Archive for the ‘Money & Investing’ Category

February 12th, 2010

VIDEO – Site Flipping for Profit

Click Here for better quality!

Here’s the webinar we had with Ryan Moran. I apologize for the audio issues. The first 8 minutes have no sound except mine… Weird I know… Then we started to pick up the audio.
If you have any questions feel free to jump into the members forum and ask away!

ENJOY!

OH HEY… Thank you Nick and Jesse for the audio. (Mine didn’t record Ryan’s half of the conversation.) I used their audio recording for this vid.

December 29th, 2008

It’s the end of the World as we know it.

I mean Year. It’s the end of the Year!

This year has definitely been a productive one. I hope that everyone had the opportunity to start at least one project (hopefully more!). While everyone gives their end of the year best or worst list, recaps their progress on goals, or tells you to have a good New Years… I instead will tell you this…

Get a good CPA. If you made decent money this year and have an LLC or Inc I hope you have your duckies in a row.  My CPA set me up this year to pay myself minimum wage while giving myself bonuses throughout the year.  This cuts taxes WAY down.  Now I am not a CPA and so I say don’t take my advice until you speak with your CPA about this.

Here is the little trick.  (This is for Texas, you’ll have to check your local tax laws on this.) The IRS needs to see your business grow.  They also need to see that you are paying yourself.  So you pay yourself the least amount possible.  Either minimum wage or a small salary.  While the Government takes out their federal, state, and selfemployment taxes on that money, they cannot take the self employment tax out on bonuses.  Now… I don’t know how this works but my CPA said that I can be saving 50% of my taxes by doing this.

Don’t forget to write off your home, car, phone, electric bill, water bill, Internet bill, any time you go out to eat and mention work… The list goes on.  As an LLC I have some 300 write-offs I can use.  The key is to get as many write-offs as possible, while not going broke doing it.  Just be practical and again… Talk with your CPA.

Now, I don’t know how this completely works.  Again my CPA took care of this for me.  Most people don’t want to form their buisness as an LLC because of the taxes.  What isn’t well know is the fact that you can file to change your tax status as an LLC to file taxes as an S-Corp.  This will lower your taxes considerably from the beginning.  You do have an election period so if you are an LLC and filing as an LLC then let your CPA know that you want to file as an S-Corp for next year.  The form you need is F8832 and can be found on the IRS website.  Again… Talk with your CPA to see if this really is the best option.

Here are 4 little tips for the coming year.

  1. Keeps records of money in and money out.  I’m buying Quick Books for Mac.  Tracking all of your income and expenses is very important so that you can see where you are wasting money and where you can allocate more money to.
  2. IRS.gov is the best resource besides your CPA for tax information.  If you have a business or want to form one soon take some time to learn the IRS website.
  3. Remember the essential write-offs.  Home, car, phone, bills, etc, etc. can all be used as a write-off.  This saves on purchasing actual office space and in the end it just helps your taxes.
  4. Separate your Business funds from your personal funds.  I have two bank accounts.  One business checking account and one joint checking account. If your starting out you don’t need a business account.  Just have two regular checking accounts to separate your funds.  This helps track what your doing and when you do convert to an actual business entity you’ll be ahead of the game.

The most important thing is to remember to have fun.  Don’t take life so seriously.  And go out and push out those ads.

Lets start 2009 off right! Have a good New Years.  It’s my anniversary on the 31st so I’ll see you all next year!

February 19th, 2008

I Am Going Back To College

College

 {This post contains no information on how to make money online}

Yes, the title says it all. I am heading back to college at age 27. Not to a campus though! I’ve been pondering this decision for a long time. So long that I cannot remember. It probably started back when I was working 3 jobs, 7 days a week. Working exclusively online for well over a year now (3+ years total) and being an equal owner in two Limited Liability Companies, en equal owner in a Limited Liability Partnership AND running my own Sole Proprietorship I have come to the realization that I desperately need to educate myself further in terms of Business Administration, Accounting and Tax Law. Furthermore, I believe that it will also help educate me to effectively communicate with my Certified Public Account and maybe give me an added edge as I look past mutual funds, stocks and insurance as my current investment vehicles.

If it’s one thing that I know, it’s that nothing is certain online. I am making more money and my businesses are thriving better than ever but what if something were to happen in the future? I mean seriously look at it. Would I want to return to my old job of loading and unloading trucks for 12 hours a day? Would I want to be in the hundred degree heat roofing houses in the summer? I can tell you that is something I will never go back to and being financially independent is allowing me to grasp this chance. Do I sit back and NOT take this opportunity and just continue to build more entities and enlarge my online presence OR do I stop and look around and realize that what I have accomplished is GIVING me the chance to seize something that finances have never allowed me to have?

I have given this a ton of thought and the fact of the matter is that things are a lot more flexible now days than they used to be. After speaking with a Representative for the University of Phoenix we were able to work out a very flexible course for me to achieve my Associate of Arts in Accounting. I am going into this with a very open mind. I realize that I have tons of responsibilities with my family and my businesses and I have done everything in my power to make sure neither will suffer while I am partaking in my studies. However, this is something that I feel have to do. I realize I am not conquering the world or anything and I also realize that to a lot of people that an Associates Degree may me nothing to them. However, I started working before I was even in high school and while having excellent grades, financially there was never really a chance for me to pursue an education. Maybe those were mistakes were entirely mine, maybe they were not, but I realize right now that with the position I am currently in this is one mistake I will not make and one opportunity I will not pass.

So what influenced my decision?

Like I stated above nothing is certain in this world. If something were to ever happen at the very least I will have some type of education in case I ever need to enter the workforce again. As a multiple business and entity owner though, I can tell that as far as taxes and investments are concerned, there is really nothing worse than to walk into a Professional’s office seeking advice with ZERO clue as to what they are talking about. If you walk in with no knowledge then your just relying on them to make your financial decisions. This is stupid and it is one thing I will tell you to never do. Dont do it. Those Professionals jobs are to serve as your ADVISORS and not as your DECISION MAKERS. I might not be an educated man as far as college is concerned but I managed to go from DEEP debt to financial independence in 2 years. I am not an expert at making money and never considered myself one, but I have come out of debt and built an empire online that allows me to not even work if I dont want to.

With that kind of flexibility it’s about time for me to start taking the initiative and taking everything that has been given to me and what I have done with it and put it to the absolute best use as I can. If this requires to me slow down a little bit online so I can acquire the skills necessary to educate myself to make better business and financial decisions, then so be it. It’s a sacrifice I will pay gladly.

Ok enough with the rambling. Is there anyone out there that has taken what they have done online to better educate themselves on making better financial business and investments decisions? If so I would like to hear about it. It does not matter how small you may think about it, let me know what you have done online or off to help you make better financial decisions.