Magic Beanz Starter Guide

Magic Beanz Cash Flow King

STARTER GUIDE begin to win with strategies & mindsets proven to help you make & keep more money

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IN TRO : ģ What would your life look like if you were winning financially? ģ What if there were a set of strategies and mindsets that are proven to help you make and keep more money? ģ How would you feel if you had enough money to ultimately achieve long-term wealth and financial freedom?

Well, the truth is, you can do this. And if you do, you’ll be far from the only one.

Financial security is far different than having enough money on your last paycheck to cover the bills. It’s the ability to plan, save, and invest in any way you want. It’s the beauty of having enough money to live comfortably and support those we love the most.

If you’re ready to enter that world, then this eBook is for you.

Let’s start our journey by taking a closer look at the importance of our mindset and the strategies we need to generate the optimal cash flow to achieve our long-term financial goals.

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CHA PT ER 1: M I N DSE T & STR AT E GY F OR O P TI M A L CA S H F L OW

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WHAT IS THE GROWTH MINDSET & HOW DO YOU CREATE IT? Perhaps the best way to define what a growth mindset is to look at what it isn’t.

The opposite of a growth mindset is a scarcity mindset. In the book, “The 7 Habits of Highly Effective People,” Stephen Covey coined the term ‘scarcity mentality’. It refers to individuals who see life as a limited pie, one that each of us gets a small piece of because of the top-tier wealthy individuals taking the biggest piece.

They also see life as a series of limited experiences. This includes limited opportunities for promotions at their job, limited resources like money, food, and water, and just generally seeing the world as a limited place to exist in.

On the contrary, an abundance mindset sees the world as a place where everyone can get as much as they like from life. It’s one where the individual who has it sees intelligence and talent as qualities they can develop, rather than things they are born with or without. With consistent action and effort, the results are substantial.

A growth mindset also sees setbacks as a necessary part of the learning experience. People with a growth mindset are typically more resilient.

To be successful financially, or truly in any area of our lives, we must have a growth mindset. When we do, we are far more likely to… ģ Believe that our efforts matter and lead to master

resource for information ģ Willingly embrace our challenges as they come to us

ģ Put more effort into our desire to learn

ģ Be inspired by our life experiences

ģ See feedback as a valuable

So, how can you start creating a growth mindset and set yourself up for financial abundance?

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Realize You Can Improve

belief in yourself. Remember that attitudes rub off on us pretty easily.

Start at the very beginning—with belief. Scientifically speaking, we all can change and adapt. Remember that our brains are uniquely designed to grow and learn. It’s how we became the dominating species on this planet.

The quality of our lives is in direct relation to the expectations of our peer group. If our peers are satisfied with being overly critical of themselves, then we will, too.

It can be hard, but sometimes it’s for the best to say goodbye to people who are bringing us down in life and ultimately causing us to be less growth-mindset focused.

When we challenge ourselves, we build strength in our neural connections and rewrite our brains, which makes us smarter in the long run.

Make Gratitude A Part Of Your Daily Life

Don’t ever think you can’t improve.

You can. And you will with consistent effort, it all starts with your ability to believe that you can.

That’s right, gratitude is another important way to increase your growth mindset. When we look at what we don’t have in life, we won’t ever have enough. When we see what we do have, we look for more of it, and more often than not, we’ll find it.

Be Mindful Of Your Network Another important aspect of building a growth mindset is being careful with who you spend your time with.

Practicing gratitude is a proven and recognized method for improving our well-being. It is a crucial part of improving our physical and mental health. It also affects our overall happiness, which leads to longlasting results.

We all know people who see the glass as half-empty instead of halffull. If you want to achieve a growth mindset, you must stay away from those people.

You can easily practice this by writing down at least five things you’re grateful for each day. You can even start a gratitude journal if

Conversely, the people who always have something positive to say can help you cultivate a more positive outlook, which strengthens your

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you’re serious about this process.

Even the simplest things count, right down to the mattress we sleep on.

Look for the good in your life, and you’ll be more motivated to pursue it.

Help Your Brain See The Possibilities

Accept Failure

A growth mindset is focused on the possibilities, not the limitations, of your life. Unfortunately, because our minds are limited on energy, we might not believe that we can do what we want. When contradicting thoughts pop up, like, it is possible, they are tossed out because our brain’s default is that’s a ridiculous thought.

This one is a biggie.

As a growth-focused person, you will face failure just like anyone else. It is a natural part of life. It’s a big part of how we learn.

When we try something new, occasional failures help us discover new ways of doing things.

So, instead of feeling like you are a failure, accept this as a part of the process and move forward.

If you want to build a growth mindset, then work on training your brain to relax its focus and create expanded awareness of the good in your life.

Establish A Growth Mindset

You can practice this by thinking about what you would do if you had all the money in the world or if you could do anything to make money, what would it be?

Developing a growth-based mindset is the key to creating long-term wealth. Don’t wait to embrace your failures and expect the best from your growth. When you do, you’ll be amazed at how much you can accomplish.

Simple questions like that, healthily build our awareness.

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Committing To A Financial Strategy That Aligns With Your Personal Goals To create an optimal cash flow, you need to first determine what your cash flow goals are. ȃ What do you want to do with your money? ȃ How will you spend it once you get it? ȃ What type of strategy will help you get there?

Answering these questions is the path towards a powerful financial strategy.

Let’s start with what you want to do with your money, or your financial goals.

First, Think About Your Goals A financial goal is a plan you have for your money. This can either be a shortterm or a long-term goal. An example of a short-term goal might be saving up to $1,000 in your bank account. Conversely, investing in a retirement account would be considered a long-term financial goal.

The primary reason we make goals is to keep us focused on the future, giving us something to look forward to and to hold ourselves accountable for. This is regardless of how long it takes them to materialize.

Let’s take a closer look at some of the more common financial goals that can get you started.

Reduce Debt Most Americans carry a significant amount of debt, and if that’s you, then a great long-term goal would be to reduce your debt burden.

