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Episode 98: Why Having Your Own Business Should Be Part Of Your Wealth-Building Strategy

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FEATURING

/ Luzy King

Luzy King is an award-winning Latina Wealth Coach. She became a first-gen investor after learning about investing and wealth building by accident through her MBA program in 2019. During the same year, Luzy was denied access to financial advice because she didn’t have $100K to start investing, and she made a commitment to learn things on her own and become the first one in her family to start investing. Now, she is passionate about teaching women of color all of the strategies she wishes someone would have taught her in school. Luzy is a certified trauma-informed Financial & Business Coach, contributing author, and Community Leader. Luzy is on a mission to destigmatize the idea of wanting more money, more money, and more options. She is ready to teach women of color how to build a legacy through stock market investing and entrepreneurship.

Hola, and welcome back to the Say Hola Wealth podcast! In today’s episode, let’s explore why having an LLC should be integral to your wealth-building strategy. As we focus on the various ways Latinas can achieve financial freedom, we’ll discuss what an LLC is and its benefits, dive into key strategies, and uncover the skill set you already possess for launching your own business. Ready to dive in?

What Is an LLC?

LLC stands for Limited Liability Company, allowing you to separate your personal assets from your business for liability purposes. You’ll want to launch your LLC because it serves as the crucial first step in your wealth-building strategy. While your business may evolve into other entities, such as an S-corp, starting with an LLC lays the foundation for you as an entrepreneur.

Three Benefits Of Having An LLC?

Let’s talk about the benefits of entrepreneurship, especially for first-gen Latinas who may find the idea daunting due to conditioning from traditional employment.

Be Your Own Boss:

One significant benefit is the freedom to be your own boss, escaping micromanagement and the constraints of a traditional work schedule. As the founder of Say Hola Wealth, I decide when to start my day, ensuring work aligns with my lifestyle.

Lifestyle Independence:

Having your own business breaks free from income caps. Unlike a 9-to-5, where someone dictates your earning potential, you get to decide how much you want to make with your own business. It’s about embracing your talents and creating the lifestyle you desire.

Creative Liberation:

Independence isn’t just financial; it’s about the liberty to create and serve your way. In my business model, Say Hola Wealth, I get to work with Latinas from diverse backgrounds, breaking cycles and creating impact.

What Are The Tax Strategies For Having An LLC?

Your business becomes a powerful tool to fund retirement and investment accounts through your business and categorize them as a business expense to help you pay less taxes. For example, when your business starts generating revenue, you can open investment accounts such as a  solo 401k or a SEP IRA, depending on your long-term goals. With some of the investment accounts, you can contribute both as an employee and an employer, reducing tax liabilities while fueling your investments. It’s a win-win strategy!

How Much Does It Cost To Start An LLC?

Contrary to common belief, launching your business doesn’t require a substantial initial investment. My business costs me no more than $65 a year in Washington state. Your existing skillset is the true asset, eliminating the need for extensive branding or a website at the start. It’s important to understand the type of investments you need to make as you grow and scale your business. Launching an online coaching business is the cheapest way to have an LLC because you do not need inventory or pay rent per se. 

In my private business coaching, Jefas & Wealth, I cover the blueprint you need to follow to launch a coaching business in 90 days.

Conclusion 

As we wrap up, having your own LLC isn’t just a strategy; it’s a journey toward building generational wealth. While doors to specific programs may have closed, if you’re inspired to elevate your income and be part of a community of amazing mujeres, reach out. Thank you for tuning in!


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Related Notes

Episode 122: How To Launch A Copywriting Business

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Episode 121: This Is How You Monetize A Small Audience

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Episode 119: Overcome Burnout and Launch Your Coaching Business in 90 Days or Less

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CEO and Founder

What sets Luzy Apart

She is an exceptional, sought-after speaker whose passion for financial empowerment resonates powerfully with her audience. Her presentations left a lasting impact on the community, with attendees describing it as engaging, empowering, and providing clear actionable steps.

 

What sets Luzy apart is her ability to demystify complex financial concepts, making them easy to understand and incredibly engaging. Attendees have expressed gratitude for her tailored content that addresses their unique identities, creating a relatable and inclusive learning environment.

Join us as we break barriers and redefine financial success!

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Until next Time

Let’s Build Wealth Juntxs,

Luzy King