Any of you that are making 60, 70, 80, 100 thousand dollars, you’re my favorite client because you can afford to live corporate life. Because you’re also getting over-taxed. Because you’re going to make money, you’re going to get taxed to pieces, and by the way, if you make $80,000 or more, you’re already in the top 25 percent.
But if employee income is the only kind of money you make, you don’t have any legal right to do the deductions to write off your phone, to write off your home office, write off any of your supplies. So, you need to get incorporated, LLC, S Corp, C Corp, limited partnership, or trust.
So, if you want a legal right to live 81,000 pages of tax code, then you’ve got to roll. So, I want you to live both lives. I have a client. She’s a pharmaceutical sales rep, and he’s a firefighter. He’s got plenty of extra time. He only works 10 days a month. The only way to counter the amount of tax you’re going to pay the IRS; is you have to be incorporated. That gives you the legal right to earn money, get deductions, and do all sorts of business trips, versus vacations.
I want you a serious entrepreneur. A six-figure entrepreneur. So, there are entrepreneurs who sell products and services. The combination is where you’re gonna have the richest experience. When you say, “I don’t have a product.” Well, you can be an affiliate of any of the products that you sell.
I’ve been doing construction and real estate for a very long time. We get paid for the service of the construction, or the rehab, or whatever we’re doing, but we are an affiliate or a distributor of the products we use to build. So, you actually get paid by the products you use.
Multiple streams of income have been highly misunderstood. Multiple streams are in the investing diversified part of your portfolio, it’s not on the business side. On the business side, your diversification in multiple streams is in one category. So, my category is money. So, I can get paid in all sorts of categories around money.
So, I can offer you an entity. I can offer you a trust. I can offer you books. There’re so many ways to create these streams of income and can be an affiliate of a whole bunch of other things that can pay you as well.
How much money you make is up to you. If I was you, and I’m going to decide, and I’m an employee right now, and you’re sitting out there and listening and saying, “Do I jump and be an entrepreneur?” Absolutely!
You need an LLC, an entity. You need a company to make the money, so you get all the deductions, and that offsets the high taxes that it’s paid on, that is taken against your high income. So, yes, you need something, even if it’s a little side hustle.
Do you have it in you to be an entrepreneur? How much do you want to hustle, and how much are you passionate, or mission-driven about the thing you’re doing? You’re going to need a team. You’re going to need some skills. There’re so many ways you can be an entrepreneur to make money. But if you’re not going to get committed to make at least six-figures, you and I need to have a little chat, because it is a lot of activity. It’s more than people tell you.
So, let’s get to those three skills. You’re going to have to learn to market, which means you’re going to promote your product. You’re going to be on the social channels. You’re going to need potentially a Shopify, of some sort of store to sell products through. You’re going to need to then sell. So, you’re going to need a market to get a lead. You’re going to sell to create the cash flow, and then you’ve got to manage the cash flow. Those are the three skills, and I don’t care what university you go to, until you put those into practice, and your life and your family depend on it, nothing will drive you more for a lead, sales, and cash flow. You do want to be an employee of your company, but a tiny little salary of it.
When you actually know how to build teams and systems, you actually get a Hell of a lot of freedom. You get to control it. You get to decide when and where you want to work. So, entrepreneurialism, I think, has always been the answer. How much you work is up to you. How much do you want your teams and systems to work is up to you.
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