Entrepreneurship http://www.wisebread.com/taxonomy/term/4815/all en-US 4 Big Business Accounting Tools Every Side Gig Needs http://www.wisebread.com/4-big-business-accounting-tools-every-side-gig-needs <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/4-big-business-accounting-tools-every-side-gig-needs" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/iStock-505095190.jpg" alt="every side business needs these accounting tools" title="" class="imagecache imagecache-250w" width="250" height="141" /></a> </div> </div> </div> <p>While side gigs are becoming an increasingly common way for Americans to bring in extra income, many people do not understand how that additional income can affect their taxes. If you're not prepared, freelancing or working on the side can lead to serious issues with the IRS, costing you thousands in penalties and fees.</p> <p>If you plan on taking business deductions for expenses, you'll need some tools to manage your reporting and minimize your tax headaches. Treat your side hustle like a small business. Below are four business tools you should use to keep your side gig from overwhelming your finances. (See also: <a href="http://www.wisebread.com/6-signs-its-time-to-make-your-side-gig-your-career?ref=seealso" target="_blank">6 Signs It's Time to Make Your Side Gig Your Career</a>)</p> <h2>1. Business bank account</h2> <p>If you have a side business, you should seriously consider opening a dedicated business bank account. It will make tracking your expenses and profits so much simpler, which makes tax time simpler as well.</p> <p>Keeping your business and personal finances separate is not just easier, it's also important. Should the IRS ever take a closer look, you want them to see a clear distinction between personal and business expenses, as well as all of the business income you've earned. Jumbling this together with your personal banking is a recipe for confusion and possible contention.</p> <p>Having a business bank account lends you more professional credibility, too. Asking a client to write a check to your business, for example, feels much more legitimate than having them make it out to your name.</p> <p>All of the business income you earn doesn't have to stay in your business bank account. You can pay yourself the appropriate amount after considering taxes and expenses. Simply transfer that money to your personal account, and leave the rest in your business account.</p> <h2>2. Business credit card</h2> <p>Similarly, it's a good idea to have a separate credit card you use solely for business expenses. (See also: <a href="http://www.wisebread.com/when-you-should-get-a-business-credit-card-over-a-consumer-card?ref=seealso" target="_blank">When You Should Get a Business Credit Card Over a Consumer Card</a>)</p> <p>By having a card solely for your side gig, you will be able to manage your business deductions quickly and accurately. When you do your taxes, or if you work with a tax professional, you just need your credit card statements to get an accurate picture of your expenses and deductions. Some business cards even offer special reporting tools that automatically itemize your spending for you. This can greatly streamline your accounting process and save you some trouble come tax time.</p> <p>Many business credit cards offer other unique benefits, such as <a href="http://www.wisebread.com/how-free-extended-warranties-work-on-credit-cards" target="_blank">extended warranty protection</a> and rewards targeted specifically for business-type purchases. They also tend to come with higher limits than personal credit cards. If you need to make a substantial business expense but don't want to dip into your own savings or take out a business loan, these higher limits can be a huge help. They're also a great way to build credit for your business, should you ever need a loan or other financing down the road. (See also: <a href="http://www.wisebread.com/the-5-best-credit-cards-for-small-businesses?ref=seealso" target="_blank">The 5 Best Credit Cards for Small Businesses</a>)</p> <h2>3. Invoicing system</h2> <p>While you can find free invoice templates online and create your own in Microsoft Word or Google Docs, it's a good idea to use a professional invoicing system. Invoicing software tracks clients, invoice numbers, and your profits. They are more accurate than something you create on your own, and they look more professional than the do-it-yourself approach.