- Compounding works over time, so start saving right now today.
- Money has a cost in the future what you spend today sucks from what you could have had in the future.
- Banking is the most profitable business in the world, learn to become your own banker.
- Investing before saving is stupid.
- Government investment partnerships (IRA, 401K, 403b etc) only benefit the government and financial companies.
- Use credit wisely it’s a tool, just like a shovel or a hammer.
- Learn to take care of yourself, we don’t like to see go fund me accounts because you didn’t plan accordingly, purchase insurance.
- Taxes are your biggest wealth drain, learn to pay less taxes.
- Start a business right now.
- Retirement is a stupid word thought up by governments to get older workers out to make room for younger works. Find your passion and do it until you die.
Why do we get so involved in celebrating the new year? What’s up with all the hoopla, parties, drinking and resolutions? In reality isn’t today just another day like any day? Come on, we’re not celebrating a person place or thing, just a date on the calendar. What makes this day worth celebrating?
Honestly I somewhat dread the new year. Why you ask? It means that I have to start getting all my tax crap together for the IRS. You see, being self employed it’s not as easy as taking your W2 down to the Jackson Hewitt kiosk at Walmart or H&R block or any number of fly by night tax prep places that are only open a couple months a year and getting my refund in 7 days. BTW I rarely get a refund and I like it that way. I sure don’t like giving the IRS an interest free loan for 12 months.
Anyhow, today starts the prep of getting all my receipts, income 1099’s (multiple) mortgage statements, interest statements from multiple banks, investments and such. It’s really a daunting task to do this and by the way i don’t get paid to do it and honestly it pisses me off because of the time drain on my life and what I really should be doing (being a productive member of society) Plus I don’t get to discount my own time as a tax deduction for getting my taxes together, unless I pay someone to do it….”Hmmm, there is a thought”
After I get all this together then I have to meet with a CPA, you see these “fly by night” companies just can’t handle the complex tax returns of business ownership. This is why you should find and consult with a CPA that is knowledgeable if you are are in business. And I never begrudge the fact of going to the CPA, this is actually the easiest part! And the cost of the CPA far outweighs the savings in taxes, time and protection they offer. Find a good CPA and they will save you money.
After the dread of getting my taxes together then I have to take some time to reflect on what I wanted to accomplish last year and if I had made any progress, where the hell did that list go I made last year? Ugh, who knows. Well I did get a few things done but I have no clue if all or what.
After I reflect, now I have to look to the future of the next 1 year, 3, years, 5 years of planning, goal setting, discussing with my wife and family on what we need to do. This is somewhat fun, but I know come next year it will be “where the hell is that list again?”.
Anyhow my take on New Years and birthdays and anniversary’s is it’s just another day, but an important one no less. You see we couldn’t spend every single day of our lives planning and goal setting, we should be working everyday. So spending a couple days a year reflecting on the past, planning on the future and taking a few notes in the process “where the hell is that list again?” to see if in the end of our lives if we have accomplished anything meaningful.
So ask yourself:
- What am I trying to accomplish here?
- What impact have I had on those I care about and the world around me?
- What can I do to leave a lasting legacy that others generations from now will appreciate?
Setting goals is just one aspect of the new year. We do plan to get that list going again. My first promise is that next year I won’t be saying “Where the hell is that list again?”
So for today as being just another day on the calendar.
Happy January 1st, 2015
Now get your ASS to Work!
Ps. I’m going to set my goals up in evernote.com so I can at least search for them. I’m also going to make 2015 better than ever and I am so thankful and appreciative that you are part of my life. If we have not connected please connect with me!
As always, comments on this blog are welcome.
For many of us, we have been taught since a young age to go to school, get an education and that will give you a good job. This may be true in a good economy, but what if there are no jobs to be had? What if your chosen profession is no longer a viable profession? What are you to do now?
I’m a proponent to the statement “Always Be Learning”. Meaning: Never stop learning, Ever! When you make a daily practice of learning something new, naturally new ideas will come to mind often. Learning how to make something, or provide a service to someone can allow you to earn additional income if you so desire.
Work smarter, not harder – (Ecclesiastes 10:10) If the ax is dull and its edge unsharpened, more strength is needed, but skill will bring success.
Today’s blog post is about Multiple Income Streams. You see, many of us are stuck with one income, typically it’s a job. But for others maybe they have a business or some other type of investment that provides them income. What if that income stream would stop for a period of time or even worse permanently? What would this do to your financial situation?
Some people find this out the hard way. They get a notice from their employer that they are laid off, fired, downsized, etc. What happens after that is financial turmoil for weeks, months or even years.
Myself, after started a home based business back in 2000, I’ve taken a different approach. I’ve tried to invent ways that I could have multiple streams of income, so no matter what I can stay afloat even during one of the worst financial crisis the world has seen since the 1930’s. Guess what, I came out the other side being smarter, stronger and more financially stable than ever before.
After creating a full time income with a business, I turned to other ways to earn passive income, first it was the stock market and investments. Then I found another business to invest in. Actually it was just another distributorship in the same business. In 2009 I had no clue on where to invest money. The only thing I really knew how to do was my current business, so I bought another distributor out. This added instant cash flow to my already full time income.
Lately, I’ve started having the same fears many face today, what if this current business “goes out of business” then what will I do? Over the last 18-24 months Alecia and I have explored several other home business opportunities as well as real estate and traditional businesses like insurance.
Today, we feel more secure in knowing that our multiple income streams can help us weather any financial storm that comes our way. Currently we have started a new business venture as insurance and money coach using The Infinite Banking Concept. We have 2 home based businesses that are thriving. Next up is real estate, and we hope to make a real estate play in the next 12 months. Lastly, our homestead/farm we bought several years ago will be just another branch on the money tree. That will add a 6th income stream.
Our Current Income Streams:
- AMSOIL (2 businesses)
- SendOutCards homebusiness
- National Guard (26 years)
- Dynasty Banking insurance / money coaching
- Chestnut Ridge TN (coming soon)
So to recap. It’s not that hard to begin exploring ways to add additional income to your lives. We feel that starting a home based business is one of the best, besides that great learning and education you get, you also get great tax advantages of having a home business. Next up if you have the financial fortitude, real estate is a great way to bring in additional income. Real estate also has great tax benefits which include no self employment taxes (That saves you 15% right there in taxes). Lastly look at traditional business or franchises you can start. There are many turn key businesses out there you can invest in that have low owner participation.
Start today learning something new. Think about ways you can protect your financial future by creating multiple income streams.
Have multiple streams of income – (Ecclesiastes 11:2) Invest in seven ventures, yes, in eight; you do not know what disaster may come upon the land.
We would like to partner with you to help you to guide you in learning about multiple income streams.
Contact me for a one on one interview to learn how to start generating multiple income streams.