In this 4-part mini-series “Winning the Money Game”, Rob Rowsell details the start of the journey: earning active income, so you can then start investing said income. It’s all about you! Learn how to maximize your personal earnings, reduce your taxes (legally!), and control your personal expenses, and you’re on your way to winning the money game.
Earning Active Income – The First Step to Winning the Money Game
Rob kicks off the Money Game discussion by laying out three components to earning active income. These include maximizing your personal earnings, reducing taxes, and controlling personal expenses. When you all all of these factors up, they equal a surplus of cash to invest.
Maximize Personal Earnings
On your way to winning the money game, it’s no secret that you need to start small. Remember what your grandparents told you when you got our first job? It’s not what you make, it’s what you save! Well, it can often seem impossible to save and invest when you’re not making much. This is a tough economy, but there are many strategies to maximize your personal earnings in order to invest more. Whether you own a business or earn a W2, you are earning a regular check and can find ways to save a portion of it.
Legally Reduce Your Taxes from Earning Active Income
Money saved on taxes is an income stream! There are many legal ways to reduce your taxes owed, whether through deductions, business expenses, or other expert methods. If you’re not regularly meeting with your CPA, start now. Maybe you have reached the level where your CPA is no longer helping you, and you’ve outgrown them. Investing in a CPA who specializes in high income business owners will pay back dividends when they implement these strategies. Rob has learned firsthand in the real estate sales industry how to take advantage of tax benefits most business owners don’t know about.
Control Your Own Personal Expenses
Another phrase seemingly lost to time with our elders is live within your values. Capitalism is so refined in 2023. Every screen you turn to sings a siren song to you. Buy this, it’ll make you happier. You deserve it. When you have climbed the income ladder to the point where you can actually afford those things, it’s easy to give in. Living within your values is another income stream. If your truck is still running great at 150,000 miles, it will probably still run great at 200,000 miles. Trade secret: you’re happier with a vehicle when it’s paid off! This goes for appliances and mortgages, too!
The End Goal of Earning Active Income: Surplus Cash To Invest
Act 1 of winning the money game may be the hardest. Earning active income from a W2 or business owner wages may not yield enough on it’s own. If that is the case, you must explore your tax advantages and tighten your spending belt. You won’t regret the dividends you earn years down the line if you invest the surplus cash it generates.
Join Our Community
Do you own multi-family properties? If not, do you aspire to one day? Then you should consider joining our online discussion group, the ATL Inner Circle Community! Each month, Rob Rowsell will teach you what you must do in order to build wealth in the real estate business. It’s not as easy as it looks! Property taxes, liens, and legal fees can all be hard to navigate, so having a successful guide in your corner like Rob is a must! Sign up today!
