Common Sense Financial Podcast
Episode 41 Best Wealth Strategies for The Successful Entrepreneur
Once the money is made, what do you do with it?
I want to let you in on a little secret.
The world of financial advice is filled with half-truths.
Things can make sense on paper, but when you put them into practice in your unique situation, things go sideways.
Don’t get me wrong!
There are a lot of great advisors out there, but some of them put out misguided information and recommendations. While these recommendations are not technically incorrect, it can negatively impact their clients’ ability to grow their wealth.
Especially if you’re an entrepreneur.
As a business owner, you need to think differently from the average investor.
When it comes to building your wealth, you need to think beyond your 401(k) or IRA.
I have identified five key wealth building strategies for entrepreneurs that you must understand if you ever want to have what Dan Sullivan refers to as a Self-Managing Company.
In this podcast episode, I go over:
- Why your mindset around “tax deductions” in the short-term is probably costing you more than you think,
- The correct way to think about your business and why you need to escape the mental trap that most entrepreneurs start their business with,
- The accurate way to think about your business’s cash flow and how you can optimize it for growth,
- A little known banking strategy that frees you from dependence on banks for capital and clears governmental red tape (this one is huge!)
- Why insurance goes far beyond liability, and how to integrate it into your legacy planning as well.
These may be things you’ve never thought about, or things you’ve considered, or haven’t been able to implement, but if you can put these ideas to work, then you can get on the path to true business success.