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As an entrepreneur, do you know what your biggest expenses are?
You can possibly name off a few things that are pretty big pieces of your income, but I'm willing to bet that you may not realize what the number one expense is...
In my latest video, I'm going to cover what the two most substantial expenses are in your business, and how you can't afford not to know what the number one expense is.
In this video, I'm going to:
- Break down the two biggest expenses you incur as an entrepreneur
- Show you how the number one expense is the biggest mistake you can make (and how to avoid it!)
- AND... how you are leaving money on the table by not understanding how to scale and grow your business income
Hey everybody. Dan Henry here, author of digital millionaire secrets. And today I'm going to talk about your two biggest expenses in entrepreneurship.
So I'm going to set my book down right here. And by the way, if you have yet to get a copy of this book or read this book, you totally should do it because it's an amazing book to help change a lot of lives. But today I want to talk about the two biggest expenses. So let me write these down and you guys can guess in the comments, if you want, what your biggest expense in life is, and especially in entrepreneurship. But I'm going to go ahead while you guys are commenting. I'm going to go ahead and write this out. So the two biggest expenses now, number two, I'm gonna start with number two. And if you haven't yet, guest number two is actually taxes. Okay? It is taxes. And here's why let's just say for a moment, I'm going to use this whole board here.
Let's just say for a more a moment that you make a hundred thousand dollars a year, and let's say you're in a 30% tax bracket. Now a lot of people think of income tax as the only tax, but here's the thing you don't realize. Yes, there is income tax, but there's also additional taxes like state tax County, surcharge tax corporate tax property tax. Think about this. When you buy a home pay property tax, when you sell a home pay property tax, you pay capital gains tax. When you sell an asset, you paid all kinds of taxes that you don't even think about it. You go get your driver's license, you get tags for your car. There's so many taxes. You pay sales tax. Every single time you go to the store or order anything there's taxes on so many different things. There's even taxes.
When you die. There's just taxes, taxes, taxes like crazy, especially for us Americans. So when you add all of these taxes together, dollar for dollar, the average American is going to pay about 50% dollar for dollar in total expenses and taxes. Because when you add everything up, it's a lot more than you think than just your income tax. So let's imagine this for a second. If you make a hundred thousand dollars a year and you pay 50% in taxes, that is 50,000 in taxes, right? Which means you are left with $50,000. Alright, so the second biggest expenses is taxes. Now the first, the top extents, the top, top, top expense is simply this not knowing how not knowing how to increase that amount, opportunity costs, ignorance of what you need to do to get to the next level. And here's why let's just say that you knew how to add a zero to this number, right? So let's say you got the training you needed, you understood and you learned and you got help. And you now knew how to increase this number. Well, now let's say it's at a million. Even if you pay the 50%, that is a $500,000 amount in taxes. So when you do the math, you are left with
500,000, okay? So if you only know how to make a hundred thousand, you're going to be left with this. If you know how to make a million, you're going to be left with this. If you subtract this amount from this, you are left with the following amount, you are left with $450,000. And ladies and gentlemen, this is the amount you paid last year
For not knowing how to grow for not knowing how to increase your business. That's what you paid opportunity costs. And of course, this number varies based on where you're at currently, but you get the picture. The biggest expense you will ever have in life in entrepreneurship, in business is not knowing how to scale. It's not knowing how to increase business at the end of the day. That's your biggest expense. So if you have yet to read this book, I want to offer you something right now. But the thing is is we help a lot of entrepreneurs. We have so many case studies and success stories because we've been doing this a long time. We've been teaching people how to grow their online business, whether it's an online course, a coaching program, a mastermind software, or any type of services, high tech, anything you would sell for a premium price.
We've been teaching people how to grow their sales and how to grow and do this. And we have massive, massive amounts of case studies and success because we've been doing it for a long time. We've been helping people for a long time. We know how this game works and that's why we're able to help our people. And so here's the thing I'd like to offer you to book a call, speak to someone in my office and see if we can help you grow. If we can take this expense, your number one expense and get rid of it by teaching you how to scale teaching you how to grow, teaching you, how to start your business off on the right foot or scale a business to the next level. And so if you'll take the time to click the link included with this video, you can fill out a couple of application questions.
So we know a little bit more about your business and we'll get on the phone with you. And we'll see if we're a good fit to work together. And if we are, we'll offer you the same thing that we've offered our existing clients that has blown their business up to a massive level. And you just make the decision. If you want to be a part of it or not, no pressure, but I highly recommend that before you get on this call, you definitely read a copy of my book and you definitely come into that call understanding the concepts that we teach that are in this book. Okay? So I'm going to leave a link included with this video where you can go and fill out that application as well. If you don't have a copy of the book yet you can grab it. You can also grab a copy of this book and get the there's a, when you get, when you get the book, it's free, it just costs shipping and handling.
But there is an offer to get the audio book, it's a small up sell charge. Grab that offer, get that audio book, listen to it while this book is on the way. And that way, if you hop on a call with us, you will already be ahead of the game. Cause you'll understand the concepts in this book before you hop on the call with our team. But remember this right here is your biggest expense is not knowing how to make more, not knowing how to scale, not knowing how to increase sales. That is your biggest expense. All right, can't wait to talk to you. See you soon.