Go into debt. That’s right…but “Good debt”. I want you to use good debt to buy rental real estate, start or expand your business, and build additional cash flow. You may even enter into debt for a modest home if you are renting. Many consider a modest auto loan or home loan profitable debt, IF it helps you make money by driving to a job and NOT paying rent to someone else.
This lesson is for you and me!! Farming is just the example that drives the point home. Take a little bit of profit out of your business each year, and tuck it away in a self-directed solo 401k (or group) and protect from yourself.
Anyone that has owned their own business knows that success can often turn on one simple principle: self-discipline. When you own your own business, there is usually no one leaning over your shoulder making sure you are putting in the hours you need and focusing your energy on the right tasks. A strategic plan can give you a regular road map to keep you focused and help you set goals, and then follow a strategy for achieving them.
I truly believe that an LLC for every rental property isn’t needed for the far majority of real estate investors. It’s expensive, cumbersome and provides nominal benefit when there’s not a lot of equity in their rentals….yet!!
Now although there are reasons not to put your spouse on payroll, I would argue there are two (2) GOOD REASONS to put a spouse on payroll before year-end. Both of these strategies create great excellent tax deductions and good use of money
Let me set the record straight and share what I think to be one of the most incredible ways to save for college education.
Before you start clearing your calendar, think about this – redeeming those points or claiming your rewards may be a taxable event. Maybe it’s time to redeem those credit card points or miles you’ve been saving up and jump on a plane headed someplace warm. How about Miami, or maybe Maui?
A Charging Order Protection Entity (COPE) is a unique type of entity that can provide additional protection for the assets it holds from the owner’s personal liabilities. It is far more advanced and complex than the average LLC.
Having a Board of Directors or Advisors will be a ‘support team’ in many ways; giving encouragement, advice, and guidance regarding your vision and goals.