Jim Toner has been a real estate investor for many years. His success in this field led to him crafting the Creating Wealth 101 System which he has taught around the country. He is also an entrepreneur who has taught business owners how to find much more success by using his methods. He is also a philanthropist who has donated to many causes both local and national in scope.
He recently revealed five tactics that professionals use to make more money. He says it all starts with the philosophy that money you keep and don’t have to pay out to anyone is just as good as any check someone could write you. He calls this “Phantom Income”. An example Jim Toner uses is facing a $10,000 tax bill. If you could use a high level strategy to erase that tax bill what would be really great.
According to Jim Toner, everyone needs to know their tax exposure. He says that when his real estate investment business really started to take off he brought in a very good accountant who knew the ins and outs of the federal tax code like the back of his hand. Once he started getting too big this accountant said that he felt out of his league and directed Jim Toner to another accountant. The new accountant looked over his past few years of taxes and found numerous legal ways to save thousands of dollars.
Entrepreneur Jim Toner also recommends to business owners that they raise their prices. A lot of business owners don’t want to charge what premium products and services really are worth. He says that is just leaving money on the table and not a good way of running a business.
Jim Toner highly recommends outsourcing to business owners. He says that it’s a great idea to get people on your team who can fill in your gaps of knowledge and skills. This leads to great efficiency and the business is run in a more cost effective manner. In his own real estate business he said he spent all of his time looking for deals. He let others handle the other details because finding deals was his specialty. Check out this video documentary involving Jim Toner and John Mulry.
Read Toner’s secret to financial freedom: https://thenewsversion.com/2018/06/jim-toner-shares-secrets-financial-freedom/