Today we’re back with part two of our conversation about turning business cashflow into personal cashflow. In this episode, Brad explains how to take control of your personal wealth. If you’re a business owner, you’ve probably had times where you’ve personally taken home very little money.
We believe that most people who’ve experienced this in their own business have allowed that to happen. Letting money solve all of your problems is a specific type of laziness. And it’s keeping you from building the wealth you desire.
Your business will not grow if you aren’t getting paid. We like to call that take home King’s Cash, and today we’re telling you how to make it a part of your reality.
Build A Business For CashFlow
“You as an entrepreneur have become lazy.”- Bradley Gibb
We are big advocates for King’s Cash. That’s the income you get for owning your business. If you want your business to thrive, you have to create it from the beginning. We know you’re probably feeling skeptical about all of this. After all, you’ve been working day in and day out in your business. You haven’t been taking home a cut of the profits because you don’t want to. You just honestly feel like you can’t.
This all circles back to the principles. Principles seem too easy. But we know it’s true because when we take those principles and apply them they change our life. The entire vantage point of your business shifts when you take your King’s Cash. Focus on what gets you paid drives motivation.
You have to take on the identity of a marketer. Not only is it an identity shift, but it is also a skill set. You must accept and believe that you are a capitalist and that you are going to get paid.
Destroyers Of Wealth
In addition to getting paid, you need to figure out how to keep your money from Uncle Sam. Taxes are a major destroyer of wealth and are single-handedly hurting your business. This is where the tax code comes into play.
“The tax code is a game written for business owners and investors”- Bradley Gibb
We are told that taxes are difficult and hard. Most of us have a visceral reaction to the words ‘tax planning’. What needs to happen here is a mindset shift. There are about 10,000 pages in the tax code. Only ten of them describe how to actually do your taxes.
So what are the rest for?
The other 9,000 plus pages cover all the ways to avoid paying taxes. The majority of us haven’t even considered that. The tax code is truly a treasure map. You know nothing about the tax code because you have been taught it as an employee. The key is asking the right questions. So what are the other destroyers of your King’s Cash? It is predators, creditors, and markets.
Now that we’ve talked a bit about what will take your money, we can actually cover how to actually invest. The first question to ask yourself here is what do you want? More money or more time? The answer is most likely time, right?
But how do we do that if we are the ones who have to push our business forward every day? What allows you to own your time is cashflow. As soon as your cashflow exceeds the number that you need every month, you are free. That’s how you get free from your business.
Be sure to connect with us over on our Cashflow Tactics Facebook Group. We are committed to Rising Up and if that sounds like you then we’d love for you to join us!