Is your business a Wealth Engine?
What is a wealth engine anyway? This might be easier to explain if we talk about what isn’t a Wealth Engine.
Debt isn’t Wealth. If your business is a Debt Engine, we’ve got some work to do! If all you are doing is paying off debts, when are you going to break the spending cycle?
Financial Liberation comes when your profit is unencumbered. I’ve written about this before. Unencumbered money is money that is not earmarked for something else. Money that can be used to grow your wealth further, invest, use for trips and vacations, given as gifts, philanthropic donations, money to be used however your heart desires. When all you are using your profits on is a debt cycle, you’re not really moving the needle.
I am often asked, “What’s the best use for my money?” The answer to this question lies in the spectrum of Debt.
DEEP IN DEBT
This speaks for itself. Dave Ramsey comes to mind, “Debt is dumb, cash is King!” Aside from home mortgages, vehicle loans or leases, and credit cards, there is also IRS debt. There are currently 25 million people in trouble with the IRS. Yikes, that is staggering…if that is your situation, we can help.
Most people are in and out of debt, dangerously flirting with too much debt and being stable.
Some people are confident in their wealth position and what they are doing with their money.
Few people get to this level of having unencumbered wealth. Here you have full freedom about the decisions you make in terms of how you’re going to use your money. This happens when your business is strategically set up so that it has become your wealth engine.
Strategically unencumbered money, wealth, or financial liberation allows you to do three things. These three things are personal choices that determine how to use this unencumbered money.
Let’s talk about that. Your choices are simple and break down into three things you can do with your unencumbered wealth.
Consume Money and Grow Self
Invest Money and Grow Money
Contribute Money and Grow Others
What do you want to do? What are your goals? We plan your wealth engine around your goals and desires. Too often as Advisors, we are kept out of the loop with clients and their ultimate goals and therefore unable to help them move forward in the right direction and only left to wish we could have known sooner so we could have advised them. If we understand where you are trying to go, we can help you get there.
Personally, I love the team that I am working with now. I feel blessed to have so many great people. My plan for next year is to Grow Others and bring my remote team together for a week in Texas for team building. Ten team members from the Philippines, one from Maryland, and five from Texas. After COVID-19, a lot of businesses changed and mine changed significantly. We are mostly remote with a little hybrid. We plan to all be together for about a week for team bonding and getting to know one another better. This sounds very special to me and will be a wonderful experience that I look forward to.
What would you do with your WEALTH ENGINE?