Saving money on a tight budget or low income can seem impossible. Especially when you do not necessarily make tons of money; but it all comes down to priorities. It can be hard to set yourself up for success when it feels like you are living check by check but organizing yourself and being consistent can improve a lot. Considering the holidays when there are decorations, gift buying, dinner parties, and many more activities which require spending. In this post we’ll discuss a few tips to help put some money on the side even when it seems like there isn’t any. Sacrifice or Investment? Putting money on the side can seem like it is causing you to deprive yourself from your wants. If you are anything like most people, we often catch ourselves thinking “Well I do put in the work. I deserve it.” The question becomes, is it worth it to go to a fast-food place and then catch yourself stressing over living check by check? Start looking at the money you put away as an investment for you in the future. Your savings is exactly that, an investment. You are putting money on the side in case of
Did you ever wonder why some people never seem to be able to keep money around? They get paid on Friday and all the money is gone before Monday? Well, in this post we’re going to talk about 5 habits that might be keeping a person broke. Habit #1- Not knowing your subscriptions Subscriptions can add up quickly. You can have $5 here, $10 dollars there. You should take a moment and review your bank statement or credit card statement to see what monthly subscriptions you have. You also need to determine what you use and do not use. Cancel the ones that are not being used. Keep an eye out for what you are being charged for in your subscriptions. Sometimes subscriptions plans can increase in price without you being aware so if something you were paying 10 bucks a month for now turned into 20 bucks. Habit #2 – Spontaneous Shopping Who does not like shopping for new things; rather it be clothes, electronics, or even shoes? There has to be a limit to what people can buy based on their budget. One way people dig themselves into a deeper hole is by not realizing how much they
What is a C-Corp? So you might be asking, what is a C-Corp and how is it taxed? A C-Corporation is a legal structure of business in which the owners and shareholders are separate from the corporation. This means that the income made by the owner is taxed separately than the corporation. This type of corporation offers unlimited growth potential through the sale of stock; which can attract investors. There is no limit to the number of shareholders a C-Corp can have. Also, C-Corporations limit the liability of investment holders and firm owners. This is because the most they can lose is the amount of investment they put into the company if the business were to fail. How is a C-Corp taxed? C-Corps pay corporate income tax on earnings before they distribute their profits to the shareholders. Distributing their profits to shareholders is most commonly known as a dividend. As mentioned before, the taxation of the corporation is separate from the owners and shareholders. It is important to note though that the dividends handed out to the shareholders have to be claimed on their personal taxes. This is what is commonly known as double taxation. How does a C-Corp operate?
Are you feeling overwhelmed with the worries that come with building your business? The journey to starting a business is different for everyone, but the common thing you’ll have with other owners are the long and hard hours of starting it. We know that it can be overwhelming having to run every aspect of your business yourself. When you want your business to succeed it is also worrisome that you might mess up in the process. Here we’ll focus on six of the most common mistakes new business owners make. Failing to have a business plan Creating a business plan can be difficult, but doing so is a necessity. A business plan shows what direction you see your business going in. In your business plan you want to include an executive summary as well as a company description. These two categories show why you are doing what you are. Next you want to include your market analysis which gives you an idea of how the economy and competition are doing in your area. You will also include how you plan to operate and run your business from the inside. This means day to day work, employees, yourself, etc. Going a
What is a Minority or MBE Certification? Minority Business Enterprise (MBE) certification is intended for businesses to show their diversity. In order to qualify for this certification, you must have a for-profit business which has been running for at least a year in the United States. The main requirement is that at least 51% of the owners should have a minority background such as African American, Hispanic, Native American, Asian, and more. The company’s day to day operations must also be controlled by a person of color. To ensure all this is true, the business goes through an application process including a site visit from the certifying organization. How can I get my MBE Certification? A lot of different organizations can provide the certification. To get started, you must fill out the related documents and take them to the organization you choose. After completing the application process, the business must also receive a visit from the organization to get an idea of how the business operates. This certification will “typically” be valid for 5 years before having to renew. However, some organizations will require you to certify every year to maintain the qualification. To get started check out the National