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Save For A Goal Maybe you’re looking to buy a new house or you could even just want to take a luxury vacation, saving money is the best way to accomplish those goals.

Spend Less & Save More Another goal simply might be to save more money and spend less of it.

This process takes dedication and awareness about your finances. Without awareness, you won’t know what you have to save and likely won’t be aware of what you’re spending. Once you have a handle on that, it’s time to get to work on some self-discipline.

Write Down Your Goals When we put pen to paper, something special happens to us. Writing down our goals allows us to get a clearer objective of where we’re at. We can reference our goals in writing and edit or revise them, as well. Additionally, we are more likely to achieve our goals when we write them down.

Make Your Goals Measurable For example, say you want to save $1,000 for an emergency fund. The first step is determining how much you can save each week until you reach your goal. Is it $50? Then it would take 20 weeks to reach your goal. Breaking down your goals in this way makes them more measurable and tangible than simply saying, “I want to save $1,000”. Repeat this process with your other goals until you achieve each one.

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Creating A Financial Strategy That’s In Alignment With Your Goals

Develop A Budget The basics of creating a budget help you create a financial plan and achieve your long-term financial goals. Creating a budget and sticking with it helps you understand what areas you can afford to spend in and where you should be saving your money. Our recommended method for budgeting is the 50/30/20 rule.

Now that you have your goals outlined, the next step is to create a financial strategy that is in alignment with them.

To figure this out, divide your aftertax income into 3 categories, your Essentials (50 percent), your Wants (30 percent), and your Savings (20 percent). This method is ideal if you want to achieve your financial goals and increase your cash flow. Each month, analyze your budget and see what you might want to save for that month and adjust your budget accordingly.

See Where You’re At Right Now Just like a fitness or exercise routine, building a financial plan requires step-by-step action. The first step in this process is understanding where you’re starting from. This allows you to address any weak areas and create goals that are specific and attainable.

Analyze Your Net Worth

Consider Your Retirement Plan

You can determine your net worth by subtracting your liabilities (your payments or what you owe) from your assets (what you own).

Assets can include any money in your accounts, your home, and your vehicle equity. Liabilities, on the other hand, include loans, mortgages, and debts that you carry.

Another important aspect of your financial strategy is your retirement plan. With any financial plan, it’s important to think long-term about your future. Retirement might feel like it’s far and away, but the truth is the earlier you start planning and saving for it, the better. Saving in your 20’s is best, but starting in your 30’s is good, too. It’s never too late, but you must plan to save for it.

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The best rule of thumb is to save around 10-15 percent of your after-tax income every year in a retirement savings account. You can do this through your work or set one up on your own if you’re self-employed. But don’t hesitate to get started.

There are multiple types of retirement plans including IRA, Roth IRA, and a 401(k). Either do your research or speak with an accountant to better understand which retirement account is right for you.

Keep Taxes In Mind Taxes are rarely a fun topic. However, they are an important part of your long-term financial goals. You will have to pay them, but you can reduce your burden if you know what you’re doing. As you think about taxes, keep the following in mind.

-How to reduce your taxable income by capitalizing on tax savings investment options including your 401(k) and 403(b) accounts.

-How to itemize deductions as a way to lower your taxable income either as a full or part-time self-employed taxpayer. This allows you to deduct any expenses you have from doing business.

Create A Deadline Do you think you’ll ever reach your goals if you don’t put a timeline on achieving them? Give yourself a deadline if you are serious about achieving your goals. When do you want to hit your goal of saving $1000, for example?

We said 20 weeks, but what if you want something solid more quickly?

Maybe put it in the books for achieving it within 1 month. Even if you don’t hit the deadline, chances are you’ll be much closer to reaching your goal by the end of that month than if you hadn’t put the deadline down.

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MONEY MANAGEMENT PLANNING Now that you have a financial strategy put together, the next step is figuring out how to manage your money.

None of us are born with the ability to manage money, and few of us are taught how to handle it as children. But the good news is, you can always learn! The best part is, you don’t need some extreme level of math intelligence to create a money management plan, you just need to know how to add and subtract.

And money management planning is a good thing to invest in. It will affect your credit score and the amount of debt you end up with. If you want to get better at managing your money, consider these tips.

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Stick With Your Budget

Track Your Expenditures

If you’ve established a budget for your income, great! But if you haven’t done it, no time is better than the present. If you’re struggling with managing your money, you must complete this process. If it takes a few hours each month of budgeting to get your money on track, then it’s worth it.

Before you know it, your small spending purchases can take over your budget. If you want to stay on track, then be sure to keep track of your spending. Save receipts and write down your purchases in a spending journal or app. This helps you see where you tend to overspend.

Once you have the budget, stick to it. No matter how amazing your budget is, if you don’t stick to it, it’s useless. Refer to your budget periodically throughout the month to guide your spending actions. Update it frequently when you pay your bills or spend anywhere else. No matter where you’re at in the month, you should know where you stand. If you don’t then you need to assess where you are.

Avoid Adding New Monthly Bills One of the biggest mistakes people make when they get their budget together is taking on new monthly bills. Resist this urge! Even if your income and credit qualify for a loan or purchase, that doesn’t mean it’s good for you to accept the offer. It is up to you to determine whether or not you can afford to take on a new monthly payment. Banks and creditors are unaware of whether you can pay back what you’re borrowing.

Next, you’ll want to give yourself a limited amount of money for spending. If you have any money left over after your bills, then it’s time to consider what you’ll spend on entertainment, but only up to a certain amount. Don’t simply spend it because it is sitting there. Budget for this money, too. Make sure you think long and hard about any unexpected expenses before you make a big purchase.

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Save Up For Large Purchases When Possible

Be Patient As You Adopt Your New Money Management Strategy

It is always best to save for large purchases if you can. Why? Because delaying gratification can help you become better with your money, and when you put off large purchases you give yourself time to think about whether or not you need the purchase. Save up instead of using a loan or credit card. This allows you to avoid paying interest on what you’re purchasing, so you save money. Additionally, if you save up money, you don’t have to skip important bills or other financial obligations, to get what you want.

