A very, very long time ago I asked you to take a survey so I’d know what kind of content you really need and want.  First, my apologies for the delay, but I've been navigating another Mid-Life Re-Creation, all good, but another story for different day. So, thank you for your responses, they are much appreciated.I also promised you I’d share the survey results so here goes in easy to see graphical form, snide comments included in red too…And the Survey Says! → CLICK HERE

The results are both enlightening and entertaining, and like the Men’s Warehouse –
I guarantee it. smiley face Who ever said their biggest problem is “juggling multiple women at one time” should be afraid, very afraid…

The 1st, 2nd and 3rd top fears were the following respectively, followed closely by numbers 4, 5 and 6 below:

1. My finances and safety net.
2. My finances and safety net.
3. Economic recession, depression or collapse.
4. The failure of my business.
5. The future of my kid/s.
6. Poor health as I age.

The responses to “When it comes to your finances and economic safety, what do you need help with?” were the following:

1. Creating multiple streams of income, with semi-passive income.
2. Building a larger safety net through self-reliance.
3. Budgeting, expense reduction, debt elimination and building a safety net.

The responses to “When it comes to your well-being, what do you need help with?” were heavy in these areas:

1. Staying healthy, fit and vital into old age, so I’m not a burden to my kid/s.
2. Developing “my unique path” to what I want to create with my life.
3. Creating more meaning in my life, both personally and professionally.
4. Learning to provide for and protect my family, in any economy.

The good news is I’ve been working my butt off for years on all of this and I know I can help. I’ll focus on helping on the financial intersection of most of this feedback now… so here goes!

When we become unemployed in a jobless recovery what’s the first thing that goes through our mind when you can’t buy a job?

1. Ok, yea, the first question really is “who the hell is recovering anyway?”

The next level of questions that usually follow are:

1. What kind of business can I create so I can be a good provider for my family, once again?
2. What business entity should I form to protect my finances (and family) from litigious predators, and my income from the government (taxation)?

Remember in the post below how I explained how in NYS you can’t collect unemployment if you have a S-Corp or LLC, even if it has zero income?

Your business entity could cost you ten thousand dollars, like it did me, ughhh!

And I suggested just using a DBA until you have created sustainable cash flow and know you want to continue on that path.

Well, if and when, you do arrive at the decision between a S-Corp and an LLC, how would you like to legally keep $$$ in your hands and out of Uncle Sam’s? The table below shows your tax savings, as a function of income, by using a S-Corp instead of an LLC. For example, if your total income was $117,000 and you took 60% as salary and the rest as dividends using an S-Corp you would keep $5,663 in your pocket and out of Uncle Sam's.

MLRC_Summary

The full spdsht, with a very complete drill down list of frequently asked questions, is at this link → CLICK HERE

If you want the fully functional spdsht to run scenarios specific to your situation you can download it here for a meager $7.95.  If you buy it with a credit card remember to hit the link that says "Return to Hawkstar Vistas, Inc." at the end to get to the download page.

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“Developed in collaboration with Steve Stokes of Stokes, Visca & CO., LLP - CPA's at (585) 427-0850”

The next piece to consider in the S-Corp vs. LLC debate is the impact on future Social Security Benefit payments.  That part will follow in the communications to come.

Remember too, the blog posts that are real life applications and extensions of the book, and directly relate to the financial work we’re discussing now, are:

1. As goes the economy, so goes our lives, right?
2. Recreation in Motion, Part 3 (or Hey, I have OPTIONS!)
3. [Re-] Creation in Motion Part 5 “The New Money Map”

If you haven’t perused them yet I urge you to do so now.  The first one may remind you of being in young love, a good feeling to re-invoke…

In Light!

Steve


Ok, I screwed up in my last blog post, but not on the counsel about unemployment and business entities.  That stands firm, and yes, NYS is like the BORG, resist anyway.smiley face

What I should have done is explain better why we’re asking for your feedback on the survey…
And put the survey first.

Here’s the scoop:

We (my team and I) want to serve you with info and products that actually provide tangible results for you.  To do that we need your feedback, and others feedback too.

If you haven’t already completed the survey we’d appreciate it if you took a shot at it here:

Please take the super-short survey now
https://www.surveymonkey.com/s/WF2GZ9N

And, I'll tell ya, we're getting some very interesting feedback on this survey, which surprises me, a lot, so we'll compile it and share it with you too!

