Three things that you need to be doing to ensure that you’re building real wealth.
Hi, this is Beth Woodhall with Woodhall Wealth Companies, and in today’s video I’m going to be discussing three things that are vital to ensure you’re building wealth.
1. Establish legal entity
Assign a person or organization to possess separate and distinct legal rights (individual, partnership, or corporation). A limited liability company (LLC) will hold all of your assets separate from one another, so if there was a lawsuit against one asset, for example, it won’t affect the others.
2. Dedicate a bank account & credit card for business
Opening a separate bank account and credit card for all of your business transactions will provide an extra layer of protection from fraud and won’t negatively impact your credit score in the case of a financial crisis. Setting up a different bank account allows you to stay organized by tracking income and expenses, and makes it so much easier when filing your taxes.
3. Use technology to track income & expenses
When you own a business, knowing where your money is going is one of the most important things to keep track of. By using an income and expense tracker such as Quickbooks or Mint, it can help eliminate human error, paper waste, and save time.
In the next video, I’ll be interviewing a Top Producing Realtor in my Market Center who is doing one of these things at the highest level. If you have any questions about establishing a legal entity, opening a separate business bank account, or using an income and expense tracker, contact me at the information below, and I’d be happy to help. See you in the near future!