The Math Ain’t Mathin’ For Taraji P. Henson And High Earning Women

Attention high-earning women and fans of Taraji P. Henson alike: when she talks about her finances, saying “The Math Ain’t Mathin’,” we feel the weight of her words. Her candidness about the tax burdens on her substantial earnings has ignited a crucial conversation—one that I know touches many of you, who are navigating similar economic waters.

In a recent workshop, I posed a revealing question: “What is your biggest expense?” While many of you might instinctively say, “It’s my mortgage,” the real answer is taxes. I see the effort women put into earning more, yet without the right strategy, that effort can seem in vain.

Here’s a transformative idea from my latest book, “Wealth Secrets”: To achieve financial success, you must shift from being an earner to becoming an owner. This isn’t just about ownership in the traditional sense; it’s about a mindset shift towards wealth creation and retention. It’s about recognizing the power you have over your finances and channeling it effectively.

If you, like Taraji, feel daunted by the high tax rates chipping away at your income, let’s draw inspiration from the top 1%. They’ve charted a course we can follow, involving astute tax planning and the strategic use of corporate entities like LLCs and S corporations. This move can change everything, transforming you from a passive recipient of salary to an active manager of your income and assets.

Think of yourself as the CEO of your own life. Understand that you have the power to deduct legitimate business expenses, to manage your taxes on net rather than gross income, and to use these structures not only for tax savings but also to build a lasting wealth foundation for yourself and your heirs.

I encourage you to view the tax system not as an adversary but as a multifaceted challenge that, with smart navigation, can work to your benefit. Utilize every legitimate strategy to make your income work as efficiently as possible. This is not just about pocketing a few extra dollars now; it’s about constructing a robust financial stronghold for the future.

The stark reality for first-generation high earners is this: we haven’t always had access to the wealth-preservation tactics that the ultra-rich use to retain more of their earnings. But that ends now. It’s crucial for celebrities and high earners like you to educate yourself and build a money team of adept wealth strategists who are well-versed in these strategies and can guide you. Your high-earner status is not just a fleeting phase; it’s the foundation for enduring wealth and influence.

So, I pose this question to Taraji and to all of you carving out your financial path: Isn’t it time to seize control of your financial destiny? Equip yourselves with the tools and knowledge necessary to protect and enhance your wealth. You’ve put in the hard work to earn your income—now let’s make that income work just as hard for you. It’s time for you to learn how to transform your earnings into lasting wealth.

Deborah Owens is the CEO of WealthyU and is on a mission to help first generation high earning women build their first investment portfolios to seven figures and beyond. Join the WealthyU Community. bit.ly/wealthyucommunity