Ep 2 | From Taxpayer to Wealth Builder: Creating Strategic Structures for Long-Term Wealth

Guest Expert: Rachel Rademaker  | The Wealth Hive

"You mean I could have saved $50K in tax?"

If you've ever walked out of your accountant's office thinking "I wish I'd known that five years ago," this episode is for you.

Most business owners start with an ABN and figure they'll deal with structures "later." But later often means leaving tens of thousands of dollars on the table, money that could have been working for you, compounding over time, and building wealth.

In this episode, hosts Kate De Jong and Dee Skillicorn sit down with tax strategist Rachel Rademaker from The Wealth Hive to answer a critical question: Are you just making money, or actually building long-term wealth?

Rachel breaks down how the right business structure can dramatically impact your ability to retain profits, minimise tax, and build generational wealth. From sole trader setups to companies and discretionary trusts, she explains when to use each one and highlights common pitfalls that can quietly derail even profitable businesses.

The key message? Stop treating profit like spending money, and start treating it like seed capital for your future.

What We Cover

• The three main structures decoded: sole trader, company, and trust, and when each makes sense
• Revenue thresholds that matter ($75K–$135K is decision time)
• The magic of franking credits and why they're "where the gold is"
• Division 7A loans and director's penalty notices, traps that could cost you thousands
• How discretionary trusts work like an accessible superfund you can use NOW
• Why your accountant processes what you've done but may not tell you what to do differently

Ready to move from earning income to building real wealth?

Join the Fiercely Financial Action Planning Workshop for direct access to Rachel and our other expert guests. Map out your personalised wealth strategy with the people who know it best.

Spots are limited. To reserve your spot, please reach out to the hosts below.

Connect with Your Hosts

Rachel Rademaker, The Wealth Hive | 🌐 thewealthhive.com.au

Dee Skillicorn, Digi-Secure | 🌐 digi-secure.co | ✉️ dee@digi-secure.co

Kate De Jong, Inspired Business | 🌐 katedejong.com | ✉️ kate@katedejong.com

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Transcript

 You're bringing in the money, but are you building wealth? Welcome to Fiercely Financial, bringing you insights from top experts to help you shift from business owner to wealth creator. We're your hosts, Kate De Young, and I'm de Skilly Korn. And we are on a mission to help more business owners build long-term wealth.

Let's dive in. Hello everyone. Welcome back to the Fiercely Financial Podcast, and I'm here again with my wonderful co-host, Dee Schor from Digi Secure, our cryptocurrency expert. And we're very honored this morning to be joined by Rachel Maker, um, from The Wealth Hive. Hi Rachel. Kate, how you going? Hi Dee.

Hey Han. How are you? Very well, thanks. Thank you for having me. Really good to have you here because you have a wealth of knowledge, um, in all things tax, accounting, finance, and business strategy in general. So we're keen to get your, um, your insight. Um, as I was mentioning in episode one of this podcast series, we had Sam Morris talking about the profit First model and, um, moving from revenue generation in business into, um, profit building and how so that you then have profit you can set aside to build wealth.

Um, the topic, um, of our discussion today is about. Um, building wealth through optimizing your tax structures and, and you're an expert in this, in this field, and you are a financial coach and educator at the Wealth Hive. Um, you started out your career at PricewaterhouseCoopers and eventually moved overseas to work in a company.

Um. Uh, in Canada, um, you brought that, um, wisdom back and you became group manager for tax and, uh, treasury for a top 1000 a SX listed company. And there's so much more, um, you know, behind your experience, but now you're committed to helping people navigate their journey through, um, strategic, how would you say that, how would you describe that strategic business structure for wealth creation?

Yeah, absolutely. It's, it's really interesting journey. Um, early on I did realize that while, you know, accounting and tax was essential, what really lit me up was the strategy side of, of money, um, and how everything fitted together and how the right structures and decisions. Can genuinely change someone's life.

Mm-hmm. So that's why I really love what I do and help sharing that knowledge so that while people put their energy and effort into building a great business, we are trying to retain as much of that as possible to support their business growth, but also their personal wealth journey for, you know, to leave a legacy or to, you know, live a really great, um, life.