</p> <p>And you don't have to spend a lot of money to create polished invoices. There are a number of <a href="http://www.wisebread.com/5-free-accounting-tools-for-freelancers?ref=internal" target="_blank">free and low-cost bookkeeping programs</a> out there that are designed specifically for freelancers and side hustlers. <a href="https://pocketsuite.io/pricing/" target="_blank">PocketSuite</a>, <a href="https://www.freshbooks.com/" target="_blank">Freshbooks</a>, and <a href="https://www.waveapps.com/accounting/" target="_blank">Wave</a> are excellent and no-cost options that can help streamline your business management.</p> <h2>4. Tax professional</h2> <p>While many people opt to do their own taxes, when you add a side business to the mix, a tax professional can be a huge asset. When you're self-employed or freelancing, even on a part-time basis, you owe self-employment taxes, which can be complex and confusing. You'll receive forms 1099-MISC from any clients that have paid you more than $600 during the tax year. If you receive a 1099-MISC, you have to pay self-employment taxes. Not to mention if you add expenses in the mix, you'll want to make sure you are claiming the proper deductions.</p> <p><a href="http://www.wisebread.com/3-reasons-to-hire-a-tax-professional-even-if-you-dont-mind-the-work?ref=internal" target="_blank">Tax professionals</a> can help you navigate paying estimated quarterly taxes, or calculate how much money you need to withhold from your main job's salary to avoid paying quarterly taxes. They can also identify deductions and credits you may be eligible for, such as a home office or education deduction. These are substantial tax breaks that no self-employed individual should overlook. You want to be sure you're claiming any deductions or credits accurately in order to receive the maximum benefit possible. A tax pro can help you do this.</p> <p>By working with a professional, you'll have overall peace of mind and avoid any surprises at tax time.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/kat-tretina">Kat Tretina</a> of <a href="http://www.wisebread.com/4-big-business-accounting-tools-every-side-gig-needs">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-lessons-from-tax-day-to-remember-for-next-year">7 Lessons From Tax Day to Remember for Next Year</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/heres-how-your-taxes-will-change-after-you-start-a-small-business">Here&#039;s How Your Taxes Will Change After You Start a Small Business</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-you-can-earn-18-to-25-an-hour-with-amazon-flex">How You Can Earn $18 to $25 an Hour With Amazon Flex</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/13-businesses-your-tween-can-start">13 Businesses Your Tween Can Start</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-surprising-ways-a-personal-website-can-improve-your-life">8 Surprising Ways a Personal Website Can Improve Your Life</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Entrepreneurship Taxes accounting audits banking business tools freelancing invoices side gig side hustle tax professional Fri, 21 Apr 2017 08:30:15 +0000 Kat Tretina 1931275 at http://www.wisebread.com Here's How Your Taxes Will Change After You Start a Small Business http://www.wisebread.com/heres-how-your-taxes-will-change-after-you-start-a-small-business <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/heres-how-your-taxes-will-change-after-you-start-a-small-business" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/iStock-525498442.jpg" alt="Man learning how taxes change after starting a small business" title="" class="imagecache imagecache-250w" width="250" height="142" /></a> </div> </div> </div> <p>Starting a small business or taking on a side gig can do wonders for your household income. But that entrepreneurial spirit does come with at least one negative: Filing your income taxes will become much more complicated.</p> <p>How will your taxes change after you start a small business or take on a side gig? Here are five key ways. Make sure you understand all of them before you start filing your income taxes.</p> <h2>1. Say hello to estimated payments</h2> <p>Starting a successful small business will introduce you to the world of quarterly estimated tax payments. As the name suggests, you make these payments four times during the tax year. It's a way for the federal and state governments to ensure that you won't owe them big dollars every April 15.</p> <p>Business owners who file as sole proprietors, partners, and S-corporation shareholders must make estimated tax payments if they think they'll owe $1,000 or more for the given tax year. Generally, your estimated tax payments, made to both the federal government and your local state government, are due April 15, June 15, September 15, and January 15 of the following year. (These dates might change if they happen to fall on a weekend or holiday.)