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Most people who are at this forum are looking for ways to make money through business and/or investments. And, many of them haven't started yet.
I think that's the most costly mistake you could make.
And, I'm not talking about lost opportunity from the business. I'm talking about the tax savings you get by just getting started. It's the best return there is. Little investment cost and huge savings that you put directly in your pocket. If you had a chance to make $10,000 or save $10,000 in taxes, take the tax savings everyday.
So, for any of you who are wondering what on earth they can do to have more money: If you're paying taxes and don't have a business, start one. You'll put money in your pocket.
Real life case study:
About 8 years ago, I met Sean who had been working as an employee for $50,000 per year. He has completely strapped. His credit cards were maxed out and the tires were shot on his car. He worried everyday that he would blow out a tire and not be able to afford to get it fixed.
Then, making things even worse (or so it seemed), he got laid off. He found a “job” right away at the same wage…only it was as an independent contractor, not an employee. He formed a business structure so that he didn’t have to pay self-employment tax and could write off a lot of expenses that had now become business deductions.
At the end of the year, after making EXACTLY the same amount of money, he had $10,000 in his pocket.
He didn’t change the AMOUNT of money he made. He changed the WAY he made money.
Stop testing. Stop investigating. Stop analyzing. Take action! This doesn't have to be the business of your dreams. You're doing this one for your bank account.
I think that's the most costly mistake you could make.
And, I'm not talking about lost opportunity from the business. I'm talking about the tax savings you get by just getting started. It's the best return there is. Little investment cost and huge savings that you put directly in your pocket. If you had a chance to make $10,000 or save $10,000 in taxes, take the tax savings everyday.
So, for any of you who are wondering what on earth they can do to have more money: If you're paying taxes and don't have a business, start one. You'll put money in your pocket.
Real life case study:
About 8 years ago, I met Sean who had been working as an employee for $50,000 per year. He has completely strapped. His credit cards were maxed out and the tires were shot on his car. He worried everyday that he would blow out a tire and not be able to afford to get it fixed.
Then, making things even worse (or so it seemed), he got laid off. He found a “job” right away at the same wage…only it was as an independent contractor, not an employee. He formed a business structure so that he didn’t have to pay self-employment tax and could write off a lot of expenses that had now become business deductions.
At the end of the year, after making EXACTLY the same amount of money, he had $10,000 in his pocket.
He didn’t change the AMOUNT of money he made. He changed the WAY he made money.
Stop testing. Stop investigating. Stop analyzing. Take action! This doesn't have to be the business of your dreams. You're doing this one for your bank account.
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