5 Steps Successful Business People Take To Build Long-Term Wealth

Group 1 - The article emphasizes the financial responsibilities of becoming an entrepreneur, highlighting that individuals must manage all expenses, both major and minor [1][2] - Initially, the primary goal for entrepreneurs is to achieve profitability, but long-term success requires establishing a solid infrastructure for growth and stability [2][3] Group 2 - Entrepreneurs are responsible for both employee and employer contributions to Old Age, Survivors, and Disability Insurance (OASDI), totaling 12.4% of earned income, which is crucial for financial protection [4][5] - Understanding all expenses is essential for efficient budgeting, as self-employed individuals face unique financial obligations compared to traditional employees [5][6] Group 3 - The article advises entrepreneurs to seek a tax specialist to maximize deductions available under current tax laws, which favor small business owners [6][7] - Collaborating with a tax specialist can help entrepreneurs identify necessary deductions and set up benefit packages, allowing them to focus on wealth accumulation [7] Group 4 - Entrepreneurs are encouraged to consult with a financial planner to establish a benefits package, create a work schedule, and outline retirement savings plans tailored to their business objectives [7]