There are many personal reasons why starting or owing a business may not be right for you. However, from a wealth creation perspective there really is no argument. Owning a business is just about the best thing you can do for your wealth creation journey. The following are just 10 wealth creation reasons why owning your own business is a good idea.
Reason # 1: Build an Asset that Provides You with Extra Cashflow
Reason # 2: Develop Business Skills and Acumen
Reason # 4: Build an Asset that Increases in Capital Value (part or all of which can be sold)
Reason # 5: Develop Financial Intelligence
Reason # 6: Buy other assets that are cash-flow positive with pre-tax dollars
Reason # 7: Pay a lower effective rate of tax.
Reason # 8: Build a retirement fund using pre-tax company money
Reason # 9: Commercial debt is cheaper than personal debt.
Reason # 10: Delay the payment of tax.
However, starting and running a business is not a walk in the park. So before you begin it’s worth considering the 5 important personal questions. Find what those are here.
About Keelan Cunningham
Keelan Cunningham is an entrepreneur, multiple business owner, author, and personal finance/wealth building specialist. Keelan’s passion is helping people improve their business acumen and personal wealth creation strategies, so they can lead a truly wealthy life in all aspects and with any luck similarly transform the lives of others.
The Rools of Cool. That’s how we like it! Critical is fine, but if you’re rude, we’ll delete your stuff. Please use your PERSONAL name or initials and not your business name and do not put your website in the comment text, as both come off like spam. Be relevant!
Have fun and thanks for adding to the conversation!