Either bef you know, early retirement or at retirement, whenever that might be. Sounds amazing. Yes. How do we do it? So yes. Um, yeah, you talk about, um, um, understanding the tax legal systems that are in place so that businesses can leverage the systems that are available to minimize the amount of tax you pay and, and divert that, um, more to wealth creation.

Mm-hmm. And as you were saying that, that starts, um, in the majority of cases, starts with getting the business structure right. Yeah, it certainly does, and it doesn't mean that every business has to, um, or even individuals have to jump into a structure straight away. Mm-hmm. It's more about understanding what their long-term goals are and what might be a right fit for them.

Now, that can transition later on. However, if you do have an exit in mind, it's really important to understand how you go into something first. Knowing what the outcomes and the potential, um, impact that has when you wanna exit or change, you know, strategy or life circumstances change. Um, I'm very much about trying to enable as much flexibility and choice, uh, for people when, uh, you know, life does change or they, um, you know, man wanna maneuver, uh, a different way.

Yeah. And so I get a lot of, um, businesses coming to me because they're, I specialize in the startup new business, um, space, and a lot of them want to start out as a sole trader with the view to building up enough revenue till they need to pay GST and then moving to a company structure. What are your thoughts around that?

Yeah, I think that's a perfect move for somebody that's just trying things out. It's inexpensive. It's very easy to get an A, BN, uh, and as long as they are aware of, um, managing their cash flows and looking at their compliance needs, it only becomes a point in time where. Um, as you said, I think the trigger is GST in some ways.

Um, you know, they've gone over $75,000 and, uh, for me it probably hits around the time to move between that time and before 135,000, or depending on what type of offering they have. Do they have any other, um, uh, do they have a spouse? Do they have any other people that they could potentially use in a strategy to help diversify where the income can be distributed by wave of trust?

What you were saying before with the delineation between that 75 threshold and say the 135 threshold is your suggestion is that's when they should be starting to look about what their next step is with their, either their structure or their business, like where they position themselves to move forward.

Is that kind of the bracket? Uh, that probably works out to be the average bracket. Yeah. And the, and the main reason for that is because, um, it starts looking at, if we talk about tax effectiveness, um, and the, the tax rates, the, I'm just looking at the tax table now, like the 30 cent threshold it hits, um, between 45 and 130 5K.

So once you hit over 130 5K, you're looking at paying 37% tax. In saying that, if you are very confident, intentional around your business, there's absolutely no reason why you wouldn't just start in the structure you intend to stay in, or that's optimum for your goals and that saves the transition later on, which can be quite painful.

Um, however, if you just wanna try and keep the cost down, you wanna see if something's gonna work. Being sole trader, there's no harm in that as long as you have the right. Um, risk management and resources in place, um, with your insurance and governance and things like that. Well, stranger you mentioned that because that was what, something that um, back in the day the accountant told us to do and you've just reiterated that is he said to us, set up the structure, now it's gonna be a bit of pain in the back pocket.

But he said, set that up because you can now just continue to grow and there's no transition times in between. So we started off with exactly that. We had the structure with the trust and all the things involved in that, and we've had the same structure now for 20 plus years with a few variations in amongst it.

So it's interesting you say that, that you, you can sometimes think about what your structure should be because you're anticipating the growth of the company over time. Absolutely. And the other thing is, is it also is heavily dependent on the industry. That you're in and what you're doing, um, especially if you're very asset heavy, if you're in construction machinery.

We wanna assets, we wanna, yeah, we wanna protect those assets from the trading business. Correct. And we were in construction, so you, you hit the nail on the head straight away, um, as construction. And would you believe it? My father was an earth moving contractor, so I was The other industry you're talking about.

So, oh my God. There we go. So, yeah. And um, yeah, that's interesting that, um, I mean I started out as a company, but I'm a service business with very, with no literally no assets or so on. Are there any downfalls to that? I'm wondering, you know, I, because I started out thinking, no, I'm a serious business owner.

