The 4 Foundations of Wealth Creation
CROFT & FROST’s mission is to help clients & entrepreneurs build courage & create wealth so that they can accomplish personal, professional, and financial goals. We have created The 4 Foundations of Wealth Creation to help achieve whatever these goals might be:
1. Increasing Your Monthly Income: There are several ways a person can increase their monthly income. Perhaps you start a side hustle that you have been passionate about. Maybe it is time you look at expanding an already existing business. There are several options, but you have to ensure your income is at a certain level in order to be able to participate in the next three foundations of wealth creation.
2. Identifying Tax Savings: There are likely deductions and savings within the tax code that entrepreneurs are not aware of or utilizing. CROFT & FROST expertise is accounting and tax. We have certain services that could help you identify, implement, and save on your taxes. One of these methods is tax planning. We have a consultant connect with you, you fill out a detailed questionnaire, and we enter it into our new software. Our consultant then goes over the potential savings and strategies with you. If CROFT & FROST is doing your tax return this year, then our consultant goes over the strategies that need to be implemented with your tax preparer. We are the experts and want to help you save! If you are interested in tax planning, you can visit: https://www.frostcpas.com/contact
3. Protecting Your Income: Once you have increased your monthly income and identified tax savings, you will see an increase in wealth. However, leaving this income and growth unprotected is something we want to avoid. There are several options and ways to protect the wealth you are building. Some people use IRA’s or 401K plans. The problem with these plans is that you are deferring the tax that you will pay to a later time. The way things are trending, tax rates will steadily increase. So, if you opt to protect your income through one of these plans, you will be taxed at a higher rate than you would be now. Another option is a life insurance policy. This can double as a retirement plan, and you will be taxed in the present at a lower rate, rather than later at a higher rate, which allows you to increase your wealth. If you are interested in learning about the benefits and options of life insurance as a tool for protecting your income, visit: https://www.emeraldlifeinsurance.com/
4. Investing In Yourself & Others: A great way to create wealth is investing in yourself. Give yourself experiences and opportunities to grow and learn something new. Go to conferences or webinars. Get an accountability partner and start sharing your goals, or sit down and figure out what your goals are. Believe that you have something to offer people and invest in them.
A great and affordable way to learn and invest in yourself and others is our Onward Accelerator program. If this is something you are interested in, you can visit: https://www.onwardaccelerator.com/ .
Take the first step to create your own wealth and download J.D. Frost’s The 4 Foundations of Wealth Creation: How to Create True Wealth. It reveals simple ways to grow your wealth, no matter who someone is or where they come from. If you have financial or personal goals you want to reach them, discover simple, effective steps to take with this e-book. Take the initiative to become your best self and dive into lasting life change.
Get your copy of the Ebook here: https://www.onwardaccelerator.com/4-foundations-ebook
By: Katlyn Richardson, Onboarding Specialist at CROFT & FROST