Next, leveraging off the business entity aspect, you might be interested in what I’m working on now, especially if you have an S-Corp.  As you may know, with an S-Corp you can designate how much of your income is salary (W-2) versus dividends, whereas with an LLC you cannot.

On the dividend part of S-Corp income you don’t pay Social Security tax (15.3%).  My objective is to optimize it so that I contribute “just enough” in the remaining years so that I maximize my SS future payments and minimize the tax I pay annually.

There are multiple levels to this optimization, this is just the start point.  If you’d like to keep more of your hard earned money or leverage a benefit you’re paying for, stand by…

Peace, Through Power!
(and knowledge is power, but only if you take aligned action)

Steve

Your feedback on my Facebook page here is most welcome!
http://www.facebook.com/StephenJHealey

Please, if you know of anyone suffering with unemployment,
under-employment or being emotionally crushed by their job, tell them they are
welcome to download both the book and video series for free here:
Video Series: http://www.sjhealey.com/burning-questions
PDF: http://www.sjhealey.com/free-mlrc


 

 

So take a wild guess, what am I going to say first?
Something like, “It’s been awhile”, again, maybe…

Or, these posts are “meant to share real life extensions and applications of the book”…

Well, no, the next series of short posts will be all about what I’d say differently, if I were to write a 2nd edition of MLRC.

First, and this is real important $$$-Wise!

If you live in New York State don’t form a business entity (S-Corp, LLC) until you have serious, ongoing cash flow and can support your family, on your own.

Why, because even if you don’t make a dime through your business entity, and you do work as an employee paying into unemployment insurance, guess what?

You can’t collect unemployment, even though you paid into the program, and even though your business entity made no money.

Most of my gigs after 2002 were done on a consulting or contract basis, with the exception of KL Energy (KLE).
I was with them 2-3 years as an employee, paying into unemployment all that time, and then when KLE ended (2009), I could not officially collect unemployment.

Not being much of a rule follower, especially an unjust rule, I tried anyway.
Hey, ya never know…

Well, I got called on it and had to return $10K back in 2009, ughhh.
Of course I fought it, but NYS is like the Borg… resist anyway. smiley face

So check the rules for where you live and, if it’s like NYS, then just use a DBA until you’re solidly on your feet with cash flow.
Positive cash flow almost always takes 10X longer than we ever imagined.

Last, I need your help. I want to know how to best serve you.
I have 7 short, quick questions for you. It will take you less than 2 minutes.
Thanks, I appreciate it! 

Please take the super-short survey now

https://www.surveymonkey.com/s/WF2GZ9N

 

In Light!
Steve

PS: If you want to refresh your memory first these are the most relevant past posts:

This short survey will really help guide me…thx!

https://www.surveymonkey.com/s/WF2GZ9N

 

Your feedback on my Facebook page here is most welcome!

www.facebook.com/StephenJHealey

Please, if you know of anyone suffering with unemployment, under-employment or being emotionally crushed by their job, tell them they are welcome to download both the book and video series for free here:

Video Series: http://www.sjhealey.com/burning-questions

PDF: http://www.sjhealey.com/free-mlrc


 

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As an entrepreneur, your biggest challenge may just be your own shadow self. When you start a business, you must be willing to meet that shadow head on. You can do it. You must do it if you want to to experience entrepreneurial success. I just released my new book Mid-Life Re-Creation which maps out how I did it and more importantly, how you can do it.


 

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A demanding job can make creating multiple streams of income look like a pipe dream. But with determination you can learn to put aside non essential activities and fit it in. Some of my most productive times for me have been when I've been excessively busy, because you use every minute of every day because you have to. You can do this...if you really want it.


 

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Well. what does prosperity mean in Mid-Life Re-Creation and, more importantly, can you "Show Me the Money!?" OK, here's how I define prosperity:

  1. Do work you love, that you're good at, appreciated for and paid to do.
  2. Create a life where you have balance and control, while making your highest contribution in every role of your life, especially as a parent.
  3. Be financially secure, while working towards financial independence, where your ongoing semi-passive income exceeds your expenses, long before you retire.
In essence, to create a life uniting family, home and work into a cohesive whole, rich in the warm glow of love, security, independence and contribution, despite any obstacle.
Here's my self assessment to date:
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This is the ultimate question. Yes, you can create the abundance you desire and be completely authentic too. This video shares a great example of this.

Where are you on the journey to make this real in your own life? How can I help?


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