Journey from Wages to Wealth

Life should be Wealthy, but we spend most of our time earning a wage and most of our money paying taxes.  

In this article, I share with you the 3 Ways to Go from Rags to Riches, better yet Go From Wages to Wealth! I will share my journey from Wages to Wealthy and how I help my clients master their financial life through proven wealthy hacks.  

I won’t drag you into a story before I share with you the 3 Ways to Wealth

  1. Tax Mastery 
  2. Real Estate 
  3. Business 

Although, I have an Accounting and Finance degree from THE Florida State University with an extensive and complicated training in accounting, my first 10 of 30 years in the profession, I did not possess any Tax Mastery as most people might assume.  Most accountants are tax masters not Tax Masters in Entrepreneurship, Small Business Ownership, Corporate Career Earning tax areas, at the level I am now.  Some Accountants never even practice tax services outside of doing their own tax return.  Accounting is an entire degree and field of services.  There are levels to Accounting.  

Tax Mastery 

I will state this simple, yet unknown fact. Tax is a Specialty field in Accounting; therefore not ALL Accountants have Mastered the Tax Law and even the tax law has areas of complexity where you will need a specialist.  Just like you can’t assume that all doctors are heart surgeons and all lawyers are Johnny Cochran criminal trial lawyers.  Mess around needing a heart transplant or a get of jail FREE card, and call the wrong doctor or lawyer ignoring that specialities do exist and you may find yourself incapacitated or in jail. You don’t need a degree in Accounting or to become a Tax Specialist, to pay less tax than you are currently paying.  You can lower your tax bill by simply  hiring the right accountant and tracking your money better.  Life is Taxed ™ , as the title of my upcoming book states.  At a minimum, I encourage each Wage Earning, Wealth Producing heartbeat to Know the Rules, and Play the Game to Win! You only need to Master your own life, and navigate your money better to take more benefit under the Tax Code.  

Your largest Total Disbursement in Life will NOT be your House or Car purchase.  Your largest expense and total money payout in life will be and quite frankly is Tax.  I implore you to Master Your Tax Life, so that you don’t overpay your tax bill and have more money to grow wealth. 

[See link to my video that can help you better understand wage earning tax using a your W2] 

Within the TaxPLUS365 product of services our firm offers personal guidance, foundational financial support, monitored, disbursement tracking, financial management, and removal of tax stress that make our clients feel like Tax Masters and keeps them away from tax and financial stress or mess. The truth is in order for the Accountant who does know the tax code to help you experience Tax-Free Living, we must first know YOU.  This requires a relationship vs dumping documents and signing papers.   

The example I give all the time is, if you give the same data to 3 people, the CPA, the Tax Person, and Your Neighbor or Yourself doing your taxes, your tax bill will yield the same result.  

The tax code is the same, the difference is the facts shared, the knowledge the person preparing your taxes possess, and the applied understanding of numbers you don’t see properly included on your tax return.  Bad Financials, Make Bad Tax Returns moreover than bad preparers.  Guess who is giving the tax preparer the bad numbers/ bad data, YOU, if you don’t have a financial system.  It is important to have a financial framework you follow around tracking your income and spending towards taxes.  Tax is the largest expense you will ever incur in Life.  If you can reduce $1,000,000 by 10% that’s $100,000… imagine how much MORE Money and Wealth you could or would grow with an extra $100,000 or 2 to 5 years!   

You don’t have to be a Tax Specialist or Expert to win over taxes, you need these 3 tools to fix your tax bill in your favor: 

  1. A Financial Management System that gives your accurate spending and income earned and makes it available to you at the push of a button. 
  2. A Simple Understanding of your Taxed or Taxing Situation
  3. An Accountant that can execute YOUR situation:  knows the tax code that applies to you, your financial situation, your spending past and your spending intention

Extra money saved on your tax bill can be invested to help you grow wealthier using my next two wealthy ways : Real Estate and Business Ownership

Real Estate 

I made a decent Wage/Salary during my career, I started my career in Accounting at 16 years old working for a Fortune 500 company, they were #37 on the last Fortune 500 list.  I made $9 an hour on my first job as an Accounts Receivable Accounting Intern.  When I graduated from college I got a job at a CPA firm making a good salary and earned from $30k to $56k my first 7 years as an Accountant and later becoming a CPA,  I purchased my first property.  A brand new townhouse in the heart of Atlanta.  

