Listen on…
Simple strategies to build long-term wealth, save on taxes, and recession-proof your small business
Did you know that 73% of Americans say that their finances are the number one stressor in their life?
It’s true, sweet friend. Money (and lack thereof) is top of mind for the large majority of people — more than family, or even work. I don’t know about you, but I think that statistic is quite concerning!
And I’ll be honest, if you’re worried about your finances — and you want to make a change — it’s really hard to know where to even begin.
It seems like there’s so many ‘financial gurus’ out there touting a “think and grow rich” mentality that, quite honestly, is just a bunch of fluff.
That’s what I love about my guest on today’s episode, business and finance expert Candy Valentino. She’ll be the first to admit that building long term wealth takes much more than positive thinking – it takes good old fashioned hard work.
She’s able to break down wealth creation with practical, actionable strategies that anyone can use. And the proof’s in the pudding, because it’s these exact strategies that she used to escape poverty, create a multi-million dollar empire, and become financially free by the age of 40.
I’m super excited to share this episode with you. Not only will you take away Candy’s essential wealth building strategies, but you’ll also hear:
- The many tax benefits of having your own business (even if it’s a side hustle)
- Tax strategies that can help you give as little to the IRS as possible
- Whether or not starting a business during a recession is a good idea
- Ways to recession-proof your small business
Just a heads up – you’ll probably want to take notes on this! So get comfy, open up that Google Doc and get ready for an incredibly informative conversation.
Here’s a glance at this episode…
- [05:29] Candy started college but soon realized she wanted to build a business and create wealth so she wouldn't have to struggle like her parents did.
- [06:41] Candy was able to secure an SBA loan and start her first successful business at the age of 19.
- [09:32] Candy wrote down her first list of goals at 17 years old. She achieved all of them by the time she was 23.
- [13:20] The most amount of taxes you will ever pay is on earned income. A business of your own gives you the ability to take deductions.
- [15:36] Opening yourself up to new tax deductions allows you to keep more of what you make. As you earn more, you need to keep more.
- [18:05] You can put your kids on payroll or open a custodial Roth IRA. You can also rent your home or another property to yourself tax-free.
- [21:27] Entrepreneurs need to learn business finance. Make a money date with yourself and sit down with your balance sheet or profit and loss statement.
- [23:15] A recession is the best time to start a business. There are only four five times in our lifetimes that we get an opportunity like the one we're coming into.
- [26:16] When there is market volatility, you may have to shift your messaging. Create a lifeboat of how your product is going to help people now.
- [28:15] Candy’s long term wealth mindset: What are you willing to give up now? What are you willing to say no to now, so you can say yes to something later?
- [31:32] Candy wrote Wealth Habits because she wanted to take 25 years of what she wasn't told and distill it into a book.
Rate, Review, & Follow on Apple Podcasts
“I love Amy and Online Marketing Made Easy.” <– If that sounds like you, please consider rating and reviewing my show! This helps me support more people — just like you — move toward the online life and business that they desire. Click here, scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode!
Also, if you haven’t done so already, follow the podcast. I’m adding a bunch of bonus episodes to the feed and, if you’re not following, there’s a good chance you’ll miss out. Follow now!
