Your Wealth Cycle Foundation
Author: Loral Langemeier
The four main steps in building a wealth cycle foundation are:
· Pay yourself first
· Understand the legal entities available to you and the tax implications of each
· Determine whether to be an active or passive investor and using the appropriate strategies
· Develop and commit to your money rules
PAYING YOURSELF FIRST
Paying yourself first is a money rule. Can you imagine how much you would be worth if, from an early age, you had been conditioned to pay yourself first by depositing a portion of your earnings in a wealth account? Even if you only put in $1 per week, today you would probably be sitting pretty.
LEGAL ENTITIES / TAX IMPLICATIONS
In the United States, a number...
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