I wanna be A-P-T-Y-L-T-D, and, um, but I'm sole director, sole, um, shareholder of my company. Um. What are your thoughts on, yeah, so there's a lot of, sorry, there's, there are like, you know, legal considerations too when setting up structures and making sure that you, whatever roles you take on and the responsibilities you sign up for, that you actually adhere to.

Obviously as a director there's director's responsibilities. However, with the service based business. That's very revenue, you know, lot, probably not as high cost of sales. So you're not selling products and things like that. You're probably gonna have a higher revenue base and less expenses to deduct.

And so a company could be a perfect option because their tax base now, um, for most small businesses is 25%. Mm-hmm. So if you think about that, if you are growing business, you've got a high profit turnover and you don't need to take. As much of the, the profit as wages, you can leave that in the company and only pay 25% tax on it.

And I know I say only, but people also forget about the benefits of the franking credits that come with, um, paying tax in a company. Right. And that's a whole field that I have to be honest. I don't understand. But is that something that's valuable for business owners to know? Ab, absolutely. Mm-hmm. And sometimes it's actually where the gold is, right?

Um, when, when we're talking about, um, the benefits of choosing a structure. Okay. Um, because what it allows you to do is essentially, uh, accumulate or build up a tax, um, well, how do I explain? Like a, like a tax bucket. Mm-hmm. And so. You have the tax that you've paid, but when you pay those profits out to the owners of the company, so shareholders, you might have had heard the term dividends.

So if you own shares in BHP and things like that, you actually get. Tax with it so that you don't get taxed twice. Mm. Very complicated area, and a lot of people don't actually understand it, but in your hands, if you receive a dollar of profit that's already had 30 cents tax paid, depending on what your marginal tax rate is.

You could physically get that cash back. Mm-hmm. Or a portion of it, or only pay a little bit extra if your top rate is 47%. Right. So you haven't sunk it hasn't been sunk. Whereas a sole trader, if you've had to pay 25, $30,000 in tax, there's no ability to get that back later. It's been paid to the A TO, so it's sunk.

Got it. So yeah, companies are very powerful for long-term planning in that regard. Right. That's good to know. Just with regards to that, Rach, I'm assuming, is there a, um, baseline, so when I say baseline of cost, is it like, what does it cost a business to start thinking about putting a a structure together?

Now, I know there's different structures, but a baseline and a starting point for them. If they've got a simple structure with their first company and first trust attached to it, they've spoken to you and they've got this done, what sort of outlays would they be looking at in their business? So for a, what I call a, like a trustee bundle, 'cause there's a lot of, um, to understand around trust, for instance.

So I generally like trust for a lot of things, but I also like them to have the greatest, um, protection around the trustees, the person who owns and controls. Or directs what happens with the trust. So one of those would probably be between two and $3,000, so we're not talking tens and tens of thousands of dollars, but that one-off cost to set them up could save you thousands in the long run from tax planning.

Uh, and then the ongoing cost is obviously a tax return each year for, for the trust or the company. And the asic, uh, has a, I think it's just gone up this year, $329, an annual renewal fee in February of a year, paid in April. I know I do it for a couple of us that that's for yours, but it, whenever you actually incorporate your company, that's when yours will be due on payable.

So, um, if you incorporate it in June, you'll get your renewal notice in June and you'll have nine, not 90 days, it's kind of like 60 days. They give you a bit of leeway to to pay it. Um, you know, so that's the ongoing cost for, um, a company, whether it's a trustee company or an actual operating company. Hmm.

So maybe we need to back it up for, for business owners. And there's three paths you can go down, right? There's sole trader, there's company structure, and then there's a, a trust slash company structure. Is that right? Yes. Yeah. Yeah. Those are the main ones that I generally deal with. Obviously there's other things that we might hurt, heard of, especially for farming communities.

Partnerships for mom and dads. Oh, yeah. Um, joint ventures for mm-hmm. Two businesses coming together for a particular project. Right. Um. Generally those are the three. So, um, sole trader, we keep it simple. It's low compliance, great for early stages. Mm-hmm. If you look at a company in a trust, this is really, for me, it depends on what you are doing in the business.

