How to Build Wealth Online: Gain Financial Security in 2021

Welcome back, Empire Builders! Have you ever seen someone in a Lamborghini and expensive outfit on a dream vacation they didn’t pay for and wondered, “How do I get that life?” Today, we’re talking about financial literacy and how to build wealth online with your business, no matter your current situation. In recent years, I’ve built a net worth of nearly eight figures, and now, I’m ready to teach you the same strategies.

No one teaches us financial tactics like these, and you can’t find them on Google. These completely unheard-of financial secrets can help create your dream lifestyle. Today I’ll go over the basics of these strategies and invite you to a four-week course where you’ll learn it all in detail. Let’s get started.  

A quick disclaimer: I’m not a financial advisor. I can only share what tactics and resources have worked for me personally. For financial advice, seek a licensed professional. This information is for entertainment purposes only.

1. Start With a Wealth-Building Triangle

I developed a wealth-building triangle system to help ensure that my money goes to the right places. It’s not enough to know how to earn money online — you need to know how to build wealth online from those earnings. Here are the basics.  

Security

Screen grab of Peter Pru discussing the advantages of life insurance

The triangle’s base is my security section. That’s money I can access whenever I need it. It’s broken into two parts. The first is my 911 fund. Instead of saving six months of expenses for emergencies, I save half that much because I also have other options.

The second is a unique type of insurance called a whole term life insurance policy that’s uniquely structured to allow monthly additions at an annual guaranteed 4% interest rate, compounding annually, plus dividends.

Best of all, when you add $5,000, some goes to the premium, but the rest can be withdrawn for use or investment. You don’t have to repay it, and even after the withdrawal, you’ll keep earning interest on the whole $5,000 — completely tax-free!

Savings

The mid-section also has two parts. The personal half contains money for everyday expenses and personal spending. The retirement half is incredibly extensive and diverse. The right advisor can help you realize the possibilities. There are fully tax-deductible 401(k) plans for business owners and ways for employees to contribute the maximum to their work 401(k). There are SEP IRAs and so many other ways to build real wealth. These are amazing tactics with huge benefits for your financial health.   

Growth

The triangle’s peak is for long-term, hands-off investments, which are a bit riskier but have much higher potential returns. This includes things like cryptocurrency, real estate, and high-yield stocks that pay out monthly or quarterly dividends regardless of stock performance. There are nearly endless investment options to choose from.

The great thing about the wealth-building triangle is — successful business owner or 9-5 worker barely scraping by — you can use this system to create generational wealth to pass down to your descendants regardless of your stock ROI. Why? Because the life insurance policy is the most important part.

2. How to Build Wealth Online Through Credit Cards and Points

Entrepreneur putting a business dinner on her credit card

The second topic is credit cards and points. Many of the fancy meals, clothes, and vacations you see influencers, celebrities, and businesspeople indulging in are free. Because of how they use credit cards and earn points, they don’t have to pay for things like that. People see all my gold and platinum cards and wonder why I need ten cards. It’s all about the points.

If you’re using a debit card or checking account to pay for things, you’re missing out. When you use a qualified credit card, you earn points on all these things. Even if you work full time and have the money to pay outright, paying with a quality card and earning points is like getting free money, which is a very rare opportunity.

There are different strategies for this, with assorted cards earning diverse kinds of points that can be redeemed for different rewards. You just have to leverage them correctly. Some are best for business and others for personal rewards. You can even set your business up to earn enough points to pay off your personal credit card bills.

3. How to Build Wealth Online With Business Structure and Tax Strategies

Screen grab of Peter Pru discussing business structures

Finally, we’ll go over how to set up your business and file your taxes to gain the most benefit. If you don’t have a business, you’re missing out. Even if you have a job, you could set it up so that your employer hires your LLC. This allows you to rack up expenses. Remember, don’t be wasteful. Around 90% of your income should be going into the triangle so it can grow.

That brings me to my four-week course on finances. The strategies you learn will help you get more for less. Once you have your business structured correctly, the configuration will work for you by:

  • Saving money
  • Generating expenses and assets
  • Earning you points to spend on whatever you want

Most importantly, you’ll be getting my expert contacts, so you don’t have to guess at anything. The experts will take care of it.

Final Thoughts About How to Build Wealth Online

I’m so glad to be sharing this because I wish someone had told me sooner. When I first started my business, I didn’t have an LLC, just myself, and I ended up with a terrifying $50,000 tax bill because of it. I’m hoping to save you the trouble.

