Entrepreneurship is the ultimate wealth-creation tool. A business has two primary benefits: It generates income, and it builds wealth. It’s true that a business can lose money, but it’s also true that a business earns money. You can lose money investing in the stock market, but you still earn money when you sell your stock. A business, however, will always earn money. Of course, not every business you start will be profitable, but a business has a positive probability of success.
Watch the full episode of Why Starting Your Own Business Should Be Part of Your Wealth-Building Plan?
Why Starting Your Own Business Should Be Part of Your Wealth-Building Plan?
How does a business help you with your tax?
Starting your own business can help you minimize your tax exposure and save on expenses. Depending on what kind of business you want to start, your tax exposure can be lesser if you’re running a business from your home as you can deduct a lot of the expenses you incur in running your business. For example, you can deduct expenses in advertising and promotion, the cost of hosting your website, revenue for restocking supplies, and even the salary you pay to your employees. Of course, there are some expenses that you cannot deduct such as those in apparel, and entertainment but the expenses you can deduct will, in the long run, help you save on your tax.
Disclaimer: We are not financial advisors. The content on this website and our YouTube videos are for educational purposes only and merely cite our own personal opinions. In order to make the best financial decision that suits your own needs, you must conduct your own research and seek the advice of a licensed financial advisor if necessary. Know that all investments involve some form of risk and there is no guarantee that you will be successful in making, saving, or investing money; nor is there any guarantee that you won’t experience any loss when investing. Always remember to make smart decisions and do your own research!