Should I Use Offshore Corporations And IBC's?
Focus On What Matters. Never Add Unnecessary Complication
Key Ideas
- Learn why offshore corporations and IBC's are irrelevant to success.
- Why you should focus your efforts on the critical factors of business success.
- How offshore corporations and IBC's only serve to distract you from true wealth.
This week's top question from the “Ask Todd” page is from reader Aaron, who inquires,
“Todd, do you advise your clients about the benefits of offshore business corporations and IBCs?”
The simple answer is, no.
First of all, let me be clear that I'm not in favor or against using these entities. They're just irrelevant to succeeding, which is what my clients hire me to help them do.
Now, before you fill my comment box with flames explaining my ignorance to all the “important benefits” of these entities, please hear me out.
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I have personally known and worked with many people who are self-made successes, and not a single one used offshore corporations or IBCs – not one.
In fact, none of them ever expressed any interest in the subject.
However, I've run across these entities numerous times when working with wannabes and people who dream of success, but don't achieve it.
That's a curious fact. What do you think is the cause behind it?
Success Occurs When You Prioritize The Highest Value Task First
Successful people know there is always more to do than can ever be done.
So they succeed by prioritizing the highest value task first, while ignoring the rest. It's about putting first things first.
The goal of any business is to make a profit. Reinvested profit through compound growth creates wealth.
The key point when coaching a client to wealth is to focus on the critical factors to success at each stage of that process.
Offshore corporations have simply never appeared on the radar screen of critical factors to business success. They may have some nice benefits, or they may be a complete sham – it doesn't really matter.
The point is they aren't critical to making your business a success, and that's all you need to know.
It's challenging enough to stay focused on getting the critical things right without adding other distractions. Conversely, when you do get the critical things right, your success makes the marginal dollar gained from adding complication like offshore corporations and IBCs a meaningless distraction.
Either way, you'll seldom see them rise to the top of a well-prioritized “to-do” list.
Are Offshore Corporations and IBC's Even Relevant?
I'm not saying offshore entities should or shouldn't be used.
Blanket statements like that are bound to be wrong, as each person's situation is unique. There are too many different entities with different characteristics to make such claims.
What I can say with confidence, however, is such entities are rarely a critical factor to your success.
Most people are better served keeping things simple and focusing on the critical basics.
Creating a fulfilling life is already complex enough when you're trying to balance family, career, health, spirituality, recreation, and relationships.
You don't need to add more complication.
In summary, keep it simple by identifying the critical factors to your business success and executing them flawlessly. Balance that business success with life success by leading a balanced and fulfilling life.
Once you have life and career success fully integrated and balanced, then use your available leftover time for ancillary details like offshore entities and other complications if you're so inclined.
However, I bet once you reach true success, such things will hold little interest for you.
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