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Entertainment
Meals
Travel

Car, gas, and insurance
Corporate housing
Gifts
No matter what your situation or strategy, proper documentation and an understanding of your financial situation are
essential to maximizing your wealth building. This entails maintaining precise accounting records. If you wish to
deduct the cost of an item from your taxes, you must be able to justify the deduction by producing the exact cost of
the item, the date of the purchase, a description of the purchase, and the business purpose of the purchase. This is
where the use of a debit card that itemizes spending or a credit card and statement, if you immediately pay off the
balance of the credit card, come in handy. There are some stores I shop where I have to go through the checkout line
three times, each with a different credit card, just to keep track.
Again, through mentors and other experts you trust, find a great financial advisor, CPA, or tax strategist to assist
you with this process. Though you must lead your team by keeping track of your records, as well as highlighting key
pieces you think might be helpful, there is no need for you to study all the intricacies of entity structuring. There are
professionals you can turn to so that you can spend your time generating more wealth. Unfortunately, there are
plenty of advisors and consultants out there who just don’t know as much as other advisors and consultants. With
the help of trusted associates and mentors you can find the best professionals available for you and your business.
These entities, the creation of which is an ongoing process, provide the structure into which your money can flow.
It’s important to understand exactly how to manage them through forecasting.

Back to Kerry’s Wealth Plan
Given that Kerry has made a lot of money and retained little of it, Forecasting would be an important building block
in her Wealth Cycle. My team and I advised Kerry to keep just one of her three S corporations, park another for later
use, and get rid of the third. Then we arranged for her to create an LLC for her real estate and a C corporation for her
executive search firm. After completing the forecasting step, Kerry’s expense management plan looked like this:

Though Kerry’s business was doing well, we both thought, as a Cash Machine , it could be improved. She had
created some products to sell along with her services, but it wasn’t generating the cash she’d hoped. We put a
marketing plan in place and also bundled some of the products with her services to generate interest. Kerry redid her
business directive and focused on her marketing and distribution. Additionally, she set up another business just for
the marketing of her product, to help her better manage her expenses and keep the product and service expenses
from mingling. The acceleration of her marketing and sales efforts, within five months, tripled her business, from
$15,000 to $45,000.
Right after Kerry fired her CPA and hired a new one, we set up a personal Wealth Account and several holding
accounts in each of her entities. She was going to gear up her investment in Assets and needed to create her own
bank in order to keep up with herself. In terms of assets, Kerry had a total of $1,655,000, which consisted of

$1,000,000 invested in real estate
$500,000 equity in her own home