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Hey there! Carlos Quintana here CFO of Quint Tax Services! Today we are going to talk about
the 3 areas that most impact your wealth strategy! This information is extremely important because
you have to analyze what you are doing to have a successful strategy! With out further
due let’s get into it and stay tuned to get valuable material at the end!
I love when someone asks me, "I've been learning about investing in XYZ. How do I know if
that is right for me?" It means they are thinking about their wealth strategy.
All
too often I see people jumping into investments without a wealth strategy in place. It's the
wealth strategy that answers the question about whether an investment is right for you.
When
it comes to building wealth, one size does not fit all. Making your wealth strategy your
own is essential to its success.
Here are 3 areas that are most impacted by you
in your wealth strategy:
#1 Where You Are Today
Where you are today is unique
to you and directly impacts what you should do in your wealth strategy.
Where you
are today includes:
- Your income
- Your expenses - including your taxes
-
Your assets
- Your liabilities
It's impossible to get to where you are going if
you don't know your starting point. And, how you get to where you are going is heavily
influenced by your starting point - which is where you are today.
For example,
someone whose main source of income is from a job needs a different path to achieve their
wealth goals than someone whose main source of income is from a business.
Or, someone
who has a large tax liability needs a different path to achieve their wealth goals than someone
who currently has no tax liability.
Everyone can achieve their wealth goals, they just
need different paths to get there. They need to customize their wealth strategy to their
current situation.
#2 Where You Want to Be
Your wealth strategy is all about
your wealth vision
Your wealth vision is your picture of your ultimate lifestyle.
Where do you live? How do you spend your time?
Now, we can all close our eyes for a few seconds
and imagine the lifestyle of our dreams. But to truly define your wealth vision means being
very detailed and specific - in other words, making it your own.
With your wealth
vision, you can analyze an investment in a different way - what is that investment going
to do to get you from where you are today to where you want to be.
The more detailed
and specific your wealth vision is to you, the more likely it is to be reached. As your
wealth vision gets clearer, so does the path to get there.
#3 Your Personal Role
To
successfully navigate from where you are today to where you want to be, you must maximize
your personal role in your wealth strategy.
Since our time is limited to just 24 hours a day,
it is important to maximize the results of our personal efforts. To get the best results
from our personal efforts, it is vital that we not only enjoy what we are doing but that
it is something we are excited to do.
For example, say Person A invests in XYZ and loves
it and Person B invests in the exact same thing and hates it.
Who do you think
will be more successful?
What's really happening here is Person A loves their role
so it gives them energy while Person B doesn't like their role so it drains their energy.
When
your personal role in your wealth strategy is something you love to do, your success
rate goes up - not just in terms of achieving your wealth goals, but also in terms of how
quickly you achieve your wealth goals.
It's Your Wealth Strategy
Nobody cares more
about building your wealth than you. This is why making your wealth strategy your own
is critical to its success. So drop a comment below and tell me what you are doing today
to build your wealth strategy.
If you would like to know more about “How to build your wealth” with as little tax
liability as possible, click the link on the description and download for FREE my report
on “how to leverage a C-Corporation to lower your tax bracket”