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Whatever your income bracket, his philosophy can help you build wealth.
Lets dive into howCardones approach to taxes can help build your wealth.
Start a Business
One of the cornerstones of Cardones philosophy is entrepreneurship.
Besides earning passive income, entrepreneurship offersconsiderable tax advantages.
Starting a side business opens up tax opportunities that W-2 employees dont typically have, Ray said.
This will allow entrepreneurs to reinvest the tax savings into growing their businesses.
According to Ray, this isnt limited to old-time businesses.
You dont need to be a millionaire to start.
Begin with what you have, claim your deductions and scale from there, he said.
Small businesses that start today might generate big money in the future.
Leverage Real Estate
Real estate is the foundation of Cardones wealth-building philosophy.
Even first-time investors can benefit by starting small withrental properties orhouse hacking.
Start small and educate yourself.
Real estates unique tax benefits can help one grow wealth tremendously.
Cultivating the Growth Mindset
Cardones philosophy is based on positive thinking and acting like an entrepreneur.
That means taking calculated risks, which is key to his goal of creating wealth.
Ray explained how adopting this mindset can transform your financial trajectory.
A growth mindset involves viewing challenges as opportunities and always striving to improve your financial literacy, he said.
When you approachtaxes and investmentsproactively, youre more likely to seize opportunities others might miss.
Ray advised his clients to set clear financial goals.
It could be saving up for a self-earned down payment on a house or financing anew business venture.
Having the roadmap keeps you channeled.
You are building wealth, he added.
A long-term vision must guide your everyday money decisions.
This will help you adopt a growth mindset for financial freedom.
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