Most people can’t generate real wealth because without understanding these unique systems, it’s nearly impossible to do unless you have a ton of money. These finance secrets are how the richest people get and stay that way. Luckily, you don’t need a million dollars to learn it. This course is super affordable on any budget, and I’m telling you, nothing could be more worth paying for.

Feel free to watch the video on this for more detail and subscribe to my YouTube channel for frequent tips and strategies. If you’re ready to build wealth, develop high-level financial literacy, and gain the financial independence to live the life of your dreams, then sign up for the four-week course today.

This system will work even if you’re struggling to make ends meet at your 9-5. However, if you’re ready to become your own boss and create even more long-lasting, sustainable, and even generational wealth faster, sign up for my masterclass. There you’ll learn how to build wealth online and see the step-by-step process I used to build multiple six and seven-figure ecommerce businesses without ever touching a single product. Also, you’ll get my $100k funnel template FREE just for showing up. Start building your empire today! Tagged : / / / /

How to Build Long-Term Wealth With Dropshipping

Empire builders, you know that you’re already dedicated to achieving success with your dropshipping business. But what comes next after the money rolls in? Yes, it’s fantastic to make ten grand a month, but what’s much better is making ten grand a month for years and years on end. It’s the difference between having money with dropshipping and having wealth with dropshipping. 

One is a temporary state, while the other is a solid financial foundation that lasts for the long term and can even become generational wealth. For many of you, achieving this kind of enduring wealth from your dropshipping business is the goal. If it isn’t already, then it absolutely should be. Let’s talk about how it’s possible to use dropshipping as the stepping stone to creating long-term wealth for you and your family.   

Build Wealth With Dropshipping by Thinking Long-Term  

I’m always preaching about the importance of thinking about your business in terms of the broader picture, including years down the line. If you want to build wealth, and I know you do, then having that long-term perspective is essential. For many of you, dropshipping is going to be your very first entry point into making money online. But what you do after you start earning from dropshipping is incredibly important. 

This is the advice I wish someone had given me 10 to 12 years ago when I was getting started with my online businesses — before I ever made my first dollar. 

What I’ve learned over the years about building wealth with dropshipping or any other business is that it’s not how much you make. It’s how much you actually keep within your businesses that matters. That means using your profits to reinvest and create a more solid foundation.

A lot of people that start out in dropshipping are not setting up their business properly, and they don’t know what to do with the money they make. They get excited and rack up a ton of expenses. Buying nice clothes and fancy things feels good in the moment, but it definitely doesn’t create wealth. Before spending on luxuries, think about the long term. Only spend money that you really don’t need and won’t even bat an eye at. If making that expense is going to affect the decisions you make in your business, such as not being able to invest in something that can help you grow, then just forget about it.  

Getting Your Money Right

Screen grab of Peter Pru explaining the importance of an LLC business structure

Making sure your business is structured properly is one of the most significant things that’s going to set you apart from everybody else. This is one of those nuggets I really wish I could have told myself 12 years ago because I would have saved millions of dollars. 

When I got started, I made all the expenses for my business with my personal credit and debit cards. Naturally, the profits that came in went straight to my personal bank account. I had no idea that I needed to be separating the spheres of my business and my personal finances. Most of you are probably making these same mistakes I made and, trust me: this is killing you. If you don’t have the money from your business flowing properly, you are wasting so much money and paying so much extra in taxes that it’s not even funny. 

You won’t build any wealth until you get your money right. 

How to Think About Taxes and Finances

The problem with running your business this way is you’ll get hit with a massive tax bill at the end of the year. You’re taking a salary from your business and then paying for your ads, your team members, your business trips, miscellaneous expenses, etc., from your own personal accounts. Every dollar you pay yourself as salary comes with income tax. So you’re essentially getting double-taxed for all business expenses. You’re paying the income tax and then also paying the actual taxes on the product.

Trust me, that’s not how you build wealth. You need to get your money right by creating something that legally separates you from your business. Something that makes it so that every business expense becomes a tax write-off instead of a tax liability. That “something” is called an LLC

A Quick Overview of Setting up LLCs

There are many types of business structures out there, including S-Corp and C-Corp. Typically, you want to set up your dropshipping business as an S-Corp. But it depends on your unique situation, and I am NOT giving legal advice. If you want professional guidance for how to get your money right, I definitely recommend scheduling a call with the team at PCS. They worked with me to help me set up my businesses and opened my eyes to strategies that I never knew about. They’re great people, and they’re helping me save millions of dollars, so that’s why I can enthusiastically recommend them to anyone. If you’re still using your personal accounts to do business, it’s time for a new strategy. 

