On your path to creating true wealth, there are numerous roadblocks that can deter or dissuade you from obtaining financial freedom.
For far too long, I’ve seen faulty thinking hold back many of my colleagues. A statement I often hear is that “I can achieve financial freedom as an employee.” They believe if they work harder and longer or possibly even save more money then that is what will be the ticket to winning back their time.
While this is feasible, you may have to wait years on a strategy that may never provide enough cash flow to comfortably retire. In addition, some take 20 or more years to get to a point of retiring only to have the market make a move that postpones retirement even further.
The fact of the matter is it’s extremely difficult to create true wealth when your only source of income is that of an employee. This is because of one word… taxes.
Income Taxes vs Creating True Wealth
Many who choose to start a path toward creating true wealth do so not only to improve their financial situation but to also gain the freedom to work when and how they want. However, we live in a progressive taxation country. The more money we make, the more the government takes.
Income taxes are the number one roadblock to creating true wealth.
There’s a reason over 90% of the world’s wealthiest people utilize alternative investment strategies, such as real estate, to create, grow, and augment their wealth. One of the main reasons real estate is a common avenue to wealth is because this investment strategy is highly tax-advantaged.
Many of the world’s wealthiest people started out as employees themselves. However, what matters is what they did with that employment income and also what they did outside of their employment. This is the secret sauce that allowed them to create true wealth and establish financial security that could potentially last for generations.
These folks are no strangers to using various tax advantage investment vehicles, such as self-directed Roth IRAs, defined benefit plans, utilizing dual interest banking with permanent life insurance, or the multitude of tax-advantaged strategies that can be used in real estate.
Wouldn’t you like to live a life of purpose and generosity now rather than waiting until “someday” when you’re hopefully able to retire?
Implementing tax-saving strategies is the answer to reaching that goal.
To be clear, this discussion is not purporting tax evasion, but rather tax avoidance. This is about utilizing strategies that the government actually wants you to do. Our government doesn’t want to be in the oil and gas industry or in the housing business. As a result, they offer many tax incentives to encourage us to do it instead.
With the cost of living and inflation continuously rising across the nation, it’s becoming more and more difficult to find ways to retain more of the money we make versus handing it over to the government via income taxes.
Why The Right Mindset Matters In Creating True Wealth
Many of those that view financial freedom as wishful thinking don’t realize how much work and dedication goes into overcoming the obstacles that can deter you from creating true wealth.
What does it take to overcome these hurdles? What tools can help you to persevere and achieve your goals?
We’ve established the number one roadblock to creating true wealth and having better control of your time… income taxes.
However, it takes more than simply being aware of the roadblock. You need the right kind of mindset and effective strategies to set the foundation for your success in overcoming this hurdle.
To illustrate, you need to have the right tools before you start your path to creating true generational wealth. You need the right vehicle and reliable directions to ensure you can avoid as many roadblocks as possible in order to reach your destination sooner rather than later.
Avoiding Roadblocks And Living Life on Your Terms
Have you ever stopped to ask yourself:
What would I do with more free time? What are my “whys”? What is my true purpose in life?
Each of us has our own reasons for pursuing financial freedom. However, there is one thing that many of us have in common… we want more control over our time.
We work towards improving our financial situations not only to increase cash flow but to also gain the freedom to live and work on our terms. We want to have better control of our time in order to do more of the things that make us truly happy. We want to live a life full of purpose and meaning. We want the ability to be as generous as we want.
It’s important to always keep your “whys” in mind because they will help you to persevere in attaining your financial and lifestyle goals.
Why wait to take back control of your time? Why wait until you’re able to retire to live the life you’ve always wanted for yourself and your family?
I know firsthand how difficult it can be for busy physicians to find the right team that can help them overcome tax hurdles and navigate an investment path to financial freedom. Although finding a team you can trust and depend on does take some time and effort, the right team can be absolutely life-changing for you and your family.
It certainly was for myself and my family.
If you’d like to learn more about overcoming the roadblocks to creating true wealth and the multitude of tax advantage investment strategies, click here to schedule a free one-on-one call with me today!
Together we’ll take the next steps on a path toward winning back your time!