As technology accelerates in society, most internet gurus will teach you how to create more money through side hustles, online shops and dodgy passive income sources that promise to “get rich quick”. That’s not us. Rather, we’re going to teach you how to go broke.
Yep, you read that correctly. Ironic, isn’t it? Owning nothing will create more wealth!
Before you go off your chops, I’m going to explain this proposition. We’ve intensively studied what the rich do to consistently create more money and the conclusion is they all follow an untapped, unique method that’s kept hidden from you by the media, government and elite.
And no, it’s not by moving your entire portfolio into cryptocurrencies, some dodgy alternative investment to the mainstream or otherwise. It’s in fact very far from that.
I’m about to reveal this secret to you in the article below … and the good news is you don’t have to be a multi-millionaire or billionaire to do it either. However…
DISCLAIMER: If you’re an employee or contractor, this guide won’t be very useful. This article is intended for business owners and investors, or those looking to escape the rat race or system of slavery.
How to Create More Money – Follow the Untapped Secret
NOTE: When learning how to create more money, there’s an abundance of things you can do including freelancing, building a successful business, finding a new skillset or even become a Tik Tok influencer, if that’s your personality. Point is, it’s opportunities galore in the new online world. For more ideas, read Forbes’ 44 ways to make more money article.
What I’m going to share is quite simple but often overlooked. That said, let’s get right into the juicy content you came here for.
Going back to my point on going broke is how to create more money, I mean this literally. If you want to know the #1 secret of the wealthy, here it is … they in fact don’t own anything in their personal name!
If you’re thinking, “how will this make me more money … and where’s the relevance?” the answer is simple. You stop paying taxes, 100% legally – causing no issues to the government or ATO provided it’s done correctly.
Where do the wealthy keep their wealth?? Rather than owning their assets in their personal name (whereby they’re subject to the highest individual margin tax rate AND risk exposure) their wealth is controlled using various structures we discuss below.
One of my favourite quotes on this matter is from Kerry Packer at the print media enquiry in 1991…
“If anyone in this country doesn’t minimise their tax they want their heads read … because as a government I can tell you aren’t spending it that well that we should be donating extra.”
Create More Money NOW By Slashing Your Taxes
Ironically, if you want to build wealth by slashing your taxes while also protecting your assets (as we’ve discussed), you want to follow what Klaus Schwab said in his infamous great reset speech, “own nothing and be happy.”
That’s literally all it is. But instead of handing over your wealth to Mr Schwab and his Great Reset raiders, the idea is to have nothing in your own name but control everything through various entities. Think about it…
What’s more important to you? To look rich, or be rich? If you answered the former, then you’re better off to leave this article right now. You’ll be wasting your time as we’re not the solution for you.
Conversely, if you answered the latter (or you’re atleast intrigued by this point) then keep reading how to create more money by simply going broke…
While the middle class and poor are so fixed on the western dream of “owning your house” or a huge range of assets … the wealthy don’t give a sh*t about any of that.
The likes of famous billionaires who are changing the world for the better (and definitely not in it for greed and self-interest) including Bill Gates, Donald Trump, the Clintons, Rockefellers, Rothschilds all have a personal net worth below the minimum income bracket.
This raises the question … how do they do it?
They control it through entities such as trusts, companies, charitable foundations and offshore structures. Let’s explore this now:
4 Strategies to Create More Money by Slashing Your Taxes in Australia
1. Use charitable foundations in Australia
Setting up a charitable foundation in Australia is great for giving back to the world while receiving the extraordinary benefits such as strong asset protection, tax minimisation and power to extend your financial blessings to others.
I’m not talking about private foundations either as they’re unrecognised by the government. What I’m talking about is a REAL structure where in limited circumstances, one can become fully tax exempt!
Watch our free series here to learn more about charitable foundations.
Or for a written summary, read our in-depth foundations in Australia guide here.
2. Set up as a company, not sole trader
When a business is operated as a sole trader structure, income is taxed as part of the individual’s personal income. Meaning, if your income is in the highest tax brackets, you’ll be paying the maximum tax rates.
By contrast, you won’t be paying over 25% in taxes in a company structure (at the time of writing) as they’re capped.
To put this into perspective, let’s assume John earned $200,000 in the 2021-22 financial year. As a sole trader, he would be up for $97,000 in income tax alone! Now let’s say he made the same amount but taxed at the company rate of 25%…
This would mean instead of paying $97,000 in income tax, John would be paying $50k instead. Immediately, this puts $47,000 back into his pocket where it rightfully belongs.
That’s how to create more money as a higher earning business owner. As a general rule, it’s not as appropriate for smaller self-employed income earners.
3. Use Australian trusts
Trusts can be good for certain reasons which we discuss in our Australian trusts – pros & cons video. Namely, they’re incredible for asset protection, they’re a low start-up cost relative to other structures and flexible for tax planning.
(Watch our trust series here) – This goes into how trusts work, being taxed as an individual vs corporate trustee, pros & cons, and more.
Keep in mind the ATO have been cracking down on certain trusts this year which is why you want a team who think outside the box and know the game inside out, as opposed to blindly trusting a cheap, dodgy accountant
4. Explore the offshore world
When studying how to create more money by slashing taxes, I found that the key to every wealthy individual or family was they moved their wealth across various jurisdictions offshore. The word “offshore” is basically a fancy word for saying another country (or even state) to where you live.
The Panama Papers in 2016 and more recently Pandora Papers in 2021 exposed this to be true. Of course, when exploring the world one must be very diligent as it’s a complex matter for the average person.
However, using the skills of experts who known the Australian and offshore laws inside-out is critical to build your wealth and asset portfolio. By using offshore entities the right way, one can drastically reduce their tax bill while doing so within the law.
This is how to create more money as someone who does business or investments outside of Australia. It’s perhaps one of the best options to consider for those who have a solid cash base.
How to Create More Money Summary
The untapped method the wealthy all use to create more money is simply slashing their taxes up to 75%. 100% legally. If they’re doing it, so can you! The good news is you don’t have to be a billionaire to do it either.
(Albeit the strategies contained within this article is targeted towards business owners and investors). That said, there were 4 strategies covered in this article to help you learn how to create more money.
1. Use charitable foundations
2. Set up as a company, not sole trader
3. Use Australian trusts
4. Explore the offshore world
Depending on your personal circumstance, one may be more appropriate than the other which is why you always want to research, do your due diligence and speak to a professional.
When you think about it, it’s rather ironic because if you want to build wealth by slashing your taxes while also protecting your assets (as we’ve discussed), you want to follow what Klaus Schwab said in his infamous great reset speech, “own nothing and be happy.”
But instead of handing over your wealth to Mr Schwab and his Great Reset raiders, the idea is to have nothing in your own name but control everything through various entities such as the ones mentioned above (charitable foundations, trusts, companies and offshore structures).
GWC Advice is Limited to Educational Advice.
The information provided by Global Wealth Club is provided for educational purposes only. It should not be relied upon as financial product, tax, asset protection or legal advice. None of the information provided by Global Wealth Club takes into account your personal objectives, financial situation or needs. You must make your own decision how to proceed.
If you want financial product advice that takes account of your particular objectives, financial situation or needs, please seek advice from an Australian Financial Services licensee before making any financial decision.
If you want tax, asset protection or legal advice that takes account of your particular objectives, financial situation or needs, please seek advice from a licensed professional in the area such as an accountant, lawyer or similar professional.