How to Use Taxes to Build Your Wealth
How to Use Taxes to Build Your Wealth
Yesterday, I spoke at a fantastic event and I had many people come up to me afterwards telling me they have never heard anyone so passionate about taxes.For me, it is easy to be passionate about taxes because taxes are a tremendous tool when it comes to building wealth - and I love to share this information with others.Over the next several weeks, I will share how to create habits that enable you to use your taxes to build your wealth.Last week I shared how your habits can actually cause you to overpay your taxes. If you missed my report, you can read it now in the Tax Strategy section of Tax Mastery in Wealth Strategy U. Membership is free!Before diving into the habits that enable you to use your taxes to build your wealth, I first want to share the reasoning behind why I view taxes as a tremendous tool to build your wealth.First: The government wants you to reduce your taxes The tax law is a series of stimulus packages for real estate investors and business owners. This is true in all developed countries. The government wants to provide jobs and housing.To encourage others to do this for them, the government provides tremendous tax benefits to those who provide jobs (business owners) and those who provide housing (real estate investors).This is exciting information to have as you create and operate your business and investments.Second: Everyday is an opportunity to reduce your taxes How many times have you thought about your taxes today? Most people think about their taxes once or twice a year.Imagine the tax savings you could create if you thought about your taxes every day! It doesn't have to consume every minute of every day; just keeping your taxes in mind can have a huge impact on your taxes.Third: Taxes can increase your wealth Most people view taxes as a drain on their wealth. If it weren't for their taxes, they would have more money in their pocket, would finally be able to get ahead and could start investing.I look at taxes very differently. I look at taxes as a way to increase cash flow. The tax law provides tons of opportunity to reduce your taxes. When you reduce your taxes, you increase your cash flow (often immediately) which can be used to increase your wealth.Do you see how these 3 things fit together? Understanding how to take advantage of the tax law leads to understanding how to implement that into your everyday life. Your everyday actions then result in reducing your taxes, which increases your cash flow. This increase in cash flow can be used to build your wealth.This cycle continues every year. You reduce your taxes every year, you increase your cash flow every year, and you grow your wealth every year.As your wealth grows, so do the opportunities for tax savings, which means not only does the cycle continue every year, it grows every year as well so your tax savings are more, your increase in cash flow is more and wealth increases even more.Do you see why I am so passionate about taxes? Taxes are a tremendous tool to build your wealth!
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