3 Tested Actions to Make a Big Impact on Your Wealth

A wealth strategy shouldn’t be a big “to-do” hanging over your head. Instead, it should be something you integrate into your everyday life over time.

The small actions you take on a daily basis often have the biggest impact.

The most successful wealth strategies are the result of small actions done on a regular basis. Think of a wealth strategy as a way of life. The actions you take to create, build and enjoy your wealth should be part of your day-to-day routine.

Here are few small actions that I do in my normal routine that have a big impact on the success of my wealth strategy.

#1: I see every day as an opportunity for a new deduction

Your tax strategy is an integral part of your wealth strategy. Reducing your taxes is one of the most effective ways to feed your wealth strategy.

Every day is an opportunity to reduce your taxes.

Think about when you go shopping for a new car. After you figure out which car you want, don’t you then see that car everywhere? The number of cars hasn’t increased – your awareness has and the same works with your tax deductions.

On a daily basis, as I spend money, I am thinking about where I’m spending my money. Is it deductible? Could it be deductible?

If you aren’t sure if something is deductible, discuss it with your tax advisor in your next meeting.

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#2: I review my numbers

On a daily basis, I review all cash receipts in my businesses and investments. This is something that is just part of my normal daily routine that allows me to adjust my wealth strategy on a daily basis if I don’t like the trends I’m seeing.

It is a task that takes me less than 1 minute every day. How does it take so little time? I use leverage. I leverage my time by having someone else compile the information and provide it to me in an easy to review format.

Every morning. 1 minute. Significant impact on the success of my wealth strategy.

#3: I have meaningful meetings with team members

Team members are an essential part of a successful wealth strategy.

I have regular meetings, scheduled in advance, with all of my team members. Some meetings are daily, others are weekly and some are quarterly.

BUT…have you ever left a meeting feeling like it was a waste of time and energy?

I avoid this by setting goals for every meeting I have and I share these goals upfront with whoever is in the meeting. I do this to make sure we are working towards the same goals and to stay focused on those goals. If there are no goals for a meeting, then there shouldn’t be a meeting.

Meetings are a great way to keep a wealth strategy moving forward – provided you are getting what you want out of the meeting.

Small But Big

These are just a few examples of how small actions can have a big impact on a wealth strategy. These small actions help me stay informed so I can take the right action at the right time to successfully build permanent wealth. Yet, they are small actions that are just part of my normal routine.

Tom Wheelwright, CPA

To ensure compliance with requirements imposed by the IRS, we inform you that any US federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and it cannot be used for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein. If you are not the original addressee of this communication, you should seek advice based on your particular circumstances from an independent advisor.

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