Why You Should Start A Personal Business
War On Wealth Series – Taxes
Remember, obtaining Financial Independence and becoming Wealthy is simply the process of continually increasing the gap between the amount of money that comes in and the amount that goes out. The reasons are many why you should start a personal business. Some of these reasons include Insufficient income in retirement, supplementing income, achieving tax benefits, utilizing the benefits of modern technology, following a life long dream, and even realizing the desire to just continue working.
There was a Yahoo small-business survey which indicated 72 percent of respondents ages 55 and older said they would never be to old to start their own businesses according to an article posted on www.usnews.com/usnews/biztech/articles/070130/30boomerentrepreneur.htm. Sara Rix, who is the senior policy adviser at the public Policy Institute of AARP suggests 80 percent of baby boomers claim they want to work into their retirement. However, I believe much of this is more driven from necessity than desire. Sara goes on to say that many of them will try self-employment.
Tax Benefits
Whatever your reasons, the increased tax benefits alone would make starting your own personal business worth while. Utilizing the advantages of our tax system where it concerns small business is one of the single best “Wealth Enhancer” moves you can make. Optimizing and minimizing the tax hit to your hard earned income, thereby freeing it up to make “money babies” can greatly excelerate your wealth building efforts. When the Reagan administration fazed out many of the personal income tax deductions for the w2 wage earner in 1986 they also made way for an unbelievable amount of tax deductions for the small business, and rightly so.
Supplementing Income
As I mentioned before I believe more seniors working into retirement is more from necessity than from desire. If they had been able to grow their reserves faster or more efficiently they would have many more options into retirement. There are 3 ways to grow your reserves; Increase income, decrease expenses, or both. By starting a personal business sooner than later, you would give your profits much more time to grow and compound interest. If you are already at retirement age, it is never to late to cure a lean purse.
In later posts I am going to talk about:
Resources for starting a small business and where to find them.
- Franchises
- Advantages and disadvantages of converting a personal business into a franchise.
- Buying an existing business.
Other Posts In This Series are:
War On Wealth – A Primer (Introduction)
The Accidental Philanthropist; but Uncle Sam! How Many Times Can You Tax The Same @#$% dollar?
How Not To Turn $20 Into A $75,000 Disaster
Maximizing The “Bank Of You Concept”; Setting Up Your Own Private Bank
Life Insurance As An Estate Planning Tool
Private Retirement Plans Vs. Employer Sponsored Retirement Plan Options
Special Valuations For Intra-Family Transfers, Gift Taxes And Lifetime Transfers
Why You Should Start A Personal Business?
Advantages And Disadvantages Of Investing In Annuities
How Owning Real Estate Can Help Me Save Taxes
How To Reduce Your Real Estate Taxes
Annuities, How They Work And Their Tax Advantages
The Three Proactive Strategies Of Asset Protection
Trusts – A Basic Foundation
So make sure that you register at our blog to not miss any of these great posts.
Webinar Opportunity-Empowering your Retirement
We have a webinar on Wednesday from 12:00pm-1:00pm called: “Isn’t It Time You Became Wealthy”, in which we will teach how to minimize taxes, how to make money even in a down market, and how to empower your retirement. Register for the webinar by going to http://becomewealthy.info/leon/Webinars.html
By Leon Williams
Financial Strategist
Luca Financial Services
http://leonsblog.leonwilliams.me
http://leon.becomewealthy.info
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Tagged with: baby-boomer • decrease taxes • income-tax deductions • personal business • retirement • small business • tax-benefits • wealth
Filed under: Business • Financial Services
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Wealth building is a very interesting job. everyone want to have some financial freedom.*.*
You are right Megan. i am definitely passionate about it. Mostly because I had to learn what to do with the money that I made to cure my on ills. LOL
wealth building should be the priority of most people not just leisure and playing some online games and stuffs like that~:”
It is meagan and I am very passionate about it. It’s amazing how a subject that is so intertwined in everything we do can be so boring to some people. It’s the reach of our financial prowess or financial ignorance that is so intriguing to me.
You are dead on. Most people do not realize how easy their lives can become by putting attention to their finances. They believe just the opposite.
oh i love to do wealth building but it requires some good skills about business and time management’”:
wealth building is always our goal in life, we love to live the american dream~**
wealth building has been my goal in life and the past 3 years i’ve been into internet marketing:’-
True a lot of people have a problem building the wealth. Many of those who figure it out have the greatest problem keeping it. That my friend is really the test.
Yes it does, but its not difficult or impossible. When I meet with my clients the emphasis is always on systems.