Becoming your own boss is exciting, but it comes with financial responsibilities. Making enough money to support growth is key to becoming a successful entrepreneur. Learn wealth-building strategies and consider steps to grow and protect your money for long-term success.

As an entrepreneur, you’re responsible for Old Age, Survivors, and Disability Insurance (OASDI). Paying both employee and employer contributions is crucial for security in retirement, disability, or death. Budgeting efficiently and staying aware of all expenses is essential for financial stability.

Tax laws favor small business owners, allowing for deductions on necessary expenses. Working with a tax specialist can help determine the best deductions to focus on wealth accumulation. Establishing a benefits package with considerations like insurance plans and retirement savings is key for financial protection.

Setting up a benefits package independently allows for systematic savings and additional contributions based on the company’s financial status. Entrepreneurs have the advantage of saving as both employees and employers, leading to wealth accumulation over time with the right financial strategies.

Read more at Yahoo Finance: 5 Steps Successful Business People Take To Build Long-Term Wealth