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Essay On How To Create Wealth In America

791 Words4 Pages

What is the number one rule on how to create wealth in America? Not sure? Why is knowing the answer to this question important? Awareness; most Americans do not understand their own economic system of free enterprise, simply because they were not educated on it. Free enterprise is the freedom of private business to organize and operate for profit in a competitive system without interference by the government beyond regulation necessary to protect public interest and keep the national economy in balance. Every American should strive to own their own business and work for themselves. So, what is the number one rule on how to create wealth in America? Let’s get into that right now. Ownership is the number one way to create wealth in America. As a matter of fact, it is the only way to create wealth in America; getting lucky and winning the lottery is not creating wealth. One example of ownership that almost everyone understands is the benefit of owning versus renting a home. There are certain tax advantages associated with owning a home plus the goal is to build equity. The next example could be a car. It can be very easy to pay …show more content…

While there are no guarantees in starting a business, it is a much more rewarding work. Starting a business can also create the opportunity for more jobs or partnerships, further stimulating and impacting the economy in a positive way. There are also many tax advantages, briefly explained before, that business owners can use to help offset the cost of running a company. Owning business should never be used as a tax shelter to not pay the government, but rather a way to work with the government to ease certain tax stresses. These advantages can range from business travel, to sponsorship programs, to certain meals, and even a round of golf or two. Free enterprise is Americas economic system and the only way to create

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