Like most things in life, there are levels to this wealth-building game. My previous two blogs covered the basics of building wealth, including saving money, increasing your income, improving your credit score, and investing. Now it's time to dive deeper and explore the advanced strategies for creating financial security and freedom. Specifically, all individuals must become entrepreneurial and build a business entity. The next level of wealth-building requires a different set of goals and mindset. Here are steps to get you started on your advanced wealth-building journey:

Create a legal business entity. This means setting up a corporation or limited liability company (LLC). There are tax benefits and legal protections that will help you keep more of your hard-earned money. In addition, having a business entity will unlock financial opportunities and a new mindset of building a brand, attracting capital, and strategizing growth and profitability for yourself. Many platforms streamline the process of creating a business entity, including business bank accounts - check out Zen Business, Stripe Atlas and Harbor Compliance.

Build business credit. Once you have an established business entity, you can then start building a strong business credit. This will open new access to financing options, such as loans, credit lines, and favorable terms that can help you grow your business and achieve your wealth-building goals. Similar to personal credit scores like FICO, business credit is essential for increasing your financial flexibility and setting the stage for future growth. Check out these tools for learning about and managing business credit - Dun & Bradstreet, and Nav.

Leverage debt to build your wealth. While too much debt can be a financial burden, borrowing money can also be a powerful tool for building wealth. By leveraging debt to make strategic investments, such as real estate or paper investments, you can generate a higher return on your investment than the cost of the debt. This is a vital tool for the uber-rich to maintain their wealth - some have coined this strategy as buy, borrow, die (read this mind-blowing article: https://www.wsj.com/articles/buy-borrow-die-how-rich-americans-live-off-their-paper-wealth-11625909583). For example, Bezos borrows money from a bank to fund his lifestyle expenses and uses his Amazon shares as collateral for the loan. This minimizes tax liabilities and increases buying power for personal needs and investments. It's important to remember that debt is a double-edged sword and must be used wisely and carefully.

Build a portfolio that can sustain your wealth for generations to come. Imagine what your wealth will look like 100 years from now. This long-term approach requires a different type of careful planning and strategizing. Same considerations of mapping out your financial goals and risk tolerance, but now with an investment time horizon. You can then start diversifying your portfolio by investing in a mix of assets such as stocks, bonds, real estate, commodities, and alternative investments. It's essential to do your research, get uncomfortable with the long-term planning, and enjoy the opportunity to create a financial future that you want to provide for your tribe beyond your lifetime. 

Write your goals on the bathroom mirror. Map out your vision of where you want to be. This is a powerful tool to help you stay focused, visualize your future, keep your goals on top of your mind, and stay motivated to achieve them. By setting clear wealth-building goals and working towards them consistently, you can achieve financial success and build the life you want. Continue to observe, pivot, evolve, and measure your progress.

Building wealth requires a combination of strategic planning, risk management, and hard work. Go beyond what you've thought was possible. Start taking advantage of the various benefits of having your own business entity, expanding your portfolio by planning beyond your retirement, and mapping your vision and wealth-building over time every day. Don't wait - start setting your wealth-building goals today and take the first steps towards a brighter financial future.