I made the decision to purchase my townhouse after living in New York with my Grandfather while working for a small, but not so small CPA firm, who had ONE (1) client.  The CPA firm had 100 employees to service the accounting and finance needs of the 1 client, which was ONE family.  Talking about a family office, the entire office worked for ONE Wealthy Family.  I chose the CPA firm because I was ready to venture out from Tallahassee Florida, where I had blossomed as a young leader in the college community and was a budding leader in the state.  The CPA firm advertised they specialized in auditing magazine and newspaper publishing companies and I, although I was an Accountant, I knew I was a writer too.  I lived with my grandfather who would walk to the airport everyday to grab me financial newspapers to read I had never heard of before. He lives walking distance to New York Laguardia airport.   He would leave the papers in the foyer on the bench for me to read.  I would allow them to accumulate, never reading the papers, which frustrated him but I LOVED to hear his stories about being a Landlord, Acquiring Real Estate Properties in New York as a young man.  He’s 93 now.  He also worked in his father’s candy store, was a New York Firefirefighter and often shared with me all his Landlord stories along with family stories and unknown to me about my Grandmother who he never married but loved.  

My grandfather acquired 20+ doors in real estate while he worked as a New York Firefirefighter, creating a portfolio of properties he would collect rental income from, his side hustle as a landlord.  He told me how he purchased his home and acquired each building.  He would take me on drives through Harlem, Queens, Brooklyn, and the Bronx and tell me stories about the buildings he had purchased. How he got each building, rented it and why he got rid of each one, one-by-one.  He would show me the stacks of rent checks, now stale and over 10 years old, he never cashed and each story behind why he showed benevolence in his reasoning for holding and never cashing his tenant’s checks. Too many stories to count, but through each story he taught me the trial and tribulations about being a landlord OWNERSHIP – Entrepreneurship.  He actually didn’t like it and only considered it a strategy to build wealth, I think.   He sold every property, and gave away some.  He was smart but gave himself no credit about what he actually achieved after he migrated from Waycross GA to New York City Queens to live with his Dad.  Leaving behind a daughter, he would later migrate to, my Mother (another very interesting story I hope to share later). Granddaddy worked hard and achieved so much success in my eyes.  His stories were actually to teach me how and why to avoid being a landlord, but I didn’t adopt them as that.  I adopted them as lessons and grow on. 

As soon as I moved from New York to Atlanta,  I rented for 6 months and purchased by first property, a cute little townhome in the city.  My strategy was to buy properties I could rent, like my Grandfather.  Home Ownership was not something I pondered as an option but knew I would own a home some day much the kid who knows he or she will attend college because that is what “they” did.   My parents owned homes, and my grandparents, so I didn’t think of homeownership as a maybe.  

Homeownership is ownership,level 1, and the foundation to grow to Wealthier places.  Homes appreciate in value.  When you live in a home and it appreciates in value, the only way to tap into that value is for you to Borrow.  In the book, Tax FREE-Living by xxx he mentions that the way to wealth in real estate is to Buy, Borrow, and Die and I agree with him.  The only way to tap your wealth built or appreciated in the home you purchased is to Borrow against the Value or Sell the Home, but then where would you live; therefore I recommend Buy a property, rent the property for above your monthly cost, and earn money, grow wealth cash-free and tax-free.  This has been one of my strategies to achieve over $1 million in assets and access.  Land is the one thing that there is no more of.  God created the earth and the land is the land.  Get yours and build wealth.  

Real Estate is a form of business exchange.  It is the exchange for space.  

Business Commerce is the exchange of goods and services and my third Way to Wealthier Living.  

Business and Entrepreneurship

Owning a business is not limited to entrepreneurship.  Business ownership is reflected by your investment in business and the investment can be time or money or both.  

