This week Chris is back with me and we are going deep on a topic that honestly took us years to truly understand: the difference between making money and actually building wealth. If you're a business owner, an entrepreneur, or even just someone who has been grinding away and wondering why the revenue doesn't quite match the financial freedom you pictured, this one is for you.
In this episode, we cover:
Revenue vs. profit vs. wealth — why that distinction is one of the most important mindset shifts you'll make as an entrepreneur
Sole proprietor vs. incorporated business — how to know which structure makes sense for where you are and where you want to go (and yes, we're Canadians so this is Canadian languaging!)
Retained earnings — what they are, why they matter, and how leaving money inside your corporation is one of the most powerful tax advantages available to you
The tax reserve — why we recommend setting aside roughly 30% as money comes in, and how shifting to quarterly corporate tax installments changed everything for me
Banking strategy vs. wealth strategy — stop asking "where does my money go?" and start asking "what should my money be doing?"
Emergency reserves and operating capital — the numbers every business owner needs to understand (and most don't)
How insurance investments work inside a corporation — one of Chris's favourite tools that most people never think to ask about
The questions to ask your accountant — because showing up informed changes everything
Why sitting money is losing money — how inflation quietly erodes the savings you feel "safe" keeping in your business account
Let's dive in!
Thank you for joining us today. If you could rate, review & subscribe, it would mean the world to me! While you're at it, take a screenshot and tag me @jennpike to share on Instagram – I'll re-share that baby out to the community & once a month I'll be doing a draw from those re-shares and send the winner something special!
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