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. 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?
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.
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.
“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:
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…