What is the Best Way to Achieve Wealth?
The famous author and philosopher Jim Rohn dedicated his entire life to preaching his message that formal education will make you a living, but self-education will make you a fortune. What he meant was that it is quite important to gain a solid formal education (high school, college, graduate school), but often, getting these degrees will not teach you how to create wealth. Sure, they will position you so that you may be qualified enough to be hired as an employee. However, I don’t know a single person who ever achieved wealth solely by being an employee.
The Affluent Entrepreneur has come to learn the hard way that one of the best means for achieving wealth is to own your own business and become an employer. That is exactly what Jim Rohns is talking about. It is self-education through books, seminars, CDs, and studying other successful entrepreneurs that will give you the confidence, resources, knowledge, and know-how to achieve real wealth and create a fortune in your lifetime.
So while formal education is very important, it is not as important as self-education. Look at Bill Gates, one of the wealthiest individuals in the world. When he started Microsoft, he was a college dropout, but through self-education, vision, and entrepreneurial pursuits, he has created a net worth in excess of $53 billion. As a result of his entrepreneurial track records, he has also been awarded several honorary degrees.
One of the wisest financial gurus on the planet is a former IRS tax attorney by the name of Sandy Botkin, founder of the Tax Reduction Institute. He has studied wealth and taxes more than probably anyone else on the planet. He believes there are two primary reasons why so many people never achieve true wealth in their lives or in their business:
1- Failure to save 10% of their income
First, many of us are guilty of not saving. We constantly use 100% of our income to pay our bills, but ultimately, we never save for that rainy day. Sandy preaches that every time you get a paycheck, no matter how large or small and no matter what your circumstances, you must take 10% of it and save/invest in your future not in your bills.
2 – Overpaying their taxes
Second, the IRS tax code has gotten so complex that if you don’t have a tax professional who knows what she is doing, then no doubt, you are paying your taxes and not accurately taking advantage of all the deductions rightly due you.
One of the best reasons to become a business owner is that business owners have numerous tax advantages, write-offs, and deductions that employees are never able to access or enjoy. Affluent Entrepreneurs have learned how to apply these tax advantages to their businesses so they never again overpay taxes and underpay their bank accounts. I highly recommend you visit Mr. Botkin’s website and apply his knowledge and resources to your life and your business. As a result, you will be back in control of how much money you give away in taxes.
**This is an excerpt from my book: “The Affluent Entrepreneur”
As a Motivational Keynote Speaker, I can speak on this subject or adapt my subject to your audience.