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?" |
AuthorH Cortez aka Financial Health Mentor to the Working Class Dave Ramsay CourseLife Insurance Quote/ReviewCredit Restoration Made EasyBuy Now!Erase Debt for GoodJoin My Team NOW!CashBack ShoppingIdentity ProtectionAffordable RoadsideSupplemental InsuranceBest Book for
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