Wealth Myths That Threaten Your Financial Security & Freedom
Wealth Myths are little-known myths that threaten your financial security and freedom.
Wealth Myths can come from many places. They can come from parents, family members, friends, business colleagues and even well meaning, ill-informed advisors.
Today, the Super Spreader of Wealth Myths is the Media (when I say media, I include the internet).
These unchallenged Wealth Myths can lead to unknown and costly Wealth Mistakes.
Mistakes that can cost you…
… hundreds of thousands of dollars… millions… and even tens of millions… as you will see in the life of a well-known businessman.
Worse than the money loss… these mistakes can lead to a lifetime of never retiring from worry, fear, and stress.
Myth #1: The What Got You Here Myth
Life has 3 Wealth Phases (and each has 3 sub-phases):
1. Wealth Loading – building your wealth.
2. Wealth Living – enjoying your wealth.
3. Wealth Leaving – passing your wealth on to people and causes.
Each phase has a different set of priorities, a different purpose and a different set of Success Keys.
The Success Keys during the Wealth Loading Phase are very different from the Success Keys in the Wealth Living Phase, as well as in the Wealth Legacy Phase.
Therefore, “what got you here won’t get you there.”
We specialize in helping people in Phase 2 and Phase 3. Many people come to us having stepped into the Living Phase without fully updating their Wealth Plan.
Wealth Myth #2: The Tax Code Is NOT Your Friend Myth
Most people who come to me (and their advisors) are afraid of the Tax Code.
Understandably so. It’s complex, for sure.
In 1955, the tax code had around 400,000 words.
Today, the tax code and IRS regulations total more than 4 million words.1
It’s full of landmines that can trip up taxpayers who are uninformed with advisors untrained in tax reduction.
The TRUTH is the Tax Code is a ROADMAP to TAX REDUCTION and TAX ELIMINATION.
It’s full of goldmines for those with advisors trained specifically to take advantage of every tax saving opportunity.
The Tax Code is also the RECIPE to TAX ELIMINATION and REDUCTION
It tells you EXACTLY what needs to be done to legally reduce and eliminate taxes; and receive the tax benefits that are rightfully yours!
If you follow the recipe, you are able to create 3 powerful (and desirable) outcomes…
YOU want to:
1) Eliminate taxes, where possible;
2) Reduce taxes; where possible;
3) Create Assets that will never be taxed.
It is NOT patriotic to pay more in taxes.
Are YOU taking FULL advantage of every tax savings option available to you?
Not sure if something is missing from your plan?
Schedule your Complimentary Retirement Conversation and get clarity on the myths that might be costing you more than you think.