And it really depends on the nature of business, what your goals are. How are you going to take money out of the business? You know, what, what's the variability there? Mm-hmm. Uh, but the clear difference between a company and, and a trust is that a company is really good for retaining funds in the business to grow and reinvest in the business.

It's got a 25% base rate of tax that we spoke about before. Yep. Um, and a very clear separation. Between the operation of it, um, versus a trust. This one has great flexibility for income distribution. So this is why we really love, um, the trust mainly more so for, not mainly so, but uh, probably a custom to more people for wealth buildings.

So we're talking about wealth creation, having assets in there, generating some great wealth. They're great structures for that. Great asset protection and family wealth planning. So, um, it's, it's almost got the best of all worlds. The only difference is, is that it's hard to retain the actual profit in the trust.

You generally have to distribute it out to the beneficiaries. Right. Okay. And the downsides back to the sole traders, um, of that is that I think what you mentioned the beginning, um, if you've got a lot of assets, um, you are personally, um, well, there's a couple of things in there, isn't there? There's no separation between your personal liability and anything that goes wrong with the company as a sole trade.

If something happens, you are personally responsible. Yes. Yeah, generally. So that means that if you own a house, um, that could potentially be at risk. If you have an accident on the job and you get sued, obviously we hope everyone's got the right income, uh, sorry, insurances in place, so that doesn't happen.

But there's limited liability. So this is the P-T-Y-L-T-D proprietary limited limited liability within a company. And so if you're operating in a company and something happens, your personal assets aren't at risk. Mm. Caveat to that though, obviously you've got your director's duties and if you don't maintain, this is the other element when you step into structures is compliance.

Mm-hmm. You'll love the compliance, um, is if you don't actually manage your compliance correctly and don't pay your indirect taxes. In a company like G-S-T-P-O-Y-G for your employees. Um, and, uh, well, so payroll, taxes, any, any of those sort of things. The, uh, legislation has come in for director's penalties now, so they're heating those hards.

Just be aware that if you're going to set up a company, make sure you are managing your taxes. Communicating with the a TO if you are, you're struggling, so you don't personally get hit with the director's penalty notice 'cause that does mean you are personally liable and all your assets are exposed.

Interesting. Okay. When did that come in place? Into place? Uh, can't you can't quote me on that one, but a couple of years ago, no, uh, it started happening, but where we've seen the last two years, three years in particular, is the a TO is actioning them since the post COVID days when they gave so much leniency.

Cashflow became very difficult for a lot of small businesses and they were struggling to pay their debts. Uh, and where those. Companies and directors didn't communicate with the a TO and didn't get on a payment plan. Mm-hmm. Uh, they got hit with director's penalty notices, and if they deal with them within 28 days and it's absolute 28 days, you didn't deal with them.

Uh, it became personal liability and very hard to expunge at all. Yeah know. And what kind of director's, uh, penalties, what does that look like in terms of it's, it's a financial penalty. Is that right? Essentially it shifts the debt of the business to you. Mm. So if you've got 200 grand worth of um, GST outstanding or PYG withholding, um, you are now personally liable.

Right. Okay. So it's your, it's your debt. Yeah. That distinction between, so trade and companies is now not, so, you know, clear is if you're A-P-T-Y-L-T-D and you don't, um, adhere to the compliance, you're also personally responsible. Interesting. Okay. Yeah. Yeah. Fascinating. And then, um, so yeah, the whole, the whole question of, um, tax minimization, um, in order to, you know.

Preserve as much of the money that you generate and keep it for yourself to build wealth. What are some of the, the strategies that you work with, um, to help your clients there? So my favorite answer you'll hear again, is it depends mm-hmm on the goal, but the general gist is to, uh, help them retain as much of the, the cash flow that they've generated and move it into a structure that can create that long-term wealth planning.

And so this might look like, um, you know, you've got your super funds as well. So a super fund is a kind of trust, a very regulated trust, and you have to do some very specific. You know, things with that, but replicating that outside of super that you can actually access earlier is a normal discretionary trust, right?

