Observing Donald Trump’s tax returns greatly influences our psyche by studying thoroughly how he manages his money as a multibillionaire. What’s the result of studying a multibillionaire?
The EXTENDED version of this post is in our mastermind group
Many of us are in the small business space - having less than 500 employees and making less than $2,000,000/year in business. Along with studying these tax returns in our mastermind, be sure to expand your network to those who comprehend similar topics.
The goal is six figure years, six figure months, and six figure deals!
As we see, reported income is darn near irrelevant to how much a wealthy person acquires. Your business can make $250,000 in a year, and you pay yourself $35,000. The expenses from the business pay for your bird dog team, business structure & overhead, and lifestyle. It may cost $45,000 to have 3 bird dog team members, $35,000 to successfully run your business, and $40,000 for business savings/investments. Where’s the other $95,000?…
In a scenario of Wholesale Cashflow, mentioned in our Six Figure Guide, it would be smart to manage wholesale cashflow as a separate entity. The cashflow would be collected through the initial entity, deposit into that bank account, and flow through the surrounding entities.
By recognizing that the VERY LEAST of their income came from wages or labor worked, we see how vital it is to have investments and passive income. By having an excessive amount of investment and passive income, DJT and his wife were able to “make” less than $1,000 that year and still have millions of dollars attract to them regardless.
In a six figure scenario, your wholesale sector of your business may make the bulk of income for the time being. That could be $175,000 in wholesale real estate. You may wholetail two deals, totaling $45,000. And the rest could be wholesale real estate cashflow. Out of $250,000, the monthly passive cashflow is $30,000 that year.
Ensuring that your partnerships and documentation are properly filed and managed is VITAL! All partners, whether individual or entity, need a solid communication avenue along with the same base financial advisor and/or manager.
A monthly, quarterly, and yearly ledger should be base level communication for all parties involved in the business.