Once you have an LLC, many doors will open up for you. That’s why it’s a crucial step in the direction of building wealth. All your business expenses will now be made by the legal entity occupied by your business. You can think of it as a person that’s separate from you because, legally speaking, that’s what your LLC is. Now your business can pay for courses, pay your marketing expenses, and pay for services. It’s all completely separate from the personal income in your salary.

There’s a huge variety of things that can be considered a business expense, which means there are massive tax benefits just for being a business owner. And this is only the beginning.  

Build Your Empire and Long-Term Wealth With Dropshipping

Screen grab of Peter Pru emphasizing the importance of reinvesting revenue into the business

I’m going to let you in on a little secret. You will never get wealthy by paying yourself more from your business. Wealth comes from growing your businesses and creating more value. It’s as simple as that. You need to focus on building an empire and investing back into it as much as you can. Jeff Bezos, for example, doesn’t pay himself a huge salary even though he’s the richest man in the world. He doesn’t need to because he controls Amazon and puts his focus on growing Amazon.

When you own things personally, that just sets you for liability. Try to own as little as possible. Instead, create an empire and control it all. If you want to build wealth with dropshipping, you can’t just have one business, either. Having only one business means you’re not optimizing what you have well enough or profitably enough. 

The Value of Multiple LLCs

If you set up your dropshipping business as an LLC and you’re making money, that’s absolutely fantastic. But let’s say you have another business idea, and you start another dropshipping store. That’s even better. Now you open up a second LLC, and the new business can be completely separate from the first one. Why do you want to do that? Because if your original LLC gets sued, you’re legally protected. They can’t come after you personally, and they can’t go after any other LLCs you have. Remember, each LLC is its own entity.

This is where it starts getting interesting and where it becomes possible to build long-term wealth. Because remember, you don’t want to pay a lot of income tax. Don’t pay yourself a salary that’s the most you can possibly afford to pay yourself. Instead, nurture your empire at every opportunity. For example, the way that my business is structured is that I have multiple LLCs. I pay myself a salary from only one of them. 

In the case of another LLC, I’m able to take those profits and reinvest them back into wealth-building projects like real estate. In legal terms, this investment would be considered a loan from one company to another. That means I create a third LLC that owns rental property, generates a cash flow, and pays back my other LLC for the initial investment.

I also have an LLC dedicated to affiliate marketing, which is a fantastic side project for generating extra money. Any dropshipper will benefit from going to Clickbank, finding some relevant niche products that are for sale there, and then promoting them to your customers with affiliate links. 

These are just a few examples of what’s possible when you want to create wealth from your dropshipping income.

The Impact of Multiple LLCs

Doing business this way means that you can minimize income taxes, maximize tax deductions for business expenses, and stay focused on reinvesting in your empire. Beyond my modest salary, I don’t want that money for myself. I want it to be circulating amongst my businesses, helping me to grow and creating a solid foundation of wealth.

Why Delayed Gratification Is Crucial for Wealth With Dropshipping

Ecommerce business owner setting up an LLC

Personally, my lifestyle doesn’t get crazier with the more money I have. But that doesn’t mean I don’t reward myself for milestones. It’s all about finding a balance and staying focused on your broader goals. Be honest with yourself about what you can really afford and where your priorities should be. For example, I like nice watches. Maybe for you, it’s something else. If you can utilize these extravagant purchases to motivate yourself to get to the next level, and the next level, then that’s great.

But make your consumption as mindful as possible. That’s how you create wealth with dropshipping: by delaying a little bit of gratification in service of your long-term goals. You should definitely enjoy your success but never at the expense of growing your businesses. Get your money right and get yourself set up. Make sure that when the moment comes that you want to spend ten grand on something you really enjoy, it’s because you can genuinely afford it — in short, because you’ve earned it. 

If you want to learn much more about building wealth with dropshipping and a high performing ecommerce business, you’ve come to the right place. To get practical advice on creating a full-time income online, reserve your free seat at our sales funnel masterclass. You can also subscribe to our YouTube channel for regular tips and insights. Tagged : / / / /