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Review Category : Entrepreneur Series

Financial Moves To Make When You Become A Freelancer

Imagine this: You recently lost your job or your job lost you, and now you have decided to take some freelance consulting job to pick up some spare cash. Or, you are finally starting that side hustle you’ve always dreamed of and your Etsy store is about to be up and running. Sound familiar? You fill out a W-9 in order to get paid, and a few weeks later a check comes in the mail made out to you.  You are overwhelmed with excitement because this is the first time no taxes have been taken out of your paycheck and you are feeling flush with cash.  At some point in 2020, you’ll be getting your first 1099’s in the mail, but what should you be doing here in 2019 to make sure your ducks are in a row come tax filing time? The reality is that most of you who earned your first 1099 will likely file Schedule C (sole ...

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Five Money Moves To Make When You Get The Pink Slip

The Pink Slip. It’s the dreaded official notification from your employer that they no longer need your services. You’ll often hear the corporate rumors flowing within your company about the impending layoffs, but you’ll never suspect that you might be a person on the hit list. We never imagine that we will be that person who gets called in for dismissal time. While getting a pink slip is an awful feeling, it’s also a phase in your life where you need to immediately get your financial act together.  Here are my four smart money moves to make when you get laid off from work. 1. When is your last paycheck? – It’s truly amazing to me how many people don’t ask the very simple questions when they get the heave ho from their employer.  You will want to ask specifically when your last day or work is and what the expectations are of you over the next 30, 60, or ...

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Are You A Sole Proprietor: The Three S’s For Retirement

In today’s ‘gig economy’ more and more individuals are picking up some sort of side hustle to improve their financial situation.  Along with that trend, people in their mid 50’s are stepping away from their corporate jobs in the search of freedom and flexibility to start their own consulting LLC’s.  This new plethora of part time and full-time entrepreneurs leaves a maze of dizzying choices on what kind of potential retirement plan is available when you own a brand new business. One easy way to remember what kinds of retirement plans are available to you is to remember the three S’s of retirement which are SIMPLE IRA plans, a SEP IRA plans, and a Solo 401(k) plans. The SIMPLE IRA Plan The SIMPLE IRA Plan is a simple, easy to set up retirement where an employee may defer up to $13,000 in 2019. Employees age 50 or over can make a catch-up contribution of up to $3,000. The salary reduction ...

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Does Your Business Need A Buy-Sell Agreement?

Entrepreneurs are generally good at one thing when they start their business and that’s generating top line revenue.  Once they create enough top line revenue then they begin to think about how to drive bottom line profitability in their business.  As the equity value of the company grows, most owners never consider some very important planning items because they believe they are invincible.  What happens if my business partner(s) get divorced? What if they die?  What if they become disabled?  Do I want to be working with my partners kids or spouse?   One of the key considerations for most business owners is whether or not to get a buy-sell agreement and get key person insurance. A buy-sell agreement is a legal contract that provides for the sale of an owner’s stake in a business at a ‘trigger’ event.  The sale of an owner’s interest could actually trigger for many reasons including retirement, death, disability, divorce, bankruptcy, or even a conflict ...

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Four Moves Every Business Owners Needs To Make With A Business Will

Most people are familiar with the term ‘will’, but those that own a business often can’t make a distinction between having a personal will and a business will.   Far too often, a business owner has an unforeseen situation which could be a divorce, disability, or death. This leads to massive complications about the succession plan on what will happen with the business.  Does your partner want to work with your wife?  Are your children ready, willing, and able to take over the day to day operations of the business?  Will your family get the value of your business should you pass away?   Here are four moves every business owner needs to make when you put together a business will. Have a valuation method or a business valuation done within the business will. One of the questions that comes about if an owner passes away is determining the actual value of the business.  As a business owner, you never want someone ...

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Five Jobs You Can Outsource Today

Growing up in a small town, we used to handle all our own chores.  There were no cleaning services that came to the house, no extra special coaches for lessons (the high school coach did it all), and nobody brought groceries to the house.  People banter about the impact of technology and how that has affected our society, but not often have people talked about the changing dynamics of outsourcing.  If you really don’t want to do something, there is a person waiting in the wings to get paid to do it for you.   Here is my list of five things you can outsource today. Waiting In Line – taskrabbit.com – Task rabbit will allow you to outsource a ton of different tasks, but if you want to pay someone to wait in line for the next Star Wars move that comes out, no problem they can find you your man (or woman) for the job. Walking Your Dog – ...

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5 Ways Pokémon Go Can Help Your Business

In the 70’s we had the Pet Rock, in the 80’s it was Cabbage Patch Kids, the 90’s was Beanie Babies and today we have the latest craze, PokemonGO.  The difference with this fad is that it is attracting the attention of adults.  Some are the young adults that might have played with the original Pokémon games and cards from 20 years ago.  But it is even attracting the 40 somethings, and if Grandma hears enough about it, we might be seeing our senior citizens playing as they go on their daily walks. So for those that are still messing with their Pet Rocks and have not heard about PokemonGO, here is a simple explanation.  Using a phone App, the player wanders the real world hunting for animated Pokémon monsters.  Gathering Pokémon, builds your collection and makes you more powerful to battle other players in game Gyms. The game is causing people to walk in areas where they might not ...

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5 Things NOT To Do When Starting Your Own Business Or Setting Up An LLC

– Ted Jenkin | Atlanta Money Guy Topic: Five Things NOT To Do When Starting Your Own Business Or Setting Up An LLC Taped 7/07/16 Listen every Tuesday morning at 8:00 a.m. on ROCK 100.5 | Atlanta’s Rock Station to “Your Smart Money Moves” with The Rock 100.5 Morning Show and oXYGen Financial. Ted Jenkin, CFP® and Kile Lewis, CRPC® are the founders of oXYGen Financial, and our chief financial officers. All your money questions answered Breathe easier at http://oXYGenFinancial.net ...

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How The New Overtime Rules May Affect Your Business

The Department Of Labor is at it again, now changing the game for businesses as it pertains to overtime rules.   Since, that is what we really need . . . some more rules.  If it wasn’t challenging enough for small businesses dealing with making payroll and figuring out to maintain the costs of health insurance, now you’ll have to pay double attention to these new overtime rules which will become effective December 1st. Here’s a bet I’m willing to make on the record.  The cost for businesses across the country to manage and track all of these changes will far supersede the benefits that will actually be paid for people working overtime.  The administration believes by making these changes that many hard working Americans will earn overtime, but let me clue everyone in on four your smart money moves secrets. Right now, if you are a salaried worker who makes in between $23,660 and $47,476 and you have a reasonable ...

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