014: Money and Taxes (Part 1)
/GET YOUR FINANCE QUESTIONS ANSWERED
I will be the first person to tell you that money management doesn’t come naturally to me. I’ve had to learn a lot of hacks to make my brain work with it.
The first thing you’ve got to do with your money is pretend 10% of it doesn’t exist. Most people don’t have the underlying discipline to leave money alone. This is not money that has a purpose. This is leverage you have over money itself. This is money to let you know that you control the money, it doesn’t control you.
Eventually you may put the money into property or low risk stocks, but still pretending it doesn’t exist. This isn’t savings, this isn’t anything. This is leverage you have over money and it teaches you that you have the discipline to control your own money.
I did seminars with Russ Yarnell who used to tear up $100 bills just to show that he didn’t have an emotional connection to it.
It’s so important to get control of your money.
When you’re panicked you can fight, flee, or freeze. People do this with money all the time because they have a huge amount of emotions about money.
You don’t want emotional connections with money.
Also, you want to be in conversations with an accountant or an attorney as a business owner. The different ways you can organize your business may cost or save you tons of money when it comes to taxes and there’s no way to know which is best without talking to someone who really knows what they’re talking about.
You want to be a step ahead of your money and how money works in your business.