Armed with your new money strategy, you might feel overwhelmed. That’s natural. Be patient with yourself. It takes time to get good with money, and if you’re not used to planning, it can be a challenge to stick with the process.

Don’t beat yourself up about that.

Simply do your best to make these habits a part of your daily routine and you’ll find it much easier to manage your money. Your finances will thank you for it.

Don’t Overuse Credit Cards It’s tempting to use credit cards for every purchase we want to make, but it is a mistake you don’t want to keep making. Limiting credit card purchases helps you reduce your monthly bills and it also ensures you stay out of debt that can prevent you from reaching your long-term financial goals.

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SUMMARY Key Takeaways From Chapter 1: ģ Take the first step to develop a growth mindset today— practice gratitude! ģ Create financial goals that represent the life you want to live—write them down. ģ Develop a financial strategy that’s in alignment with your goals—make it a commitment. ģ Adopt a money management plan that works for your finances—Put it into practice & be patient.

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CHA PT ER 2 : WAYS T O IN CR E A S E IN CO M E

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INCREASE YOUR INCOME IN 3 CRITICAL WAYS Increasing your cash flow naturally includes increasing your income. Whether you work a 9-5 or have a career, increasing your income can be achieved in three distinct ways.

For example, if you’re looking for a pay raise, you can think about negotiating with your existing employer. This could even be the best way to get a bump in your industry.

Interestingly, however, wage gains for individuals who switch jobs outpace those who’ve stayed with the same employer since 2011, according to the Atlanta Federal Reserve Bank’s wage growth track.

This difference in earnings continues to increase, too. With these gains, it stands to reason you might be better off simply looking elsewhere for a new job instead of staying with the same employer and trying to negotiate for more.

If you don’t feel like you’re being valued at your place of work, then it doesn’t hurt to look somewhere. Your mindset and morale directly relate to your success financially, so don’t hesitate to improve it by going to a place where you are more valued.

So, if you want to consider finding a higher-paying job, here is what you need to know.

How To Find Higher Paying Jobs In Your Niche Become A Master The better you are at something, the more likely you are to be paid better to do it. Specializing in a given subject related to your industry positions you as an industry expert. The result is a higher-paying job.

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Not sure about your niche? Then consider learning more about a subject you already love and are naturally good at. For example, if you graduated with a degree in web design, then think about becoming a logo expert.

and sectors and earn more. It’s also a good idea to communicate with a resume expert to redefine your CV. Sometimes you don’t even have to take new courses, you simply need to highlight the skills you already have!

These small changes in the way you approach your work can do incredible things to your career.

Even investing in a small course to increase your skillsets is a great way to become a master of your niche.

How To Earn More At Your Existing Job Negotiate

Get Familiar With The Going Rate

We briefly mentioned this before, but negotiating is a big tool available to job seekers if they want to earn more. Each of us spends almost 100,000 hours of our lives at our job, so it stands to reason we should like what we do and be well compensated for it.

Not sure if the job offer is a good deal? Familiarize yourself with the going salary for the job you want before you agree to the price point. Never accept below industry standards for payment on any job.

If you do, you can make it more difficult for yourself to scale up.

The first step in negotiating is understanding what you have to work with. Take roughly an hour out of your weekly evening activities to do some research on the salaries and skills required for the role you want to work towards. You’ll discover that you have many of those skills and see that you aren’t being paid the average wage for them.

Go a step further and ask around and see what other employees who have held the position you’re interested in, have been paid. All of this contributes to more negotiation power.

Investigate Which Skills Pay More Skills pay. Almost every industry values skills over experience. When you know which skills and sectors pay more, you can begin to invest your time and energy in those skills

Once you’ve gathered information from white papers and other reliable resources, present your case to your employer. This approach can earn you thousands of dollars more

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each year, making it a simple way to increase your cash flow.

How To Change Careers & Earn More

Increase Your Skillset

Sometimes all you need to earn more is to switch careers. Sounds easy, right? Here are a few careers that could add good zeros to the end of your checking account (all salary amounts based on PayScale. com research).

On the other hand, if you do a bit of research on your niche you might find that you don’t have the skills other employees who earn more, do.

If that happens, then it’s time to level up. You need to consider what skills you need and how to attain them.

 Management Consultant

Take on additional training, either within your company or externally, to demonstrate your willingness to develop yourself in your role. Adding to your bank of knowledge increases your value as an employee. The more you learn the more you earn as an employee.

þ Earnings: $90,217 per/year

 IT Professional þ Earnings: $75, 359

 Engineer Look For Recommendations

þ Earnings: $91,010

If and when you give exceptional service to your clients, colleagues, or customers, you want to use that as leverage during a pay-raise hunt. Don’t hesitate to reach out to individuals who were impressed with your work and ask them to recommend you for a raise. Even an email testimonial or LinkedIn recommendation can do the trick.

 Marketing Consultant þ Earnings: $63,203 per year

 Crisis Management þ Earnings: $56,583 per year

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STEP OUTSIDE YOUR CAREER— ENTREPRENEURSHIP, SELFEMPLOYMENT & MAKING MONEY ONLINE Entrepreneurship The first step in making more money outside of your career is to consider entrepreneurship. Entrepreneurship is the process of creating a new enterprise and bearing the risks that come along with it. As you take on this new enterprise, you have to embrace these challenges. To be successful as an entrepreneur, consider the following. inspiration for your new journey into entrepreneurship.

Identify Lucrative Industries Don’t invest your time and money in a dying industry. Spend time researching the emerging trends and look for an industry that makes sense with your skills and passions.

Look To Fill An Underserved InDemand Area Take an afternoon and just think about what’s missing in our daily lives. What product could be more efficient or convenient than it is? Consider coming up with a product or service that meets those demands.

