*language warning - episode contains some swearing*

In this episode, Michael Carbonneau goes deeper into how business owners can take control of their money, protect their wealth, and build income beyond a single business. He explains why paying yourself first, maintaining healthy profit margins, and knowing exactly where your money is going are critical steps toward financial freedom.

Michael also shares his thoughts on diversification, including how entrepreneurs can expand into new markets, develop additional income streams, and use different investment strategies based on their goals, timeline, and risk tolerance.

The conversation also explores life insurance as a potential wealth-building and borrowing tool, business structures such as corporations and trusts, and why building generational wealth requires more than simply leaving money behind. The next generation needs the knowledge and mindset to protect and grow it.

• Why business owners should pay themselves a consistent salary instead of treating the business like a personal bank.

• The importance of maintaining a 20% profit margin after expenses before aggressively scaling or diversifying.

• The importance of overcoming fear, imposter syndrome, and resistance to change.

• How coaching and mentorship can help entrepreneurs avoid costly mistakes and move faster.

• How some life insurance policies can be structured as part of a wealth-building and borrowing strategy.

• Why corporations and trusts can play a role in protecting and transferring family wealth.

• Why financial education is just as important as the money itself when building generational wealth.

  
  

Michael Carbonneau works with entrepreneurs and business owners on business growth, financial education, coaching, and wealth-building strategies. His approach focuses on helping people make better decisions, overcome business plateaus, diversify their income, and build structures that can support long-term financial freedom and family legacy.

Guest links: https://coachingbyrosewood.netlify.app/

https://www.facebook.com/profile.php?id=61589459195406

https://www.instagram.com/mike.it1/?hl=en

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