And with the normal discretionary trust, it's really supportive of either families contributing funds into there and putting 'em into assets in all the different classes, whether you're into metals, crypto shares, property, um, you can build that within the, the structure and then use the funds. To distribute out strategically to those that, um, might be more suitable from a, a tax effective measure.

So you're retaining as much of the profits as possible and um, allowing more growth to continue within the fund. And it also means you have the ability to strategize with family planning. So one scenario, I might go back to the building industries. Say you're really interested in property development or more so property investment, and you've got three children.

You might purchase an investment property in a trust, and maybe you are fortunate enough to be able to do that three times, or when you get old enough to decide, I don't wanna deal with this anymore, and you wanna hand the investment over to your children. You shift who the trustee is. Yep. And so each child could now take control of a trust and investment property and have their own portfolio.

So you're effectively estate planning before you pass away. It's an intergenerational structure, right. To to transfer wealth. Yeah. Yeah, yeah. Okay. Um, and, you know, no stamp duty, no capital gains tax, none of that because you haven't changed the ownership. You've actually just changed who controls it. I see.

Okay. That's interesting. This is, it's so, so important to hear this because this is where I think masses of small to medium businesses don't think and plan ahead. They start off with the general idea of, I've got this idea, I'm gonna run a business. Oh my goodness, I've got a little bit of money, I've got some cashflow.

Oh, it's getting bigger than I thought it was. I think I'm supposed to do something, but I'm not really sure. Mm. And then they get stuck in the day-to-day, um, running of that business and they forget about the foresight and planning that goes with it. Mm. Um, and people like yourself, Kate, that work with these clients, and Rachel, I can see this as an integral part of, of linking together.

Mm. Because the more that small businesses and medium businesses realize that these structures are available, the less challenges I think they're gonna have with a TO debt and, and all of those sorts of things at a later date. Absolutely. So very interesting just hearing about that, particularly what you said about the Our property trust.

Right. Um, you know how you said that you had the houses separate and then you can just change the trustee and it can individually give them a property per se. So yeah, that's cer certainly very interesting. Mm. Yeah. And yeah, it is, it is interesting that we, you know, started off this episode, um, this podcast series with Sam talking about, um, making sure that you operate your business in a way that you are prioritizing profit over.

Um, just revenue generation and, and spending, you know, for lifestyle and so on. Yeah. And then what you are suggesting, Rachel, is a structure to then take that profit that you're building and, uh, and, and use it to build wealth, um, in a way that's not tied up in your superannuation fund or your SMSF, which is, um, we had Natalia Clack on.

Um, or she is coming up in this series and, um, specialist in SMFS as a tax structure to, you know, to have autonomy over your wealth creation. But if I understand right, you are saying that a discretionary trust operates in the same way, but you can access, you can draw from it before you retire. Absolutely.

Yes. Yes. Mm. So it becomes a really good, uh, vehicle to have the same sort of tax and asset protection as a super fund. Although super funds tax at 15% in the super fund, the, the trust in and of itself is generally not taxed. Usually the profits go out to the beneficiaries and the beneficiaries are taxed.

But that doesn't have to be a person. It could be a company too. So if you are making quite a bit of money in your trust. We can, we can move that to a company as well. Um, the main thing with wealth creation that I do see with people early on, especially when they start becoming quite successful, is they do think that the trust money or the company money, the company money in particular, is their money and they start using it for personal expenses.

Correct. They're buying newer cars or they're just being a little bit. Looser with their budgets, and unfortunately that can, um, lead them into a lot of insolvency issues. And so when you spoke about, um, your first guest for Profit first, they would be heavily talking about cash flow. Yeah. And underpinning any of these structures and any of these strategies is making sure we're on top of our, our cash flow to make, uh, take, um, the most optimum, you know, choices.

Mm-hmm. Um. We will navigate the most optimum choices 'cause there's no point doing these strategies and not having the money to flow it through because that gets you into all sorts of mess, uh, and debt as well. Yeah. Do you see that often? Is that something that you help people try and navigate?