</p> <p>How much you pay each quarter depends on how much money your business makes. The IRS says that calculating your estimated tax payments requires you to first determine your expected adjusted gross income, taxable income, taxes, deductions, and credits for the year.</p> <p>It's all complicated. And even if you take your time calculating a quarterly figure, there's no guarantee that you'll pay enough each quarter so that you won't owe your state or the federal government tax money at the end of the year.</p> <p>Your best bet is to hire an accountant or tax expert to work with you to determine the right amount of estimated taxes to pay each quarter. (See also: <a href="http://www.wisebread.com/what-freelancers-and-side-giggers-need-to-know-about-income-taxes?ref=seealso" target="_blank">What Freelancers and Side Giggers Need to Know About Income Taxes</a>)</p> <h2>2. Self-employment tax can be a big hit</h2> <p>When you work for an employer, that employer withholds 6.2 percent of your paycheck for Social Security, and 1.65 percent for Medicare. Your employer also matches these amounts, meaning that, in essence, 15.3 percent of your income each year goes into Social Security and Medicare taxes on 92.35 percent of your net earnings (but as an employee, your employer splits the cost with you).</p> <p>If you are running your own business or side gig, you are responsible for paying the entire amount. Make sure that you prepare for this by setting aside 15.3 percent of your net revenue throughout the year. This is money that you don't include in your quarterly estimated payments. Instead, it's due in April when you file your income taxes.</p> <p>If you don't set aside this money, you might be scrambling to come up with thousands of dollars to send to your state government and the federal IRS. (See also: <a href="http://www.wisebread.com/the-5-biggest-mistakes-freelancers-make?ref=seealso" target="_blank">The 5 Biggest Mistakes Freelancers Make</a>)</p> <h2>3. You'll have to become a master at tax deductions</h2> <p>Not all of the tax changes that come with owning a business are bad. Consider tax deductions. In general, you can deduct the cost of anything that you use to run your business. If you buy a new computer for your business, you can deduct the cost of it. You can deduct the cost of office supplies and health insurance. You can even deduct part of the costs of travel and business meals, as long as these trips and dinners really were held for business-related matters.</p> <p>If you run your business out of your home, you can also deduct home office expenses. This means that you can deduct a portion of your utility bills, for instance, depending on the square footage of your home office. Just be careful with home office deductions. You actually have to use your home office <em>only</em> as an office. Don't try to trick the government. If you get caught taking a larger deduction than you actually deserve, you could face heavy fines.</p> <p>Be honest about your business deductions in general. Don't try to write off an expensive meal if you only spent two minutes during it bragging about the success of your business. That doesn't count as a business expense.</p> <p>Remember, too, that deducting something doesn't make it free. It just means you'll be paying a bit less for it. If you spend, say, $1,000 on new office equipment, your deduction &mdash; depending on your tax bracket &mdash; means you might only pay $750 for it. Don't treat tax deductions as an excuse for overspending. (See also: <a href="http://www.wisebread.com/7-surprising-tax-deductions-you-might-miss?ref=seealso" target="_blank">7 Surprising Tax Deductions You Might Miss</a>)</p> <h2>4. Goodbye, 1040EZ</h2> <p>Before starting your own business, you might have filed your income taxes using the 1040EZ or 1040A tax forms. Once you are running your own business or side gig, your tax form will become more complicated.</p> <p>Most people starting new businesses operate these enterprises as a sole proprietorship. When you are filing in this category, you'll have to file your taxes with form 1040 while also including either a Schedule C (Profit or Loss from Business) or Schedule C-EZ (Net Profit from Business).</p> <p>If you are responsible for paying self-employment tax, you'll also have to include a Schedule SE.</p> <h2>5. You'll probably need tax help</h2> <p>Odds are high that you'll need help from an accountant or tax-prep firm when filing your income taxes as a business owner. Taxes simply get more complicated, and making a tax mistake can cost you big in the form of missed deductions or penalties.