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The same thing goes on in the stock, bond, real...The same thing goes on in the stock, bond, real estate and baseball-card marketsFor instance, utilizing a corporation wrapped around the technical skills of accounting, investing and markets can aid explosive growthAn individual with the knowledge of the tax advantages and protection provided by a corporation can get rich so much faster than someone who is an employee or a small-business sole proprietorIt's like the difference between someone walking and someone flyingThe difference is profound when it comes to long-term wealthTax advantages: A corporation can do so many things that an individual cannotLike pay for expenses before it pays taxesThat is a whole area of expertise that is so exciting, but not necessary to get into unless you have sizable assets or a business Employees earn and get taxed and they try to live on what is leftA prada handbags replica corporation earns, spends everything it can, and is taxed on anything that is leftIt's one of the biggest legal tax loopholes that the rich useThey're easy to set up and are not expensive if you own investments that are producing good cash flowFor example; by owning your own corporation - vacations are board meetings in HawaiiCar payments, insurance, repairs are company expensesHealth club membership is a company expenseMost restaurant meals are partial expensesAnd on and on - but do it legally with pre-tax dollarsProtection from lawsuitsWe live in a litigious societyEverybody wants a piece of your actionThe rich hide much of their wealth using vehicles such as corporations and trusts to protect their assets from creditorsWhen someone sues a wealthy individual they are often met with layers of legal protection, and often find that the wealthy fake fendi bag person actually owns nothingThey control everything, but own nothingThe poor and middle class try to own everything and lose it to the government or to fellow citizens who like to sue the richThey learned it from the Robin Hood storyTake from the rich, give to the poor It is not the purpose of this book to go into the specifics of owning a corporation But I will say that if you own any kind of legitimate assets, I would consider finding out more about the benefits and protection offered by a corporation as soon as possibleThere are many books written on the subject that will detail the benefits and even walk you through the steps necessary to set up a corporationOne book in particular, Incand Grow Rich provides a wonderful insight into the power of personal corporations Financial IQ is actually the synergy of many skills and talentsBut I chanel classic bag would say it is the combination of the four technical skills listed above that make up basic financial intelligenceIf you aspire to great wealth, it is the combination of these skills that will greatly amplify an individual's financial intelligence In summary The Rich People With Corporations The People Who Work for Corporations 1Spend As part of your overall financial strategy, we strongly recommend owning your own corporation wrapped around your assets CHAPTER SIX Lesson Five:The Rich Invent Money Last night, I took a break from writing and watched a TV program on the history of a young man named Alexander Graham BellBell had just patented his telephone, and was having growing pains because the demand for his new invention was so strongNeeding a bigger company, he then went to the giant at that time, Western Union, and asked omega speedmaster watches them if they would buy his patent and his tiny companyHe wanted $100,000 for the whole packageThe president of Western Union scoffed at him and turned him down, saying the price was ridiculousA multi-billion-dollar industry emerged, and AT7:31 AM - Thursday, January 21, 2010
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