Ask Your Friends What Frustrates Them Instead of shooting in the dark, ask your friends what they find frustrating about anything they use or do. This can include services. Use their frustration as

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Self-Employment

Make Money Online

Still need a way to improve your cash flow outside of your job?

Think about Self-Employment. This involves working for yourself rather than an employer. Tax authorities view people who are self-employed as a singular person generating income that requires a tax return.

Next up, you can increase your cash flow by making money online.

Plenty of people are making millions online, but you can very easily earn thousands online if you work hard enough. There are multiple ways to do this, but consider our top picks to get started.

Good Choices For SelfEmployment

Think About Day Trading Day trading is an exciting experience, and it can also help you earn significantly more income.

You can start small with it, and as you do keep in mind you won’t be good at anything initially. With time and dedication, you will get better, however. Be persistent and educate yourself as much as possible on the subject. It isn’t easy at first, but once you get the hang of it you can potentially do very well with this online money gig.

Driving for Lyft Web Design Life Coaching Blogging Event Coordinating Resume Writing Academic Tutoring Consulting Childcare

Build Websites & Sales Funnels

Each of these industries requires a bit of skill, but nothing that a few weeks of training can’t likely get you caught up with if you have existing experience. Think about what you have done in your career and then use that expertise to create a self-employed career option that increases your cash flow.

Another option is building websites and creating sales funnels. You can either do this for yourself or charge for it as a service. You don’t have to quit your day job to do it, either!

There is a requirement for creativity to do this successfully, of course. It is a competitive industry, as well. Lowpaying jobs might be the way you

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get started, but remember that the sky is the limit if you’re willing to give an inch. It’s fairly easy to generate upwards of $1,000 per month doing this.

Sell Digital Courses

Create An Ad Agency

Selling digital courses is yet another way to make money online. Often, successful online influencers use digital courses as a digital product they sell to their adoring fanbase, but you can use it as a standalone product, too. Simply lean into a few skills you have and create a course.

You can use sites like Teachable, Kajabi, Karta, and even Udemy, if you’re up for it. Learn how to market your courses to the right audiences, and you have yourself a successful enterprise.

Creating an ad agency online is another way to increase your income. Selling services that help businesses market themselves on Facebook, YouTube, Instagram, and Google is a great way to earn some extra income. You won’t have to leave your job to do it, either. You can learn from YouTube or other training sites how to use these platforms for advertising and create your own agency to get going. If you stay committed, you can be successful doing this.

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START A SIDE HUSTLE WHILE WORKING Don’t want to quit your day job? Then, why not consider starting a side hustle while you’re working. Here’s how to get started.

Tips For Starting A Side Hustle While Working Explore Your Passions & Stick To Them

way to earn extra income outside of your career.

The first step in being successful with your side hustle is in finding something you’re passionate about. If you are passionate about any particular job, think about monetizing that for a side gig.

Create A Schedule Once you decide on a side hustle you want to do, it’s time to create a schedule. If you have trouble working your full-time job and getting your side-hustle work done, then you may want to develop a better schedule for yourself. You’ll have to learn how to say “no” to a lot of things you may want to do to kick your side-hustle game up a notch. This is a great time to think about your financial goals and remember why you’re doing this in the first place. As you work harder, you can create a loyal customer base and bring in more revenue in the process.

Don’t Be Afraid To Use A Freelancer Platform Sites like Fiverr and Upwork are great places to get your foot in the door on any side gig. They also help you build your brand significantly.

Even if you don’t know anyone on the platform, you’ll be surprised by how quickly orders start rolling in the door. You can also bring your network to the platform if you have existing clients. All of this is a great

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Never Be Afraid To Start Small Yes, you may have to take what seems like a pay cut in the beginning. But it won’t be like this forever. You need to get your name out there. Once you do, you can progressively start to charge more for your work, increasing your price points along the way. Stay patient and consistent, and you’ll be successful.

SUMMARY Key Takeaways For Chapter 2: ģ Increase your value to employers by increasing your skillsets through Self-Development ģ Increase earnings by researching salary data and negotiate with your employer (or change jobs!) ģ Update, optimize, and refine your income strategy ģ Learn how to earn more with self-employment, entrepreneurship, and side hustles

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CHA PT ER 3 : WAYS T O KEEP M O R E O F W H AT YO U M A K E

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Now that you know how to earn money and plan your financial strategy, the next step is to figure out how to keep more of what you’re making.

Let’s take a closer look at a few important and legal ways to save more of the money you’re earning to increase your wealth, regardless of how you earn it.

TAX PLANNING 101—SIMPLE WAYS TO KEEP MORE OF WHAT YOU EARN The tax person doesn’t have to get all your hard-earned money every year.

There are several legal ways to keep more of what you earn. This includes understanding your deductions, which credits to consider, and advanced investment strategies.

Keep in mind, some tax savings are only available to self-employed or small business owners. The other tax strategies can be used by just about anyone.

As always, this is not legal advice, please see an accountant for tax advice for your unique situation.

Contribute To A Retirement Account That’s right, you can enjoy significant tax benefits simply by planning for retirement. Retirement account contributions are one of the best ways to reduce your taxable income.

Contributions made to both traditional 401(k) and IRA accounts can be deducted from your taxable income, reducing what you owe Uncle Sam. Every contribution you make will grow tax-free until your retirement. Roth IRAs are also a good option if you want to fund your account with after-tax dollars. You won’t get a deduction from this account, but your money will grow tax-free and can be withdrawn the same way.

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Additionally, contributions made to traditional IRAs can be made up until the April 18 tax-filing deadline, while the 401(k) contributions must be made by the end of the calendar year.

FSAs are funded with payroll deductions, so you can use them to pay for dental cleanings and insurance copays as needed. There are some limits to how much you can deposit into these accounts and the money you do contribute does not roll over—it’s forfeited if you don’t use it. However, this does reduce your tax burden and you get something out of it.

Write Off Travel & Business Expenses Write off your business and travel expenses to reduce your tax burden.

Deducting the percentage of the expenses you spent on your trip can also help with your costs. This includes your airfare, hotel, and even a portion of the time you spent on business activities. Speak with your accountant to learn more.