</p> <p>Hiring an account or tax-preparation firm isn't free. But it's usually an important investment for business owners to make. (See also: <a href="http://www.wisebread.com/14-reasons-why-an-accountant-is-worth-the-money?ref=seealso" target="_blank">14 Reasons Why an Accountant Is Worth the Money</a>)</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/dan-rafter">Dan Rafter</a> of <a href="http://www.wisebread.com/heres-how-your-taxes-will-change-after-you-start-a-small-business">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/what-freelancers-and-side-giggers-need-to-know-about-income-taxes">What Freelancers and Side Giggers Need to Know About Income Taxes</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/101-tax-deductions-for-bloggers-and-freelancers">101 Tax deductions for bloggers and freelancers</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/heres-how-your-taxes-will-change-after-marriage">Here&#039;s How Your Taxes Will Change After Marriage</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-signs-its-time-to-make-your-side-gig-your-career">6 Signs It&#039;s Time to Make Your Side Gig Your Career</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-best-states-to-start-a-new-business-in">4 Best States to Start a New Business In</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Entrepreneurship Taxes 1049ez deductions estimated payments schedule c self employment side jobs small businesses tax changes Mon, 10 Apr 2017 08:30:17 +0000 Dan Rafter 1922317 at http://www.wisebread.com 5 Free Accounting Tools for Freelancers http://www.wisebread.com/5-free-accounting-tools-for-freelancers <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/5-free-accounting-tools-for-freelancers" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/woman_happy_computer_187025458.jpg" alt="Woman using free accounting tools for freelancers" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>As a freelancer, you're responsible for every aspect of your business. Not only do you need to deliver a great product, but you also need to manage your expenses, invoice clients, and handle your own taxes. And as a freelancer, time is money. Instead of juggling spreadsheets and files yourself, check out these five accounting tools that are completely free.</p> <h2>1. Zoho</h2> <p><a href="http://zoho.com">Zoho</a> is one of the most robust bookkeeping platforms out there. With the free version, you can invoice up to five customers a month. And you can track expenses, customize your invoices, receive online payments, and manage timesheets.</p> <h2>2. Due</h2> <p>If your business is growing and you need to be able to accept credit card payments rather than just cash or check, <a href="https://due.com/invoicing/">Due</a> may be the solution for you. Due is free to use, and you can send invoices and get paid online. Due charges a processing fee of 2.8%, and promises to match any lower offer.</p> <h2>3. PocketSuite</h2> <p>For people running smaller businesses, such as dog-walking services or housecleaners, some of the bookkeeping software can be overwhelming with unnecessary features. And many of them don't offer essential features those freelancers need, such as scheduling or client contact options.</p> <p><a href="https://pocketsuite.io/pricing/">Pocketsuite</a> is a mobile app that allows you to connect with clients and manage your business finances all in one spot. With the free &quot;Pro&quot; version, you can schedule appointments with clients, send professional invoices, accept credit card payments for a flat 2.5% processing fee, send messages to your customers, and even accept tips.</p> <h2>4. PayPal</h2> <p><a href="https://www.paypal.com/us/webapps/mpp/ec-telesales-signup">PayPal</a> allows users to upgrade to a free business account in order to receive credit card payments for purchases and create invoices as needed. You won't pay a transaction fee for shopping through your personal account, but upon receiving funds for goods or services, you will pay a 2.9% fee, plus $.30, of the total amount received. PayPal also lets you run reports on all funds coming and going, so you can seamlessly track your professional finances.</p> <h2>5. Wave</h2> <p><a href="https://www.waveapps.com/accounting/">Wave's</a> bookkeeping and accounting services are completely free; you only pay a fee if you add employees. They also charge a 2.9% processing fee if you accept credit card payments from clients.</p> <p>You can track your expenses and income, and with the easy-to-use platform, it's easy to manage even if you don't have experience in accounting. Everything is cloud-based, so you can check your account and update your information from any computer or mobile device.</p> <p>Best of all, Wave generates tax reports that will save you time and money at tax time, making your life &mdash; and your accountant's &mdash; much easier.