Insolvency, or getting back on track? Definitely getting back on track. I've certainly got some key people to help if someone's getting to the point where they need to do, um, uh, a sort of insolvency. But fortunately we've got some new legislation that allows small businesses. To restructure if they are a good business and it's just been outside of their control, we can do small business restructures.

So I've got a contact that can do that, and they have almost a hundred percent success rate, but there's very certain parameters around that. Um, which also helps manage the a TO debt. What I see most commonly is, um, what we call division seven A loans. And so this is where the owners or an associate of the owner of a company has taken money out every year.

Has also taken wages, and this is in addition to the wages. And what we have to do is es well the accountants, so the accountants will have to create a loan for them. And the issue with these loans is they attract an interest rate, they have minimum repayments, and um, most of the interest is not deductible, especially if they just go out for personal use.

So it impacts the company. The person ends up having these, uh, dividends if the way that the accountants deal with it, um, ends up creating dividends that they don't actually get the cash flow for 'cause they've already received it before. And it snowballs, um, every year, especially if you keep doing it every year and eventually if you don't have the cash flow on your business, you can't make the repayments.

Yeah. And you don't have any money to reinvest in the company and you wonder why you're struggling to pay your bills. And you get into a lot of, a lot of strife. So that's something I help people understand because an accountant at the end of the year is gonna take what's happened, do their best with it, and if that's what you've done, they're gonna try and get the best outcome for it for you.

Won't necessarily explain what they've done. You keep doing the same thing. Whereas I help people unravel the, the behaviors that are driving the outcome. Yes. Yeah. Yeah. Because a lot of people are just not aware. They haven't, it hasn't been explained to them. They think it's okay because the accountants dealt with it, but the accountants dealt with them to the best of their ability.

But the behavior as you just shared was that it, it needs to change. And so I help people change that behavior, understand what their personal cash flow needs are, what the wealth creation needs are, how do we effectively get the cash flow out of whatever structure it is to suit those needs as tax effectively as possible, or just simply make sure we don't get you into, um, into, uh, a bind where you end up with a lot of debt that you can't service.

Yeah, that's so true that, um, I've had that same experience where, you know, I do the annual review with the accountant and he'll say, right, we're gonna do X, Y, Z because you've got too much profit there and not enough there. And, and I'm just like, okay, sounds good, but I don't understand what are the behaviors I should be.

And I've, I quite often. Ring him and, and, um, ask for an explanation. But I still, there is a gap there, um, that, uh, that you obviously feel in helping business owners understand the behaviors that drive these out, these accounting outcomes. But, um, yeah, accountants. I think they're often at the end of the year so busy with all their clients, right, that they're just getting, they're dealing with what's on their plate informing you, and there's not a lot of feedback around, do you know if you did X, Y, Z, you could minimize that and do this and you'd behave differently.

And then that understanding, you know, means that you would, you would operate differently. Yeah, absolutely. I think that when Rachel is good, because she does have that. Vast experience over here, but puts it into layman terms that you and I have spoken about before, Kate. Like Yeah. Simplifying the process and the wording so that a small business owner, a medium business owner or or any business owner actually understands the language.

Yeah. But even Sam got on on our first one and said. The story of when she went to the accountant and then she'd have to sit with her husband and have lunch and explain to him what the, what the accountant had said. What the accountant even said. So I think this, this is really critical and it seems to be a thread that we are seeing through all of our podcasts to date is that.

The experts that are coming on understand there's an educational gap between explaining the complicated and getting it into simple terms for the masses. Yeah. And there's so many, um, interconnected things aren't there? There's your business and, and your tax structures. There's your SMSF, there's your. You know, if you are expanding into digital or alternative assets, um, you know, managing the cashflow in your business, you have to be an expert in, or you don't.

I mean, that's why we draw on experts like yourself, Rachel, but there needs to be a basic, um, understanding of all these things in order to make it work for you. Right. And, and I know I can personally say this series has been really helpful for me 'cause I haven't had that baseline understanding in a lot of places, you know?

Yeah, ab, absolutely. And I think that's where the disconnect happens. These professionals that you might deal with, whether it's a financial advisor, an accountant, a lawyer, all do their, you know, use their skillset special to the best of their ability, and they specialize, but they may not have the whole picture.