Look For Ways To Deduct Your Private Mortgage Insurance Premiums Some other tax deductions you may not be familiar with include those associated with your private mortgage and insurance premiums.

If you have less than 20% equity in your home, you probably pay private mortgage insurance.

Explore Flexible Spending Accounts At Work

Until 2017, taxpayers were allowed to deduct the cost of their private mortgage insurance. It was then eliminated by the Tax Cuts and Jobs Act. However, in 2021, it was reinstated by Congress and can now be used as a deduction again.

There are so many options for flexible spending accounts. If you aren’t investing in a high-deductible health insurance plan through your workplace, you can pay for medical expenses with tax-free dollars that you contribute to a flexible spending account.

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CONSIDER CREATING A BUSINESS ENTITY FOR TAX BENEFITS Want the biggest deductions on your taxes? Create a business entity.

The more tax deductions your business can take on, the lower your taxable profit will be. Not only does this put more money in your pocket at the end of the year, but the tax code also allows you to get other benefits you may not have been aware of. Paying close attention to the IRS’s rules pays big dividends.

Let’s take a closer look at those deductions and how to use them for your business.

Home Office Expense Deduction The Home Office Expense Deduction is one of the least used but one of the most beneficial business entity tax deductions. Thanks to the simplified IRS guidelines for home office expenses, home-based small businesses and freelancers can deduct up to five dollars per square foot of any portion of their home that is used exclusively for running their business. This is up to a max of 300 square feet. To qualify, your work area cannot double as the kitchen or home office. It must be used for your business only.

Alternative Home Office Expense Deduction Strategies & Methods that can be way more advantageous to business owners will be presented in our Ebook:

Magic Beanz Financial Freedom Master Magic Beanz Financial Freedom Master will help guide many seriously focused, modern-day entrepreneurs, influencers, and business owners toward effective business and tax strategies relevant to the tax code, new world of digital business, and expenses that accompany the modern business.

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For example, our Ebook: Magic Beanz Financial Freedom Master can guide innovative entrepreneurs on how to attain Home Office Expense Tax Deductions upwards of 25% from their rent or mortgage payments. Business and technology innovation has continued to change the way many people conduct modern businesses, which is exactly why your business tax strategy should align with those innovations in order to maximize your business tax deductions.

– Stay tuned for our launch of Ebook: Magic Beanz Financial Freedom Master Speak with your accountant or do some research to learn more about the Home Office Expense deduction.

Books & Legal Fees Any business books that help you manage your books without the help of a tax professional are also fully deductible.

Also, any fees you pay to lawyers, tax professionals, or consultants are deductible in most cases. However, if the work they do relates to future years of your business, they must be deducted over the lifetime of your relationship with your lawyer or tax professional.

Insurance Fees Want even more of a deductible? Then consider your insurance premiums.

Anything you pay for your insurance to help your business operations can be used as a deduction.

This includes medical insurance for your employees, fire, flood, and theft insurance for your business property, liability insurance, credit insurance that provides coverage for business debt, professional malpractice, business interruption insurance, workers’ compensation insurance, unemployment insurance contributions, and any life insurance that covers your directors or officers.

All of these can be deducted from your business.

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Interest Fees Do you use credit cards to finance business purchases? If you do, then the interest and carrying charges are 100% tax-deductible. This is equally true if you use a loan to cover the cost of doing business. If your business profits more than $25 million, you can only deduct 30% of your interest expenses— that’s a good problem to have!

Property businesses with over $25 million, may elect out of the 30% limitation if they agree to depreciate their real property over a longer period. Keep excellent records to show where and how you used the money for your business.

Charitable Contributions Next up, charitable contributions. Business entities that contribute to charities can enjoy a nice tax deduction. Your business must be a partnership, LLC, or an S Corp to benefit from the deduction on your tax return. If you have a regular (C) Corporation, then the corporation will be able to claim the deduction.

You can even give your old equipment to a nonprofit or school to benefit from this deduction, so long as it hasn’t already been written off or depreciated.

Advertising & Promotion Any cost of advertising from websites to business cards to Google AdWords can be used as a deductible expense. Promotional costs via a sports team or organization that works with your business are deductible as long as there is a connection between the business and the sponsorship.

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LOCATION, LOCATION, LOCATION, TAX BENEFITS IN ONE STATE TO THE NEXT Location matters. In this section, we’ll discuss the tax benefits associated with specific states, and what you need to know before you consider moving your business to them.

Florida

Best States For Tax Benefits

Popular as a winter hiding spot, Florida offers warm temperatures and a low tax burden. Sales and excise taxes in Florida are higher than the national average but the comprehensive tax burden is just 6.97%, which is the sixth lowest in the States. It is also one of the U.S. News & World Report’s “best states to live in”.

Alaska Alaska has no state income or sales tax. The tax burden Alaskans bear is income, property, sales, and excise taxes. This is 5.10% of personal income, the lowest in all 50 states.

Alaskans also receive an annual payment from the Alaska Permanent Fund Corp. which comes from royalties and mineral lease rentals from investment earnings. This past year in 2021, this totaled $1,114 per citizen.

Nevada Nevada is also a great option.

It relies on high sales taxes on groceries to clothes along with a high sin tax on alcohol and gambling, along with taxes on casinos and hotels. However, the tax burden is roughly 8.23% on personal income.

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South Dakota

Texas

South Dakota is a no-income-tax state. It gets its revenue through cigarettes and alcohol taxes and property taxes. However, South Dakota is also home to several major companies in the credit-card industry, keeping the resident’s income tax-free. South Dakotans pay just 7.3% of their personal income to taxes.

Texas hates personal income taxes so much they forbid them in the state’s constitution. Texas relies on income from sales and excises taxes.

Sales taxes can be as high as 8.25%, and property taxes are higher than average, putting the complete tax burden for individuals at 8.19% of their personal income.