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/kat-tretina">Kat Tretina</a> of <a href="http://www.wisebread.com/5-free-accounting-tools-for-freelancers">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-manage-your-money-no-budgeting-required">How to Manage Your Money — No Budgeting Required</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/11-budgeting-skills-everyone-should-master">11 Budgeting Skills Everyone Should Master</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/9-college-expenses-you-arent-saving-for">9 College Expenses You Aren&#039;t Saving For</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/stop-making-these-7-basic-budget-mistakes">Stop Making These 7 Basic Budget Mistakes</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-sneaky-vacation-costs-that-add-up-quickly">10 Sneaky Vacation Costs That Add Up Quickly</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Budgeting Entrepreneurship bookkeeping bookkeeping apps bookkeeping tools computer programs expenses free invoicing tools Fri, 17 Mar 2017 10:30:17 +0000 Kat Tretina 1910226 at http://www.wisebread.com 8 Common Myths About Starting a Small Business http://www.wisebread.com/8-common-myths-about-starting-a-small-business <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/8-common-myths-about-starting-a-small-business" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/woman_designer_tablet_496600060.jpg" alt="Woman learning financial myths about working for herself" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>In the &quot;dot com&quot; era of the 1990s, I started a couple of technology companies and ended up running my own profitable small business for five years. Starting your own business and working for yourself sounds great &mdash; and it can be! But it seems like many people who dream of starting their own business don't understand some of the hard realities that go along with this undertaking. Don't buy into these myths about working for yourself.</p> <h2>1. You Have No Boss</h2> <p>A big reason some people want to start their own business is so they can be their own boss. But even if you own a business, you still have a &quot;boss.&quot; Your customers, investors, and employees are now your boss. The bottom line is your boss, too. Instead of answering to one boss, you now need to answer to many.</p> <h2>2. You Can Work Fewer Hours</h2> <p>While you can set your own schedule as a business owner, you will likely end up working a lot of hours overall to get everything done. In my startup days, I knew entrepreneurs who worked 100 hours per week, including lots of late nights and weekends. Starting a business is generally not a way to gain more free time.</p> <h2>3. Your Minions Will Take Care of the Details</h2> <p>The reality is that most small business owners wear a lot of hats and handle matters big and small to keep the business going, including things no one else wants to do. As the owner, you will get to work on lofty tasks such as business planning and strategy, but you will likely also clean the bathroom at first.</p> <h2>4. If You Build a Better Mousetrap, the World Will Beat a Path to Your Door</h2> <p>A common entrepreneurial myth is that you can invent something great and then sit back and watch people buy it. The reality is that you need to produce the right product at the right time for the right price in the right market channel to be able to watch people buy it. Even if you have an awesome product idea, it takes enormous work and resources to produce your product and bring it to market.</p> <h2>5. You Have More Control Over Your Income</h2> <p>As a business owner, I seemed to have little or no control over my income. I worked hard all the time trying to bring in income and win new business. Sometimes there was a lot of income, but sometimes there was none, despite my best efforts. My income ultimately depended on fickle customer decisions and economic forces beyond my control. Income for small business owners can be quite volatile.</p> <h2>6. Investors Will Throw Money at a Great Idea</h2> <p>I was disappointed after my first few pitches to potential investors. I imagined that I could simply summarize the potential market size, present my brilliant product concept, and walk out of the meeting with a briefcase full of money. The reality is that it is hard to find investors willing to risk their money in a startup business venture &mdash; even if you have a great business concept.</p> <h2>7. Determination Can Overcome Any Obstacle</h2> <p>Determination is perhaps the most important attribute you need to start a business, but you also need the right opportunity. Some people throw everything they have into starting a business venture that has almost zero chance of success due to limited market size, faulty assumptions, or other flaws. Persistence can get you started, but a viable opportunity is necessary to build a prosperous business.