Welcome to Questioning Your Cents where you can get real-world, pragmatic tax & financial advice for business owners, entrepreneurs and independent contractors.
We are your hosts, Kevin Molen and Charles Steinmetz. Our job is to help people with education on how to manage your money and save on taxes. In this episode, we talk about some tax and financial tips and how you should plan your financials over big life decisions.
Relevant points:
- Planning your income for the next few years is important so that you don’t burn out your money
- Affording something does not mean being able to make the payments each month, rather it should include how that new expense fits within your budget to achieve your financial goals.
- Set up goals for the money you want to make and then work on how to achieve them
- Plan on how to get your children from the state of constant worrying to the state of self-independence
- You can push yourself to make small life changes that are not so bad for you and then from there you can push yourself and prove.
- Set achievable goals and planning appropriately
- Learn and apply the law based on your unique circumstances
- QBI (qualified business income) is 20% deduction on your business profits
Time Stamps:
00:01:00 - Introduction
00:04:00 - Changing the system
00:08:00 - Emotional vs Factual decisions
00:10:00 - The question of can I afford it?
00:13:00 - Know your numbers
00:15:00 - Knowing your numbers
00:18:15 - Continuous improvement
00:20:50 - Setting a goal
00:24:00 - getting rid of the asset
00:28:30 - Look at your numbers to make better decisions
00: 31:00 - Comfort zone (Q&A)
00:37:30 - QBI - what it is?
00:41:00 - Outro
Relevant links:
molentax.com
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