7 Secrets Of the Wealthy – The How and Why You Must Have Structures
Even though I call this title The Seven Secrets, the wealthy really aren’t that secretive about what they are doing. In fact, they are quite open about how they have built their wealth. I have studied and talked to many wealthy people for years and they have always been really honest and helpful in explaining what needs to be done.
Here are the two reasons you must have a structure:
This is the number one reason why you need to have your assets in a structure and that is to protect them in case a business fails or you get sued for whatever reason you can protect the assets you have worked very hard for by putting them in separate structures to protect yourself and your family. If in the event that you pass away these assets can be easily passed on to your family and life can still carry on as normal (financially) without another stress to be added to your family at that time.
Each business structure has its own benefits and its own tax implications. For your own purposes being in a business structure, can allow you to distribute income to family members (if in a trust) and allow for more tax deductions you wouldn’t have if you were just trading as yourself.
As with anything, this post is for educational purposes only and I strongly suggest that you seek advice from a registered professional in the area of business structures. Alternatively, you can book in a time with me at The Wealth Game and we can help point you in the right direction and give you the questions you need to ask your accountant or lawyer.