At The Untaxables, I've spent countless hours learning and getting in all the right rooms to learn how the rich get wealthy.
The ultimate answer to building wealth is about one's ability to retain the money they make. It's an age-old adage, that is as true today as it ever was,
It's not what you make, it's what you keep.
I believe this journey started for me when I was so curious about how and where someone would find the right money strategies if they won the lottery. Today, with all that I've learned, I share my strategies and my network of learning everything from the financial professional side. All these strategies are baked in tax strategy, entity structure and estate planning, and lastly private banking and retirement planning which are based in insurance strategies. Banks and Insurance companies are the biggest wealth undertakers there are...
If you know the rules of the game, you'll know how to play the game.
This strategy is about relinquishing the bank's control of your wealth transfer. The reason why it's so hard for people to make the jump to higher wealth has a lot to do with simple concepts; saving habits and resources (capital and risk) to make defensive moves for your money.
Insurance strategies really are reserved for those who have the means, or the cash outlay to save an outstanding amount of dollars over contributing to creep lifestyle. Most people that gain riches just contribute their gains to the creep in lifestyle. Meaning---they've graduated to nicer things; bigger house, nicer car, better clothes and killer vacations, but still live pay check to pay check and have to keep working to keep up with the lifestyle. To become wealthy means that, you can do all of these things and still have an extra 20K (at the minimum!) to 100K+/year to sock away to build a legacy, to build income replacement.
When I say income replacement, this means that someone who makes 500K now--will set up a retirement plan that will give them at least 500K or more. I mention this, because the traditional retirement plan has a person making 300K for their working years and making 100K for just some small portion of their non working years, with no guarantee of it lasting as long as one might live.
I find that most people aren't sure where they were supposed to learn this. I suppose I didn't know any of this until I decided to make a career out of it, and there was never a clearly designated path for that. This was getting in the right rooms, building a network of the few people in the industry that truly understand this and clientele of people who needed this kind of work.
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