If you are not satisfied with where you are, right now, financially...chances are you're not too excited about where you're head either. Income shifting is a timeless financial strategy used for rapid financial transformation that requires a ton of discipline and personal accountability. In it's simplest form income shifting is a method by which a person systematically recovers the income that's escaping them by way of taxes, debt and big business and shifts it back into their own household.
Will Income Shifting Work for You?
To be quite honest with you, there is only one person that can answer that question, YOU! As previously stated the strategy of income shifting is a simple one, but it's certainly not easy to execute. If you struggle in the areas of discipline, self control and personal accountability, you'll struggle with applying the strategy effectively and getting the desired result.
The good thing about Income Shifting is that it's strategy based or in other words it a simple formula. As with any formula or strategy as long as it's applied correctly the results are pretty predictable. Contrast that with a sales approach, something that most people just are good and and many are willing to do at all, Income Shifting is probably the best option for most, especially working class people.
Let's break down each component of the income shifting strategy so that you can clearly see where the discipline and self control are so very critical.
4 Common Financial Obstacles
Before we dive into the specific challenges of discipline and self control let's just go over a few, very common financial obstacles that most people are dealing with, but chances are just can't seem to put their fingers on. At least I couldn't until I was introduced to income shifting originally.
Overcoming These 4 Challenges
The entire income shifting strategy is designed to help hard working men and women not only identify the root causes of their financial challenges but also help the over come the. As I stated before, overcoming these challenges requires discipline and self control. The strategy is simple, the execution...not so much.
Now that we've identified the root causes of our financial struggles the process of shifting your income back from those entities and into your household starts with tax minimization. According to the IRS 80% of working people are over paying their taxes to the tune of $200-$500 per month. Now, if you couple that with another statistic that says 75% of working class Americans are living paycheck to paycheck, it becomes quite clear why so many people are struggling with debt,
If you're one of the many living paycheck to paycheck, there's a good chance that you don't have the money needed to actually pay down your debts so you service them by paying the bare minimums. If this is the case, you're positioning yourself to be in debt until the day that you die. If, however there is a way to get our hands on that $200-$500 that we're overpaying in taxes that'd be the perfect catalyst to start our debt elimination game plan.
Imagine if you will, you were able to use a proven strategy to increase your take home pay on your job by $500 per month. As tempting as it may be, you cannot fall back into old habits and increase your lifestyle because your pay increased. The smart thing to do, is to apply the entire $500 increase to an outstanding debt, after all, you were getting by just fine without it so continue to operate as if it's not even there. You'll want to tackle revolving debt first because just as compounding interest is the 8th wonder of the world on your investments, the same is true on your debts. If you have credit cards, department store charge cards etc, take the extra $500 and get rid of them.
Once they're gone you simply apply the same strategy this time taking the original $500 and adding it to the amount of new cash flow that you got back from paying off the revolving debt and you attack the next debt. You continue to do this until your debt is gone. Now that the debt is out of the way take a few months and stack that new found cash flow until you have a solid emergency fund in place, at least 6 months of living expenses. Once you've got that in place you're ready to put your money to work for you.
The final phase to building wealth is putting your money to work for you via investments. I know what you're thinking, all of this is easier said than done. You're absolutely right! But just because something is difficult doesn't mean that it can't be done and it certainly doesn't mean that it's not worth doing. In fact I've often found that the most difficult things are always the most worth while and satisfying. Tell me, what could be more satisfying than getting out from under the stress of debt and making smarter decisions with your money so your future is secure.
So let me ask you... Can Income Shifting work for "YOU?"
The other day investigative journalist David J. Johnson found President Donald Trump tax returns in his mailbox. Watch this short interview with Rachel Maddow to get a complete understanding of why Trump has fought so hard to keep his returns from being revealed.
For me though...I'm not surprised and I know the real reason he doesn't want is return disclosed is because he's done absolutely nothing wrong. He used the tax code for business which legally allows him to reduce his tax footprint and pay the least amount in taxes as possible.
The cool thing about it though...you can do the very same thing. simply click here to learn how joining Project 1,000 can be a financial game changer for you.
Learn how Project 1,000 can help you minimize your taxes too and put you on the road to building wealth!
Today Donald J Trump was sworn in as the 45th president of the United States of America. During his inauguration speech he talked about how we're now in a "day of action" alluding to the fact that in the past politicians have traditionally been all talk and no action. While that's true regarding many politicians, that's also true among the people.
We live in what's know as a capitalistic democracy meaning that we have the freedom to be entrepreneurs and access the same free enterprise system as all of the fortune 500 companies and reap all of the same benefits of doing so. However like most politicians many individuals are all talk and no action. I hear people all the time talk of their grand ideas and how they are sure fire money makers and yet they're taking absolutely "NO" action toward manifesting those ideas, dreams and goals.
The one thing I will admit about President Trump is that, he did speak as though he believed deeply in the core message of is speech to help America rise from the ashes, bring jobs back and so on. The individuals that speak boldly about their dreams and business ideas too speak about them with conviction in their voice until of course you ask them "why aren't the executing?" What President Trump will actually do to deliver on his promise in this "Day of Action" remains to be seen, but it's my hope the he does actually take action. Just as it's my hope that you actually take action towards your dreams and goals and that you pursue them with a vigor that's required to manifest them into reality.
President Donald J Trump's Complete Inauguration Speech
Are you ready to "Take Action" today to bring your dreams to life? Join the Young Wealth Builders today and start building your family empire from scratch!
H Cortez aka Financial Health Mentor to the Working Class
Dave Ramsay Course