And so what, I've actually had a couple of clients with a lawyer, and the accountant had opposing views, but that's because they actually had the right view for this situation and the right view for that situation. But they didn't actually. Um, understand what the true end goal was, and both of them were right in, in their individual needs, but holistically, they needed to, the client needed to understand why the lawyer said this and why the accountant said this, so they, they could make an informed decision about how they wanted to move forward.

You can see why people end up just so confused, can't you? Like if there's different specialists telling you different, um, you know, giving you different advice and, and there's no one like you in the middle to help explain it all. You can see why people just sort of get overwhelmed and charge on a head without really understanding what's going on.

Mm, yeah. Yeah, and it's really, it's, it is really difficult because, uh, everybody's situation is so different. And everybody's circumstances are so different, and everybody's needs are so different. Yeah. And so it's very hard to get just a one size fits all, uh, situation. So if your friend down the road is doing something one way, that doesn't necessarily mean it's gonna suit you.

Uh, and you know, it doesn't also mean that someone who's doing something that's, you know, they're turning over, you know, a million dollars or $25 million, that their structure is right for them and also right for you. Yeah, yeah, yeah. Oh, and, and, um. So how do you, um, you know, I know that our goal with this podcast series was to, you know, to educate everyone on here's the baseline information you need to know, to understand how to build well through your business.

Um, there is, I, I find even just. Um, you know, the clients that come to me are very, very focused on just making money, right? That's, um, that's their sole focus is the revenue generation. And so trying to help them understand how to start as you intend to go on, how to set things up from the beginning, and sometimes just that intention to, um, to build wealth as the end goal can be a huge, I know for me personally, it was a huge mindset shift.

So Rachel, given that we're coming to the end of our time together, what would be, um, what would, what's a message that you like, would like to give, um, small business owners around, um, building wealth? I think my biggest message, uh, would be around seeing a shift from. Business profit to wealth creation is for business owners to stop treating profit like spending money.

Mm. And really start treating it like seed capital. Mm. Right. It's not about, um, you know, earning more money is great, but what we wanna do is try and, uh, retain those funds strategically. Mm-hmm. Love that. Yeah. Stop seeing as a, I actually really like that too. Yeah. Yeah. Stop seeing as spending money and see it as seed capital.

Yeah. To build wealth. Well, I do like a bit of seed capital. Yeah. Yeah. And, and with the view to having more financial freedom in the future. Yeah. Yeah, absolutely. And whatever financial freedom you know, it means to you. And that's a big one too. So one's financial freedom is not the same as somebody else's.

Yeah, yeah, yeah. Very good point. Yeah, well, we, this is not the end because we will be hearing from Rachel, um, at, in our workshop at the end of this podcast series, she will be available to those who come along and intend attend our final workshop where we're gonna be pulling together your fiercely financial action plan, um, with all the different experts in the room.

So Rachel will be available then and highly encourage you to come along and, and, um, you know, pick her brains or get, take advantage of her wisdom. Um, and knowledge. And Dee, was there any final comments you wanted to make? No, I just wanted to thank you, Rachel, for your experience and wealth of knowledge. I know we've only just touched upon what you know.

Um, and, and also for the sound advice to be able to give to our business owners that are in our community. I think that's so critical, um, that their structures are set up just right and, and again, it's foundational work. Yeah, absolutely. It's been absolute pleasure. I love, love sharing as much as I can.

Yeah, and we love you to be here and share. So we'll see you at the workshop, love, and look forward to having your experience there. Thank you so much, Rachel. We appreciate it. Thank you. Bye for now. Thanks. Thanks so much for joining us today. If you are ready to take action, you're invited to come and join us at our upcoming Fiercely Financial Action Planning Workshop, where you'll get direct access to all of our expert guests, Sam, Rachel, Natalia, Mia, Jeremy Carmel, and.

D, bring your wealth questions, your specific situation, and let's workshop your path from business owner to wealth. Creator spaces are limited, so we invite you to book your spot using the link in the show notes right now. We hope to see you there.