Ep 334 - Creating Your Financial Priorities

Freedom Through Passive Income

We've talked about finances a lot this year and a lot of that was prioritizing and figuring out how to discover what it is that you need in order to retire with Freedom Through Passive Income, which is what our mission and passion has been about all year long.

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Today, we want to share financial priorities from both personal and professional perspectives. From the professional standpoint, we need to ensure that we have the cash flow for generations, operations and debt obligations. We need to understand owner compensation. For us, as non-W2 employees, we arranged to be compensated by guaranteed payments as we understood that a growing company may not be profitable for some time. Equity partnerships need to be established within a tiered structure of payments to our staff and investors. Bank or lender requirements are a critical factor to consider beyond the aforementioned debt obligations and need to be considered if they fall beyond the score of level one debt. Tax minimization is the final thing to discuss as we need to have a profitable business before we can consider reducing our tax burden and how to legally pay the minimum taxes possible. Always consult a tax professional regarding tax minimization! When we talk about financial priorities from a personal perspective the number one item is to pay yourself first. The second important item is to divide your pay into buckets. This means to ensure that your pay is distributed to prioritized expense buckets. For example, you need to determine your required living expenses, car payments, charitable donations, vacation fund and savings needs. It is critical to create a plan for financial priorities. If you need assistance in creating a plan to help grow your income, manage expenses or assistance in helping to create a path to financial success, our team can help and we encourage you to reach out to us. We believe that real estate is a high return vehicle with stability, safety and lower risk.

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Invest Smart. Live Happy.

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