Top Ranked For the states that are the best for businesses, consider the following list. This list is based on metrics from CNBC that scored all 50 states on 85 metrics in 10 broad categories and competitiveness. This is not based on opinion. The data comes from a variety of measured sources from the states’ performance.

The scoring system is up to 2,500 points, and the states are ranked based on that score. ģ Virginia

ģ Texas

ģ North Carolina

ģ Tennessee

ģ Utah Any of these states would be ideal if you are hoping to reduce your tax burden and operate your business efficiently.

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SUMMARY Key Takeaways From Chapter 3: ģ Use your deductions wisely ģ Think about creating a business entity ģ Move to a tax-free or low-tax state ģ Consider moving to a more business friendly state depending on your business

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CHA PT ER 4 : WAYS T O R ED U C E EXP E N S ES

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Another way you can increase your cash flow is by reducing your overall expenses. The following chapter explores a few ways you can reduce your expenses intelligently.

START BY TRACKING YOUR EXPENSES What Does It Mean To Track Your Expenses?

Tracking your expenses requires you to identify expenditures throughout your month. It is a critical activity that you should do daily throughout your month.

It does seem like a lot of work, initially, but as you get used to the process, you can see how it’s important and why you should do it. Commit to the process if you want to become more aware of your spending habits.

Why You Should Do It It Enables You To Stick To Your Budget Once you set up a budget, tracking your expenses daily is critical to staying on budget. If you aren’t tracking your money, you won’t know when to stop spending in a specific category.

A budget also helps you see where there might be room for improvement in your budget. Maybe you budgeted too much in your grocery budget and too little for recreation. Daily expense tracking helps you build a more realistic budget overall.

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It Can Reveal Spending Problems You also want to track your expenses throughout the month to be more aware of how you spend your money. If you aren’t sure where it is going you won’t be able to see the bad spending behaviors, you do have.

It’s tempting to turn a blind eye to spending problems, but they are the number one reason people fail to meet their budgets. You might also see that some of the subscription services you’re using aren’t being paid for as they should be.

Tracking your spending helps you identify serious issues in how you manage your money. You may observe how your increasing rent costs are now taking a bigger chunk of your monthly income than you’d like. You could start to be a victim of lifestyle inflation.

Stay on top of spending problems by tracking your expenses.

Empowers You To Meet Your Financial Goals It simply isn’t sufficient to stick to your budget if you aren’t saving to meet your goals. No matter if you want to pay down debt, set aside funds for retirement, or just want to build an emergency fund, you won’t be able to meet those goals unless you budget for them.

So, keep these items in your daily budget to have the best success and get closer to them. Contribute the budgeted amount toward your debt or savings goal each month, and then track your spending throughout the month to see if you’re on track or not.

How To Keep Track Use An App Or Software There are so many different ways to track your expenses. With so many apps available, you really do have an endless array of options on this. However, you could also use a spreadsheet to keep track if you’re proficient at Excel.

Some of the online apps now offer attractive graphs and charts to illustrate spending habits in an easily digestible format. Enter your purchases in a

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spending category every day and see where you’re at the end of the month.

It can be eye-opening!

Take A Pen & Paper To It If you aren’t a big fan of tech, then you can simply write down every penny you spend in a notebook. You can save a page of your notebook for each spending category in your budget. You can also simply note the category next to each expenditure. This is an easy process that tells you quickly where your money is going. It might be a bit more difficult to spot trends with this method, but it will bring a measure of awareness to the process, nonetheless.

LEARN HOW TO BUDGET CORRECTLY Not an expert on budgeting? You’re not alone. It’s a difficult process that requires some dedication to get right. Making a budget, however, helps you pay your bills and keep track of debt.

A budget is a plan that helps you keep track of every dollar you spend. Now, while there is no magic formula to doing it, there is a right way that keeps you more in the know about your finances. Here’s how we recommend you set up your budget.

How To Budget Correctly Calculate your monthly income, pick a budget method, and monitor where you’re at.

The 50/30/20 rule is an easy-to-follow budgeting framework that might be the perfect place for you to start your journey with budgeting.

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The breakdown goes like this:  50% of your income should go to your needs.  30% should go to wants  20% of your income should go to savings or debt repayment Tracking and managing your budget throughout the month with regular check-ins helps you see where you’re at in your budget.

Better Understanding The Budgeting Process To get started, determine your after-tax income. If you receive a regular paycheck, the amount you receive is likely predictable and consistent.

However, if you have automatic deductions like a 401(k), health and life insurance, and savings, you want to add those back in to provide yourself with a more accurate picture of your savings and expenditures. Be sure to also include any other type of income, such as money from side gigs, and then subtract anything that reduces it including business expenses and taxes. online budgeting and savings tools.

Just keep track of your progress as you go.

Select A Budgeting Plan Any budget you use should cover your needs, some of the wants you have, and always savings for emergencies. You can use any system to keep your budget in control. This includes an envelope system or a zero-based budget.

Automate Savings Automate your money as much as possible so you have it allocated out for your specific payment categories.

You can also think about getting an accountability partner or online support group to hold yourself accountable for your actions if you go beyond your budget.

Track Your Progress Next, you’ll want to record your spending either by hand or by using

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Manage Your Budget With time, your budget’s needs will change. This includes your income and expenses, so be sure to revisit your budget regularly.

Tracking your expenses and managing your budget is critical if you’re serious about increasing your cash flow by reducing your burdens. Next up, we’ll look more closely at liabilities and those can cause a drain on your cash flow.

Reduce Your Liabilities To Limit Drain On Your Cash Flow If you want to increase your wealth to the point where you can buy what you want but don’t want to drain your bank account, then you might require help in limiting your liabilities.

It’s common in our world to see rich influencers wearing expensive luxury items. And it’s natural for us to want to have those items. The problem is, those items are liabilities!

Fancy cars, watches, and dream vacations offer no value to our financial situations. If you are serious about increasing your wealth, you must reduce your liabilities and buy income-producing assets.

