealthClassesCoaching.com 888-888-3612 By the way, if you are facing some tax challenges, cash flow issues, or need a solid asset protection strategy, there is no charge to give me a call! We have a number of powerful wealth building programs to help you in the process of building financial freedom. Comments for Legal Entities – Choosing the Right One for Maximum Wealth Building Friday, September 25, 2009 by Earl Patterson: Great stuff Gabby. I’ve used LegalZoom.com for a lot of things too and they’re good but if you’re talking about saving tax money, protecting your assets and keeping out of trouble, I suggest a good attorney. By the way your financial education tools are awesome. I wish you would do more blogging on planning for retirement. E.P.

The Best Legal Entity to Protect Assets and Reduce Taxes Pt 2

To continue a few more ideas from our Monday night’s Connector Coaching call, here are a few more thoughts on the best legal entities to consider. There’s a lot more to know about the tax advantages and asset protection features of each of these but this will give you an overview of the pros and cons of each legal entity (Check out yesterday’s post for more).

Limited Partnerships – In this legal structure the partners cannot be actively involved in the management of the business. It’s important to be realistic with this. If you’re the kind of person that has to have your voice heard and you can’t avoid getting involved, this structure is not for you. Limited means limited.

If you do get involved you can lose your status as a limited partner and that opens a whole different set of issues and defeats the . . . → Read More: The Best Legal Entity to Protect Assets and Reduce Taxes Pt 2

The Decision to Build Lifelong Wealth – An Interview With Jim Britt

Building LIfelong Wealth is easier with mentors like Jim Britt.

I had a great conversation with the highly successful entrepreneur, master coach, and millionaire, Jim Britt on one of our recent connector calls. Jim shared some great insight about what it’s taken him to become a millionaire. If anyone understands the process of building lifelong wealth, it’s Jim.

If you are looking for a wealth building mentor let Jim be your wealth building guide! He was a great interview and I’ve typed up some highlights from that call so you have a clue what we talk about in our wealth coaching calls. Here are a few of my notes and a 10-minute audio clip from the call.

Jim talked about how he went from having $9.00 in his pocket and going to 23 different banks to get financing for his first business opportunity. Once he found the money he . . . → Read More: The Decision to Build Lifelong Wealth – An Interview With Jim Britt

Wealth Building Tips with Jim Britt on our Connector Call

Here are a few more wealth building tips from my Connector Coaching call with Jim Britt!

“How may I help you?”

Jim agreed with me that to build wealth in today’s economy, it’s a good idea to have a job to keep some form of revenue coming in while you look for ways to start your own business or leverage your money in tax advantaged ways.  Here are a few more highlights I’ve paraphrased from that Connector Coaching call interview with the very wealthy and very kind Jim Britt

!

When starting your business, don’t start desperate. Desperate people push investors away If the business plan says something about catching up on the pickup payments nobody will (nor should they) invest Opportunity stays far away from desperation Start your business to focus on giving others value not on all the money you are going to make. See things from the . . . → Read More: Wealth Building Tips with Jim Britt on our Connector Call

Term Sheets as Part of your Wealth Building Strategy

First, a couple reminders. Nov 14 , 15, we’re having IWS 2. This is our next level in the Infinite Wealth System. If you’ve been to another Infinite Wealth System workshop or taken our online course you are qualified to go to the next level of our wealth training programs. Visit www.wealthclasses.com and click on classes to learn more.

One of the topics of our last Connector Coaching call is a critical part of any wealth building strategy. Term Sheets are legal documents that create a clear starting point for a business venture. Here is part of the definition from Wikipedia…

A term sheet is a bullet-point document outlining the material terms and conditions of a business agreement. After a Term Sheet has been “executed”, it guides legal counsel in the preparation of a proposed “final agreement”. It then guides, but is not necessarily binding, as the signatories negotiate, usually . . . → Read More: Term Sheets as Part of your Wealth Building Strategy

Plan for Retirement While Planning to be Here

Does your plan for retirement include you being there, fit and fine? I got a lot of feedback from my students yesterday on a few of my simple wealth building, health building tips so I thought I would add a few more.

If you want to see your retirement planning efforts pay off then you’ve got to take care of yourself in the meantime! We always talk about estate planning, establishing asset protection strategies and creating wealth in a tax-advantaged environment but we don’t always talk a lot about our health!

You need to be strong and healthy to enjoy the fruits of your financial labor! Here are a few more health tips/wealth tips that we all need to be practicing by the time the retirement planning process ends and the retirement living begins!

Breathe to Achieve! Too many of us live on caffeine while operating on high stress and . . . → Read More: Plan for Retirement While Planning to be Here

Most Missed Tax Deductions – Is Your Dog a Tax Deduction?

Learn how your dog might be a legit tax deduction Home based business owners are leaving money on the table when they don’t capitalize on their legitimate tax deductions. The most missed tax deductions are often around the home office. Here are some money saving tax deduction ideas that anyone working from home should know about.

Tax Deductions – The More You Know the More You Keep Always check with your tax and/or financial adviser before making any changes to your taxes but in this Connector Coaching call I share examples of ways you can legally and safely reduce your taxes by taking approved tax deductions. Here’s a snippit of a typical Monday night Connector Coaching call!

Tax Deductions – Home Offices Offer Many This Podcast is an example of what we provide in our weekly wealth coaching calls. For example, you can’t deduct your home as a residence. . . . → Read More: Most Missed Tax Deductions – Is Your Dog a Tax Deduction?

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

Last Minute Tax Tips and a Free 8-Week Class to Boot!

The end of the year is closing fast and now is the time to get the tax deductions you deserve by knowing what information to share with your CPA. Here are a few year-end tax tips to consider right now.

Year-End Tax Solutions: Read a few of these tax-saving, money making tips and I’ll give you a wonderful financial educational tool for absolutely free at the end of this post.

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 . . . → Read More: Year End Tax Tips – That’s Tax Tips not Tax Tricks!

Why Your CPA Won’t Tell You About Tax Deductions

Why doesn’t your CPA tell you about certain tax deductions? Maybe he’s buried in paperwork. Maybe she would like to but doesn’t want to take too many risks. Why don’t CPAs tell you about those really unique tax deductions?

Some will some won’t! Most CPAs care about their clients and want to do a great job but the reality is, it’s your money and nobody is paying as close attention to your money as you are(or as close as you should be)! CPAs certainly will show you some tax deductions and make sure your tax returns are accurate. But they’ve got you and dozens or hundreds or thousands of other clients to think about at the same time.

The best way to get the most out of your CPA relationship is to be organized, detail oriented, and financially educated! I always say never count on any single financial advisor to . . . → Read More: Why Your CPA Won’t Tell You About Tax Deductions