Did you know there are four wealth blind spots that most business people have?
As a matter of fact, the only people who DON’T have these blind spots are the mega-millionaires and billionaires. Side note: While I have never worked with a billionaire, I have worked with many, many millionaires and mega-millionaires. And also had a hand in making more than fifteen reach or significantly grow that millionaire level.
If you want a fighting chance to reach that exalted status, you need to know about these four blind spots.
Never focus on your taxes once a year
Far too many business owners and entrepreneurs have CPA’s who come into the picture to file tax returns ONCE A YEAR! Sadly, for the rest of the year, the business owners and entrepreneurs obsess about the tax rules and moan and groan about how they are hard done by.
What do the mega-wealthy do? They have tax planners, CPA’s, accountants and tax attorneys who work year-round for the rich. Their entire focus is to find the right legal strategies for them and their business. Based on the business P&L, they will find ways to decrease all taxes in the upcoming year and provide all the action steps necessary.
Are you saying you can’t afford experts to manage your taxes? Ask your professional CPA or tax planners. You will be surprised at how affordable they are. Plus, you’ll get a roadmap of what to do – and can put all the time you used to spend moaning and groaning to good use. Like feathering your own wealth nest.
Invest in a team of experts
Please do not believe all the press clippings and all the great things being said by your heroes. Nobody does anything significant alone. NOBODY. Every single successful business owner has a team of experts behind them. (Hot tip: Start with one and increase to more as you scale your business.)
It is imperative you have absolute confidence in yourself, your team and your advisors. Your confidence is a huge part of what drives successful collaboration.
Typically, business owners pick up a few advisors over the years from recommendations by friends or colleagues. Unfortunately, too many of these adviser relationships end up falling flat.
The most common reasons are the advisers can’t communicate effectively, the business owner requires far too much hand-holding and the relationship needs constant managing by either the business owner or the adviser.
What’s the right solution? Do what the wealthy do. Make sure all your professionals are A-team players. Ensure that everyone is collaborating. The best option is to have someone else take care of finding and managing your professionals for you. That frees you up to continue running your business.
Maximize your wealth inside and outside your business
Far too many times, business owners and entrepreneurs are keenly focused on building wealth inside a business. This causes them to forget to build wealth in their personal life. Too often, entrepreneurs are waiting for the big exit that doesn’t happen or worse, something goes wrong.
The mega-wealthy understand that you get rich by being concentrated in a business. However, you stay rich by being diversified outside of the business.
Are you aware that human beings are designed for social connection? Strong relationships are key to social connection. Your family and friends and community will bring you more satisfaction and joy than any amount of money you can make, assets you can amass or deals you can lead. Invest in that part of your life as heavily as you invest in your business side.
Have a plan for sustainable wealth
Building wealth for the long term requires a completely different set of tools and skills.
The very wealthy always think and plan for growth. They know that short-term goals, band-aid solutions and even a poorly planned strategy will NEVER make millions or billions flow into the bank account.
Are your tools and skills building for growth or building for this week? Adjust your thinking immediately. Think long term.
These are the four key blind spots, that have always existed and are clearly showing up today for far too many business owners and entrepreneurs.
If you can honestly say, you do not do all four of them, congratulations. I can’t wait to see your name in the news shortly.
If you are plagued by even one of these blind spots, I can help you see where you need to go. Call me.