Eliminating & Avoiding Liabilities The difference between buying assets and liabilities is that liabilities depreciate in value, while the other increases in value. Income-producing assets are items like real estate, companies, and stocks. Liabilities drain your money and ability to increase your cash flow. Stop buying them if you want to avoid the leak in your bank account.

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Liabilities To Avoid But what exactly is an example of an everyday liability that you should avoid?

Impulse purchases

Overpriced Real Estate

This can include trendy clothes that you see in a store window or even a vehicle that you see in an ad. Don’t fall victim to impulse purchases if you want to get and stay wealthy.

Trust us, the wealthy do not do impulse buys.

Overpriced housing is one of the surefire ways to hemorrhage cash. You don’t have to buy an extravagantly priced home.

Something modest and sufficient should do. Look for a good deal, not a luxury home, if you’re serious about saving and increasing your wealth.

Luxury Items

Video Games & TVs

Any luxury brand is a liability. This includes jewelry, technology, and of course brand-named clothing. The richest among us have the most basic accessories and use them daily.

Imitate what they do if you want to increase your cash flow.

These are depreciating items that should be purchased on sale or used if you want to avoid wasting your money. Plus, the more time we spend on these devices, the less we earn, according to statistical data from Nielsen.

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Serious Liabilities Vehicles No matter if you lease or buy your car, it is a liability. You’ll never get more out of your car than you pay for it. But most Americans have to have one to get to and from their jobs and live life.

Your Home That’s right, your primary home is considered a liability. Your home takes money out of your pocket each month when you give away your mortgage payment to the financing company. Unfortunately, buying is still a better investment than renting, so stick with it if you have one, just don’t view it as much of an asset.

How To Improve Your Assets Vs Your Liabilities The rich know well the difference between an asset and a liability. ģ Assets put money into your pocket ģ Liabilities take money out of your pocket For most people, there are also debt payments on top of these two categories to consider. With a salary paycheck, there is very little left over at the end of the month to pay off debt or save.

A rich person puts their money in the asset column at the end of the month, which means they invest in real estate, stocks, bonds, intellectual property, and other areas that generate income and return. All of us must pay ourselves first when we receive our paycheck, that way we can increase our cash flow steadily over time and join the wealthy!

Reduce liabilities that are draining your income and stop looking for ways to spend more. Put your hard-earned money to work for you, by investing in assets, instead!

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SUMMARY Key Takeaways: ģ Track your expenses with a good budget ģ Budget for your essentials, wants, and savings ģ Reduce your liabilities and increase your assets to maximize Cash Flow

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CHA PT ER 5 : SM AR T IN VE ST M E N T M E T H OD S T H AT G E N E RAT E M ORE CASH F L OW 42

Investments can make or break us. But if you make smart investment moves, you’ll be surprised by how much your cash flow increases and what you can accomplish. In this chapter, we’re going to look more closely at some smart investment methods that can help you generate significantly more cash flow.

INVEST IN YOURSELF THROUGH EDUCATION Every decision we make is an investment with either a payoff or a cost. There are multiple ways to invest our money externally, this includes real estate and the stock market. Choosing to invest in ourselves, however, is an investment most of us overlook.

The truth is, investing in ourselves is arguably the best investment we can make. It carries with it the greatest return of any investment. Why? Because our greatest asset, for most of us anyway, is our ability to earn a living. Most Americans earn around $2 million throughout their lives.

If your lifetime earnings are $2 million, however, and you invest something like $5,000 in a course to increase your skills, and those skills increase your earnings by 5%, then your ROI is $100,000 to 20 x more than your investment.

You’ll rarely ever come across that sort of ROI on the stock market.

Here’s what you should know about investing in yourself.

Education Never Ends Higher education was once the end-all-be-all for investing in yourself, but with the rising costs of tuition and debt from student loans, fewer young people are going to college thinking it will come with a high return on their investment.

Fortunately, all you need to learn a new skill today is the internet and a willingness to learn. Having a beginner’s mind is a superpower that lets you view the world as a learning experience where you’re the expert.

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If you want more money, more time, more freedom, then it’s up to you to develop skills that get you what you’re looking for.

A Guide To Investing In Yourself In my experience, investing in yourself is done to create more money, to create more time, and to generate more peace in your life. For the sake of this book, it’s also done to generate more cash flow which can give you all of the aforementioned.

There are highly valued skills that can contribute to this process, but with the right framework, you can make this process happen fairly easily.

First, start by trading small amounts of your time and or money to acquire new skills that earn you more money. When you’re getting started, you typically have time but no money. That’s why most of us will trade our time for money to gain skills that make us more valuable.

Once you make a certain amount of money from those skills, typically around $75,000, you get less peace, less time, and ultimately less happiness. It’s a weird phenomenon. Wealthy people tell you that investing in your peace ends up making you more money in the long run, however.

So, this goes back to the idea that you should invest in yourself first – this includes your health and happiness. One of the best resources to optimize your health, wellness, and happiness is www.Self-Development.com which helps people “Gain Power Ups In Real Life” and become the best version of themselves by providing modern strategies to power up the Mind, Body, & Spirit.

A Few Ways To Invest In Yourself Here are a few simple ideas to help you invest in yourself regularly and get the most from your time, money, and energy.

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Learn Something New ģ LinkedIn Learning

ģ YouTube

ģ MasterClass

ģ Udemy

ģ Skillshare

ģ Khan Academy

ģ Coursera These are just a few of the online outlets there are to start to learn new skills that can help you increase your cash flow throughout your life. Think of them as an investment in yourself, however, to be successful with the process.

Investing In Yourself To Earn More Money Another aspect of educating yourself is learning how to make money. This includes learning how to invest, perhaps going back to school to get a better, new career, or taking a risk management course. Investing in yourself by getting a certification or learning how compounding and compound interests works is another example of a simple way to improve your knowledge and earn more.

Others might find it beneficial to learn how to flip on eBay or start a side hustle, as we mentioned previously. You can also simply sell items that you don’t need in your home to make more money.

