The Secret To Building Wealth: What The Rich Have In Common

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The Secret To Building Wealth: What The Rich Have In Common
Building WealthWhat The Rich Have In CommonBusiness Ownership
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Melissa Houston, CPA covers business and personal finance impacting women entrepreneurs. With her CPA designation and over 20 years of practical experience, Houston is widely regarded by her expertise in financial management. Houston shares her knowledge and experience with Forbes.com readers and has done so since August 2020.

Do People Pay More Attention To Financial Information When It Comes From A Man? Plus: Forbes’ Inaugural Sustainability Leaders ListOne of the most significant factors that separates the wealthy from everyone else is business ownership . When you look at the world’s richest people, whether they're on theor quietly accumulating wealth behind the scenes, you’ll find that most of them have one thing in common: they own businesses.

For example, if you own a profitable business, not only are you earning income from the business, but you can also sell that business down the road for a significant payout.Apple’s Update Decision—Google Ridicules iPhone As Bad News Hits This is one of the many reasons why the wealthy often become even wealthier—they understand how to make the tax code work for them through business ownership.from different products, services, or investments. This diversification reduces risk, ensuring that if one stream of income slows down, another can make up for it.

This control over time, combined with financial success, is a hallmark of the wealthy. Owning a business allows you to design your life in a way that’s simply not possible when working for someone else.The wealthiest people are often innovators; those who see opportunities where others don’t. Business ownership naturally fosters this mindset because it forces you to think creatively to solve problems, grow your business, and stay competitive.

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