Page 87 - C:\Users\Troy-LapTop\Documents\Flip PDF\Millionaire Maker\
P. 87

In terms of Entities , Jim had

                      The LLC, the S corp, and the C corp established for his personal business
                  Jim needed to

                      Identify the S corporation for his business (personal training)
                      Use the C corporation for his network marketing company, the training videos, and to market his personal
                      training business
                  He called his CPA and instructed her to

                      Transition his personal training to the S corp from the LLC
                      Use the LLC for a planned real estate transaction
                      Establish a trust to serve as an umbrella for all his companies and holdings.

                  These modifications to Jim’s entities would drastically change his forecasting and help him retain more money.
               By shifting his Conditioning , that is, his thought process on forecasting and entity structuring, Jim Quinlin was able
               to retain more of his earnings and begin focusing on making more money. And in order to make more money, that
               is, pump up his Cash Machine, Jim needed to (1) make a commitment to work harder on his business, and (2)
               maintain his lifestyle and expenditures at their current level.
                  Kind of a lone ranger out in the Kansas plains, Jim realized he had to focus on Teamwork and set about putting a
               good team in place. His CPA had let him down and he needed to find a better one. In addition, there were hundreds
               of personal trainers in Topeka who’d already made the mistakes Jim was making. He needed to find a mentor.
                  Jim had the insight to realize that his finances might not be quite right. By realizing this and taking responsibility
               to build his wealth, Jim took the Leadership initiative on reaching his goals. And one of the most important steps
               Jim took was establishing his Wealth Account and eliminating his debt. These are the life-changing building blocks
               at the heart of the Wealth Cycle process.
                  By cleaning up his house, reorganizing his tax strategies, and pumping up his Cash Machine, Jim engaged and
   82   83   84   85   86   87   88   89   90   91   92