When you invest in a SEC publicly traded company, you are investing money and expecting a return on your investment (ROI) based on your belief, calculations and knowledge.  Your stock is ownership in the Business, You are a business owner.  

Most people equate business ownership to entrepreneurship and self-employment.  Business ownership as an entrepreneur gives you more control and autonomy; but you have to work your way to wealth, especially if you are a solo entrepreneur.  I find solopreneurship the baby or infant stage of business and the government treats you like a baby from a tax perspective.  You are not trusted that you are responsible enough to calculate and pay your trio-tax (income tax, social security tax, and medicare tax), like when you were a wage earner or employee.  The trio-tax is the set percentage of your money that is required and designated for income tax, social security tax, and medicare tax.  Remember, Life is Taxed ™ .  The difference between the Earner and the Owner at this stage is the taxes are taken on the front end vs the back end.  For the wage earner, the tax money never hits their bank account; the employer withholds the money and sends it directly on their behalf to the IRS and State Department of Revenue.

The One-Owner business, even as an LLC’s earnings after sales and expenses, net income is taxed the same as an employee’s wages except the trio-tax has to be submitted before the April 15th deadline for income earned in the year before and you are expected to send the tax payment in as both employer and employee.  

A One-Owner business, and all businesses, have choice on how to set up their business as a tax structure.  There is no One-Size fit all businesses when making the decision.  Warning:  Tax Advice is like Medicine, you should never take another person’s tax advice.   

I highly recommend speaking with an Accountant who understands and prepares a structure analysis on your business and understands the small business, entrepreneur, and dual worker-entrepreneur tax scenarios.   I have helped Entrepreneurs, who thought they were doing everything right, but were following advice they picked up from youtube, the internet or a friend’s house and applied it into their scenario which resulted in the loss of hundreds, thousands, tens of thousands.  

I will say this, Corporations allow you the first opportunity to determine and distinguish your investment owner income (distributions) from your wage income.  A critical difference and resulting higher or lower tax rate on your income.

My simple tax advice around incorporating is, “if you don’t know what to be, choose LLC… and call me or your Accountant to make it right”  

For More on how to determine whether you should be an LLC, S-Corporation or C-Corporation as a Business Owner or Entrepreneur start with my webinar, Business Babies Need to Grow Up on my Youtube channel (@spicedajackson) and see the download here 

Ending point, the best way to Build Wealth is Through Business; Because money invested in your business is tax free.  The money invested through the SEC is not.  Allow your money to go and Grow on for you.  

GROW money, Invest Wisely, and Be Tax-FREE through Business. 

Each of the ways above can help you build wealth while you Work as an earner.  The alternative is to do as I did, Go into Business and Bank on Your God Given Abilities to help you  Create Wealth.  

“And you shall remember the LORD your God, for it is He who gives you power to get wealth, that He may establish His covenant which He swore to your fathers, as it is this day.” 

Deuteronomy 8:18 New King James Version (NKJV)

Spiceda’s Bio

Spiceda Jackson, has attained the experience and knowledge that creates wealth through business as a trained CPA, auditor, and mergers and acquisition accountant and advisor.  She is a former Fortune 500 CPA.  She shifted the “P” in CPA from working for Publicly traded companies to focus on helping Privately Held Companies possess the foundation and apply the secrets to build wealth through business while taking control over the largest expenses they will pay in life, Taxes.  After shifting from Big Firm CPA Earner to Owner of, she later found more desire for sharing and started her Blog and Podcast, Wealthy Have[its]™ where she share and show Small Business Owners, Entrepreneurs and Executives how to set the foundation to Build Wealth Through Business and Tax Lowering Wealthier Ways. 

Moving tax stress out of the way, through her proprietary systems as she will share in her upcoming book Life if Taxed, Know the Rules, and Play the Game to Win.  Spiceda is passionate about her mission and affirms that it is her ministry, to help heartbeats find wealth, know wealthy habits, and have wealth to enjoy.  

Avoid Business Financial And Tax Problems