230 - Use an LLC to save and make money

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LifeWave (Verity's)

https://lifewave.com/verity/enrollment/packs

Summary:

- Focus on Your Primary Income Stream First: The most important income stream is the one you already have. If you're a W2 employee, look for ways to add more value to your employer by asking questions like "How can I make you more money?" This approach can lead to increased earnings in your current role.
- Understanding Income Statement Differences: The poor typically rely solely on salary income with expenses consuming everything, leaving no assets. The middle class often creates liabilities (mortgages, car loans, debt) that appear to be assets. The rich generate multiple income streams through rental income, dividends, royalties, and other sources beyond a salary.
- Benefits of Starting an LLC: Creating a Limited Liability Company (LLC) allows you to expense many items that would otherwise be taxed as personal income. This includes business-related technology, travel, home office space, and other relevant expenses, potentially saving you 20% or more depending on your tax bracket.
- Multi-Level Marketing as a Low-Cost Entry: MLM businesses like Mary Kay, Pampered Chef, Doterra, and LifeWave offer low-barrier entry points to entrepreneurship. The key is choosing products you already use and believe in, making them easier to represent authentically.
- The "Expense Mindset" Strategy: Instead of asking "Can I expense this?" ask your CPA "How can I expense this?" This shift in thinking helps identify legitimate ways to categorize purchases as business expenses, reducing taxable income.
- Creating a Proper Business Structure: To maintain a legitimate LLC, document quarterly meetings with minutes and notes. The business should show some revenue within five years, even if minimal, to establish legitimacy for tax purposes.
- Focus on Expense Management vs. Salary Negotiation: While negotiating salary is important, managing your expenses often yields greater financial benefits. Consider which expenses truly add value (like fitness investments for health) versus those that can be eliminated or reduced.

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