Financial plan Dream Entrepreneur - Opportunity is in the mind of the beholder

Have you ever driven with pride your car brand new off the lot for sale only to discover that everyone else seems to be driving the same car? You may remember seeing this particular model a couple of times before your purchase, but now you see everywhere! It is likely that a large number of people suddenly decided to purchase the same vehicle the same day you did, indeed, your mind is playing tricks on you. While I am not qualified to enter a complaint of the Freudian subconscious mind, nor do I want, I believe that the mind has an extraordinary ability to control what we see ... and what we see. I refer to this as "mental vision" - and in the case of the entrepreneur, poor mental vision can lead to missed opportunities!

In his book, The Millionaire Mind, noted financial author, Dr. Thomas J. Stanley, summarizes the most multi-millionaires have responded to the question: "How did you become millionaires in one generation?" He summarized their answers, saying: "Most of us saw a business opportunity that others simply ignored, and we had a propensity to take financial risk given the promise of a good return ... It is less than invest in the stock market, and much more investment in ourselves, our careers, our professional practices, our private enterprises, and so on. "In other words, millionaires do not rely on the growth of their investment portfolio to create wealth, rather, are based on their own entrepreneurial efforts.

Entrepreneurs who are adept at finding those "economic opportunities that others simply ignored" need to have quick access to cash, often in the form of liquid investments, so they can take advantage of these opportunities. Therefore, you are doing a disservice, by investing in traditional retirement vehicles that are more commonly used today. IRA, 401 (k) 's, and annuities are also great for the vast majority of the population, however, these can be a costly mistake for a successful entrepreneur. This error occurs in a manner: the enormous opportunity costs!

We've all heard the phrase "A penny saved is a penny earned." But for the entrepreneur, a penny saved in an IRA is a penny less that can be used to create real wealth - the kind of real wealth that is owned by billionaires in the book by Dr. Stanley. Vehicles traditional retirement may seem like the thing "just and responsible" to do, but considering that the rich people in America have not achieved their wealth in this way, it would be wise for entrepreneurs to explore alternatives that focus on liquidity - even if means sacrificing some deductions and tax returns of the stock market!

Most entrepreneurs will agree that there is tremendous value in maintaining a liquid financial position, and that starts with breaking the cycle of financial planning. If you have what it takes to become a successful entrepreneur, considers the power to make your financial plan as fluid. Start searching for alternative places to put your money, how to buy your investments outside of an IRA. If you hold them for at least a year before selling them, will be subject only to the tax on long-term capital gains, which currently has a maximum rate of 15%.

Another alternative includes the construction of educating yourself on a maximum funded cash value universal life insurance policy, and then find an expert agent who knows the complexity of these policies to help facilitate this. Your cash value grows tax deferred and can be accessed via fairly low interest loans policy. These loans are not considered taxable event unless the policy is surrendered or canceled. Taxes can be minimized by reducing the death benefit on the contract. Always make sure not to reduce the total life insurance coverage so that they become under insured.

So, before you leave your next wad of cash into an IRA or an annuity simply because someone told you that tax deductions and tax deferral are the keys to great wealth, consider something more liquid. It 'just can hone your mental vision enough to see that the next big opportunity for your business! And who knows, maybe you'll be the one called for an interview with Dr. Stanley!

Brad Fisher ......