Education across the Internet is bursting at the seams. Whether it’s free, paid, content creators are sharing their knowledge, expertise, and know-how with the masses. And while we aim to be a rich resource for our Sugaberries, we’re sitting in on classes to become better and of course to share our learnings with you.
The funny, quirky, Florence-on-the-Jeffersons talking Dr. Lynn Richardson offers an arsenal of wealth-building information online. We astutely paid our $29.99, (which includes two books) sat in on her Home Based Business Webinar, where she held live Q+A at the end. From the beginning, she declared that it is a must for everyone to have a home-based business. Increased cash flow, minimizing the amount of taxes paid, and the ability to pay your kids are richly rewarded by the American money system.
Dr. Lynn was emphatic that it’s not about Black + White, rich or poor but what our democracy boils down to is employees versus business owners. The wealthy, according to her pay less in taxes than the poor. Employees are taxed more heavily; enjoy zero write-offs (except to medical appointments, mileage, and co-pays) but baby, businesses? Business is the engine of the economy, so it’s rewarded handsomely. There are nearly 500 legal tax breaks for businesses including writing off what you pay your children to work for you, internet service providers, travel, meals, car expenses, and more.
Spend Less, Eliminate Debt
Before we jump into the 5 steps to getting your business started here’s some groundwork that must be laid and consistently made into a habit:
Do you ever feel like your money is disorganized and you don’t really know how to properly divvy it up? To dive a little deeper into this principle buying the paperback Living Check to Monday will tell you like it is, in very funny, understandable, and easy-to-apply terms. It is the best $30 you will spend. Your habits will change because you will hear Dr. Lynn in your head as you go about your daily routine.
Dr. Lynn’s 10/10/30/50 rule will give your dollars the structure and job assignment they yearn for. 10% goes to God or charity, 10% of every dollar you earn or that comes into your house whether it’s child support, gifts, if it comes in your hands that’s included. It goes to savings for your emergency fund. In about 10 months you should have one month’s income as your emergency fund.
30% is for incidental expenses – we’re talking about hair, nails, makeup, lunch, vacation savings. 50% is set aside for bills.
Apply any extra duckets to credit cards and loans. Start paying off the smallest balance until it’s paid off. After that bill is paid, take the entire amount that you previously paid, and apply it to the next bill.
Deciding on your business
What’s your passion? What can’t you stop thinking about? What are you skilled at? What do you do naturally? If everyone is always asking you to bake that pound cake, or someone is always coming to you for wellness tips that could very well translate into your business. We can all be consultants in just about any field. Think in terms of building multiple streams of income. One source of income, especially now is dangerous and relies too heavily on factors that are out of your control. Multiple streams provide a safety net because it’s being showered in from different sources.
5 Simple Steps to Becoming a Business Owner Now
Let’s clarify the idea of what a home-based business is. This means that your principal place of business is in your home. What it does not mean is that all of it happens or is conducted at home.
- Use your name, your legal government ID name for your business.
- Use your social security number for the Schedule C 1040 tax form. Open a separate business account to line your life up decently and in order with the business transactions.
- As previously stated, everyone can be a consultant in low-risk services.
- Tap into the skills and passions you are naturally good at, or that come easy for you to decide on which business will be your first choice. The answer may not always feel fun but if it’s something that can yield another stream of income, then go for it.
- Claim your virtual real estate. Your name.com. Line up your email to correspond with the name of the business, create social media accounts to share and market your product or service, and although business cards are fading away, consider printing some with a QR code to your website for garnering new business.
The video course itself is available for $69.
“TREAT YOUR LIFE LIKE A BUSINESS. LINE UP YOUR ACTIVITY WITH THE TAX CODE.” — Dr. Lynn Richardson
Hire Your Kids and Get Your Money Back
The government itself provides guidance on why you should hire your children and how much can be deducted from their income. In 2018 the federal government increased the amount that you can pay your kids, to $12,00, tax-free, and it’s a deduction for your business. You can also contribute to their IRA, no age restrictions are required to open this account.
Dr. Lynn teaches you to be your child’s first and in some cases, their only employer. $28.99 for a course that’s yours forever. Turn Home School into a Home-Based Business and teach the minis what traditional school will not. Authored on the U.S. Small Business Administration’s blog, 5 Reasons to Hire Your Child is a must-read.