fbpx

Review Category : Entrepreneur Series

Are Mothers Losing Income Equality When They Have Kids?

Request a FREE no obligation consultation: www.oxygenfinancial.net The pay gap between men and women is still not close to equal, but there are more signs when it comes to motherhood that the gap is widening even more. For example, one study showed that for women, incomes drop 30% after giving birth for the first time and never catch up. That’s according to a working paper by Henrik Kleven, Camille Landais and Jakob Egholt Sogaard published by the National Bureau of Economic Research in January 2018. The study used Danish administrative data from 1980-2013. (source: CNBC) Also called the “motherhood penalty,” women start falling behind men in terms of their rank and their probability of being promoted just after the birth of the first child, the researchers found. About a decade later, women’s earnings plateau around 20% below the level just before becoming a parent. (source: CNBC) So, is this motherhood penalty something that will continue, and just what can be done to ...

Read More →

If you build it, will they REALLY come

We all know the iconic line from Kevin Costner in Field of Dreams “If you build it, they will come”.  It was actually “…he will come”, but the business world has taken that line and transformed it to mean that no matter what you build, people will use it or pay for it.  As James Earl Jones said “…they most certainly will come”.  But will they REALLY. This business advice can be disastrous for entrepreneurs, as they cannot just create a product and hope it sells.   It is still very important to engage your customers for feedback.  The more important statement should be “who are we building this for?”. Here are a few things to think about for your next startup. Your idea is not a secret:  The secret formula to Coke is one thing, but ideas are different.  Don’t guard the idea like a national secret.  Circulate it to see if it is valuable and get some validation to ...

Read More →

Invest 2% Of Your Income In You

When we think about investments, we often direct our attention to categories such as stocks, bonds, and real estate.   What we don’t think about often is our most valuable asset, which is our ability to earn an income and how we can grow that income faster.  Almost 20 years ago, I met an extremely successful business owner who gave me a simple lesson: Invest 2% of everything you earn back into your ability to grow your income. So, what does this mean exactly? Investing in you is like diversifying your portfolio investments.  It means that you might take a chance and invest in that side hustle you think could be a business.  It means investing in a training course or advanced education that could further your current career.  It means investing in a personal coach who could improve your business performance.  It could also mean investing in an exercise or nutrition program that could give you more stamina every day ...

Read More →

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 ...

Read More →

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 ...

Read More →

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 ...

Read More →

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 ...

Read More →

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 ...

Read More →

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 – ...

Read More →

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 ...

Read More →