Commitments & The Eight Key to Success

Real Money Talks

Welcome to the weekly market awareness broadcast. In this time after Christmas and before New Years’ everyone is looking at their year in review. What are you committing to in 2021? We are going to be talking a lot about commitments and changing your mindset away from that mainstream math to millionaire-making math.

We are going to focus on the eight areas you need to be reviewing and making commitments in to be successful. Scott Arden is joining us on this episode. He talks about entities and why they are critical to save 2020. You either save 2020 or you are going to get killed on taxes.

Show Notes:

• [01:03] What are you committing to in 2021? We are going to be talking a lot about commitments.
• [02:11] You need to be completing 2020. In this episode, we are going to be talking about some things you need to be doing so you can see if you are caught up.
• [02:25] Your commitments need to be SMART commitments: specific, measurable, achievable, realistic, and time-bound.
• [03:51] Check out and join the social sharing content here.
• [05:08] Over 80% of New Year’s resolutions fail and they usually fail because there is a lack of commitment and sequencing.
• [05:31] Sequence is important because it is building on one another and one thing you should be affecting the next thing.
• [06:06] We will plan all of next year as we head into next week.
• [07:01] Sequence is critical. We look at what you are doing and put it in the right order.
• [07:44] The eight keys to success are money, business, health, spirituality, family, your significant relationship, physical environment, and fun and friends.
• [09:56] Set goals in every one of these key areas, but keep it to three things in each area. Then you can focus on two a month in 2021.
• [10:53] When you are not feeling motivated it is usually because of your gap. Where are you and where do you want to be? It has to have the right tension.
• [11:39] As you review 2020, what do you need to start doing, stop doing, and continue doing?
• [12:31] Next do a baseline of where you are versus what you want and set the right tension in your goal setting. Then you move on to your ABC goals.
• [14:45] Do your commitments, go through these activities, and then we are ready to work through your plan.
• [17:27] It is extremely imperative to have an entity to take advantage of the loans and stimulus.
• [18:07] If you want to take advantage of certain write-offs and deductions the only way to do so is to have that entity established in 2020.
• [20:04] The most common entity that they establish is an LLC. They have a lot of flexibility. It is one of the most widely used entities nowadays.
• [20:55] LLC’s are the most common. It is a great vehicle because of the flexibility with taxation and it can also be owned by other entities.
• [21:41] If you’re just starting out and don’t have a partner you probably want to look at an S-corporation. It is going to provide the most tax benefits and protection with a liability issue.
• [22:31] If you’re making a lot of money, have property, and you want to separate it from your personal return then you start looking at a C-corporation. You pay taxes on what you are paid and the company pays taxes on the rest.
• [23:54] Set up a time to talk with Scott about your entity here.
• [24:44] The compliance requirements are the same in the US and Canada.
• [25:25] If you want to take advantage of entities, take that leap. If it is on your checklist, just get it done. Start 2021 off right!

Links and Resources:

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