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Business References

Make sure you're investing in a 401(k). Don't make these seven blunders. Also, work hard scholastically. Another article on thinking right is here.

Want to pay lots of taxes? Read this for a good laugh (or a good cry).

After investing properly, also take advantage of business opportunities. Chapter One of the book Lower Your Taxes – Big Time by former IRS Attorney and Senior Tax Law Specialist Sandy Botkin, CPA, Esq., is entitled: Why You Would Be Brain Dead Not to Start a Home-Based Business and says, “This chapter explains why everyone who is employed should have some kind of business, preferably a home-based business. If you don’t have one, you are losing thousands each year.”

Here's the short version of chapter one:

• If you're employed, you're taxed on the gross and you get to live off the net.

• If you have a home based business, you're taxed on your after-expenses income, thus you get to write-off legitimate expenses (housing deduction, percent of utilities, mileage, meals, tools, etc., etc.).

• Depending on the business you're in, you can itemized numerous expenses (that you'd incur anyway) and get taxed on what's left over.

• The IRS does two things: tax employees and give tax breaks to business owners.

Why didn't someone tell me this when I was 20?

A good read are the Rich Dad Poor Dad books by Robert Kiyosaki, along with the Cashflow 101 board game (game sheet) by the same author. Kiyosaki has been broke and has been a millionaire (still is). He's a strong believer in financial education (and in getting out of the "rat race"). Check out this table to see what your "economic mindset" is. This is from a book, again by Robert Kiyosaki, entitled The Cash Flow Quadrant. This is the best book I've ever read about money. It is must reading. No one teaches this stuff!

Another home-based business in the homeschool community had this to say about Why Start a Home Based Business? (note the part about taxes...).

To have a home-based business read the following information. You need to know your goals, you need to have a business plan.

• Stephen Pollan and Mark Levin - Die Broke

• Small Business Administration - The Business Plan

• Business Plan MS-Word and MS Excel Templates

I am co-owner of a web-based new product development consulting business called eNPI Process. More on that here.  If you have a traditional business, you will want to have a good understanding of the following subjects.

• Greatapes Financial Video Series - The Accounting Equation

• Greatapes Financial Video Series - The Income Statement

• Greatapes Financial Video Series - The Balance Sheet

• Steve Brandt - Building the Value of Your Company

We have a lawn mowing business and a piano instruction business for our kids. Check this out:

• LifeSkills Unlimited - How to Become A Teenage Entrepreneur

For a career as an employee, especially if you are looking for work, you may find this helpful:

• Looking Ahead - Preparing To Meet The Future

I'm looking into how to convert my biking interest (repairs, rentals) into a business also. Beware that the IRS differentiates between a hobby and a business. Again, the book referenced above by Sandy Botkin is highly recommended.

Another business venture that is producing results out of the box is:

• F-Pres-PPT (PowerPoint Format)

• F-Pres-PDF (PDF Format)

A by-product of all of our home-based business activities are tax advantages as well as good business education for our children.

What I think and know about money...

• Debt (from a Christian viewpoint)

• How to Be Poor (tongue in cheek...)

• Rules of the Rich (what a rich guy told me...)

• RichDad PoorDad Table (priceless!)

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This site was last updated 08/17/10