Navigating financial stability especially as a newcomer to a country, can often feel like sailing in a stormy ocean. But with the right guidance and tools, it can become a smooth sail.
This week we had a business consultant, my beloved husband, Alec Bagin, as our guest speaker on Material Well-being. He shared some insightful tips on strengthening financial stability, particularly for those who have immigrated to the United States.
Alec emphasized the importance of understanding the new ways of operating in a new country, such as the different tax system. He also pointed out that job opportunities are changing rapidly, with jobs now changing every 2.5 years. This makes it crucial to always be on the lookout for new opportunities. Alec encouraged us to find unique ways to stand out in our chosen fields.
He discussed four main ways, suggested by Robert Kiosaki, to generate income in the United States:
1. Employment: Working for someone else and earning a salary.
2. Self-Employment: Starting your own business, service, or product.
3. Business Ownership: Owning a system that works for you.
4. Investment: Having your money work for you.
Alec emphasized the importance of having multiple sources of income for financial stability. He also highlighted that in the United States, you can be self-employed without needing to register, unless you require special licenses.
Being a business owner or an investor allows you to pay taxes after you receive all the money and do all the deductions and write-offs. This is because America is an entrepreneurial country, and the laws are made for entrepreneurs to be more capital.
One of the significant investments in America is buying a home or a house, which has been a good investment for many due to rising house prices.
Alec’s presentation was a great reminder that financial stability is not a destination but a journey. It requires constant learning, adapting, and making informed decisions. So, whether you’re sailing on a calm lake or navigating through a stormy ocean, remember to stay financially savvy.