Bob Gauvreau and a co-speaker break down how entrepreneurs can track finances weekly, cut tax leakage through smart real estate re-leveraging, and grow by increasing client acquisition, purchase frequency, and retention. They cite Canada's $13,000 personal exemption and push a Financial Mastery model built on four concrete levers.
Questions this video answers
August 30, 2022
Around $13,000
Chapters
If you don't have an up to date financial scoreboard, how do you know you're making money? How do you know how you can increase the money you make? How do you know if you're winning the game? Without a financial scoreboard and up to date information, you don't have the relevant financial info to make good decisions. We look at this on a weekly goal based objective and we say what are the critical drivers in our business, in our portfolio that we need to accomplish on a weekly basis, even on a daily basis. So we need to make sure that the structure for our business and our investments is optimized. Otherwise we have tax leakage. In Canada, the personal exemption limit is somewhere around $13,000. So for the first $13,000 somebody earns, they pay zero tax. We need to try and maintain our lifestyle where it is now and massively reinvest that income right now to grow significant wealth. So some tips for wealth maximization. Very first one, we went over that right, avoid tax. If we don't avoid tax, that tax will cripple us and it will slow down our exponential wealth accumulation. Tax is the enemy. When we get a reevaluated property and we can pull that cash out, we pay no tax on that, guys. That's a super powerful opportunity. And if we can continue to leave all that money in and re leverage that and put it into the next opportunity, that cash flows itself. That's how we get exponential growth. In our real estate portfolio.
We built a financial mastery model. We call it financial mastery, the courage to elevate. We've got the opportunity to take action, make decisions, implement these tools into our business and start achieving an elevated form of success. It's time to take action and time to build value in our business. We need to understand where we can grow, what we can introduce to our business so that we can take very specific action steps in order to do it. We want a direct approach to 0 to 100. Right now, the very number one, this is increasing the number of clients that you serve. If that's the only way we're growing our business is all through lead gen. That means we've got to nurture people, we've got to get in front of them, we've likely got to talk to them. Then we have to get on a sales call, then we have to convert the sales call and then we have to deliver it right. The second one, it's increasing the frequency of client purchases. Know that pricing is the most effective way to grow your business. The fourth one is retention. If we start pricing filling the bucket, but there's too many holes, and all the water continues to fall out. We're not really growing our business. We need to make sure that we plug those holes before we start to increase those clients.
