It has been said that the only thing harder than making your first million dollars, is keeping it. I can personally tell you that it is quite the test, but if you manage your money the right way and can just show a little bit of discipline, everything will work out just fine.
Just because you brought in a million dollars, it doesn’t mean that’s just going to happen from now on. Now is not the time to relax; actually, it’s quite the opposite of that. Now is when you should really kick it into high gear and start building on top of that nice foundation you’ve made yourself. And no matter what you do, ALWAYS remember…
IT’S NOT WHAT YOU MAKE, IT’S WHAT YOU KEEP.
This is one of the most important rules to remember as you transition into your wealth. I know plenty of people who have been terrible with money their whole lives, made a little bit of money finally, and then just blew it all away. If you’re not great with money, that’s okay! But unless you want to be broke in a year and back at square one, you’re just going to have to show some discipline.
Once you start making more money, you’re also going to have to worry about a ton of different taxes that you never knew even existed. Not to mention the fact that you’ll be in a higher tax bracket. Your tax strategy is very important as well and that’s why I have my own CPA working for me. Doing things right when it comes to taxes is extremely important to keeping your business completely in the black.
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