Investing in yourself can go a long way towards improving your income. Cash flow is simple when you make an effort to create it yourself.

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INCREASE YOUR CASH FLOW THROUGH BUSINESS OWNERSHIP Increasing your cash flow through business ownership is another option for anyone serious about the process. Sure, it’s a super simple investment. All you have to do is invest everything you own into a business idea that you have no clue will work or not.

Of course, if you compare this with what it’s like to have a job, you can easily see it is a smarter investment. A job will only earn you about 3 percent more after a year if you’re lucky, and you’ll be at risk of losing it all at any given time for reasons outside of your control.

None of us would actively choose to invest in a job. It simply doesn’t add up to be a smart investment. Unfortunately, tens of millions of us do make that decision every day, because we feel trapped.

When you work for someone else, you’re never quite sure what you’re getting yourself into and what you can expect from the process. The best you can hope to do is a 3 to 4 percent increase in a given year.

To spot the difference between working for someone else and being ultrawealthy, let’s take a look at how the top 400 individuals in the world earn their money: ģ Salary & Wages: 8.6 percent of their cash flow

ģ Partnerships and Corporations: 19.9 percent

ģ Interest Earnings: 6.6 percent

ģ Capital Gains: 45.8 percent

ģ Dividends: 13 percent Based on the above, we can see clearly that working for a salary won’t make you rich. Traditional income investments won’t make you rich, either. Nor will investing in stocks of large companies. But owning a business can!

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If you’re serious about becoming wealthy, you need to start your own business. Even a hobby could lead to a successful business. Of course, you don’t want to quit your day job right away. You need an income to continue paying your bills. But you can start a business asap to start earning!

What’s At Stake Owning a business does come with a sacrifice of your time and energy. Yet, in return, you get the possibility of unlimited financial income and unlimited flexibility in your daily schedule.

Even if your family and friends think you’re insane for starting a business, you’ll be glad you did it when your income skyrockets. There’s no limit to how much you can make!

Take the first step in owning a business. You’ll be glad you did!

INVEST IN ASSETS THAT PRODUCE EVEN MORE POSITIVE CASH FLOW Investing in the right assets can turn you into a very wealthy person with a much more positive cash flow. Securing comfortable retirement, attaining life-changing financial independence, and living the life of your dreams are right on the other side of a good investment. What you invest in, however, is the key to all of this. This isn’t about stocks and bonds. It’s about making intelligent investment decisions based on your financial goals. This includes understanding when you expect to rely on the proceeds from your investments for your financial health.

Let’s dive a bit deeper into the types of investment vehicles available. Not all of them are created equal and not all of them are appropriate for you. Let’s get going.

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Stocks No matter what your income is, you should own stocks. Stocks are a consistently proven method for the average individual to build wealth over years. U.S. stocks have consistently delivered good returns than savings yields, gold, and bonds over the past four decades. Stocks are the highest performing investment in several classes.

Why? Because when you’re a stockholder you are a business owner. As the business gets bigger, you earn more. And as the world’s economy grows, your business becomes more valuable. Shareholders also earn a dividend from the process.

Despite the brutality of the past two recessions, the SPDR S&P 500 ETF has delivered better returns than gold or bonds.

This is part of the reason why most individuals spend most of their investment on stocks. However, how much of an investment varies from one person’s portfolio to the next. Riding out the volatility of the market requires individuals to invest early, like in their 30s, if they want to save for retirement properly. Yet, it’s an important investment at any age.

The risks associated with stocks are: ģ Permanent losses. This includes business failures. When a person owns stocks, they are a business owner and if that business fails, so does the stockholder’s investment. If the company goes bankrupt, contractors, suppliers, and vendors dry up, then the product or business will go under.

Stockholders end up losing money on this type of loss. ģ Volatility. Stock prices are not consistent. They swing wildly up and down throughout the years. This creates a serious risk if you’re an investor. You may have to sell your stocks quickly to avoid the risk.

Depending on what your risk ability is, these two things might or might not fit your financial goals.

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Bonds Growing wealth over the long term is an important step. Once you’ve built your wealth and gotten closer to your financial goals, however, bonds are a great way of maintaining that wealth. Bonds are loans to a company or government. If you’re interested in investing in them, there are three types.

The first is corporate bonds, which companies issue, municipal bonds, which state and local governments issue, and treasury notes, bonds, and bills, which the U.S. government issues.

Investing in bonds is predictable and stable, which makes them a great investment if you have the cash flow!

Real Estate Real estate is another option to invest in. It may seem out of reach for you if you’re just getting started, but modern developments have changed the way people can invest in real estate. If you are buying an entire piece of commercial property, then yes, it can be difficult to do. But there are other methods, including publicly traded REITs, or real estate investment trusts.

REITs are an accessible way to invest in real estate because they trade on the stock market like public companies. Some examples include American Tower, Public Storage, and AvalonBay Communities. Because they don’t pay corporate taxes if they payout 90% of their net income in dividends, they are an excellent and safe income investment.

Commercial real estate is a great investment. Even during recessionary periods, commercial real estate is counter-cyclical and is viewed as a very safe and stable investment, especially compared to stocks.

It’s easier than ever to invest in commercial real estate, too, thanks to legislation that’s made it legal for real estate developers to use crowdfunding as funding for their real estate projects. This has freed up billions of dollars in capital from individual investors who want to get in on the action.

The potential returns for income from crowdfunded real estate are of interest to any investor, but the accessibility is impressive.

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Get Started!

If you’re ready to start making intelligent investment decisions, don’t wait! The longer you’re out of the market, the more money you lose. Get started today and reap those rewards!

CONCLUSION Cash flow doesn’t have to be complicated. Use this book as a guide to get started with your journey towards building wealth. Keep up with our emails to continue learning more about how you can build real wealth, abundance, and financial freedom! þ

Stay tuned for the launch of our Ebook: Magic Beanz Financial Freedom Master

Until next time… may the Magic Beanz you plant today be the start of abundance beyond imagination