</p> <h2>8. By Taking Big Risks, You Set Yourself Up for Big Rewards</h2> <p>Another popular myth is that entrepreneurs reach success by trading risk for reward. The reality is that most entrepreneurs trade hard work and a good plan for a modest reward. Successful entrepreneurs reduce and manage risk well in order to avoid quick business failure. Taking big risks should be a last resort, not the primary plan.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/dr-penny-pincher">Dr Penny Pincher</a> of <a href="http://www.wisebread.com/8-common-myths-about-starting-a-small-business">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-3"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-ways-to-fund-your-new-business-without-borrowing-a-dime">4 Ways to Fund Your New Business Without Borrowing a Dime</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/heres-how-your-taxes-will-change-after-you-start-a-small-business">Here&#039;s How Your Taxes Will Change After You Start a Small Business</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/should-you-invest-in-start-ups">Should You Invest in Start-Ups?</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/self-employed-heres-how-to-get-your-apartment-application-approved">Self-Employed? Here&#039;s How to Get Your Apartment Application Approved</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-lessons-that-teach-your-kid-to-be-their-own-boss">5 Lessons That Teach Your Kid to Be Their Own Boss</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Entrepreneurship investors jobs myths self employment small business owners startups work for yourself Thu, 02 Feb 2017 11:00:09 +0000 Dr Penny Pincher 1876848 at http://www.wisebread.com Learn How to Travel Forever From These 7 Digital Nomads http://www.wisebread.com/learn-how-to-travel-forever-from-these-7-digital-nomads <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/learn-how-to-travel-forever-from-these-7-digital-nomads" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/iStock-513070060.jpg" alt="these people will teach you how to travel forever" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Chances are you've heard the term &quot;digital nomad,&quot; as this lifestyle has become more popular &mdash; and more visible &mdash; in recent years. Digital nomads are people who have taken their work online, using the Internet as a means to continue working while they travel. Their work is truly location independent, allowing them to earn money no matter where they are.</p> <p>But here's an intriguing statistic: In the United States, freelancers make up around a third of the workforce, according to a study commissioned by Freelancers Union. And while most have not become digital nomads, many of them certainly could. At the least, telecommuters and freelancers can borrow some of the tricks and strategies digital nomads use for more flexibility, or even to get away for brief working holidays.</p> <p>If you've been wanting to travel more often or for a longer period of time, take a moment to explore the world as seen through the eyes of these six digital nomads. Who knows, maybe one day you'll join them.</p> <p>See also: <a href="http://www.wisebread.com/how-to-travel-full-time-for-17000-a-year-or-less?ref=seealso2" target="_blank">How to Travel Full-Time for $17,000 a Year</a></p> <h2>1. Matt Kepnes</h2> <p>Founder of <a href="http://www.nomadicmatt.com/" target="_blank">NomadicMatt.com</a>, Matt Kepnes started traveling in 2006 after finishing his MBA in the United States. He liked it so much, he decided to continue traveling as a lifestyle. He started a travel blog, and since then has continued running his website from anywhere (and everywhere) in the world.</p> <p>On Matt's blog you'll find plenty of advice for staying on the road for extended periods with his handy tips on saving money and sustaining travel. His motto is &quot;Travel Better. Cheaper. Longer,&quot; after all. He's also authored several guides for different locations around the globe. His site contains a plethora of resources for those looking to become digital nomads or just wanting to travel for extended periods.</p> <p>See also: <a href="http://www.wisebread.com/6-easy-ways-to-get-free-travel?ref=seealso2" target="_blank">6 Easy Ways to Get Free Travel</a></p> <h2>2. Derek &quot;Earl&quot; Baron</h2> <p><a href="http://www.wanderingearl.com/" target="_blank">Wandering Earl</a> started his journey to becoming a digital nomad way back in 1999, right about the time when this type of work was becoming a real possibility. Now one of the main aims of his website is to &quot;use [his] own experiences to prove that long-term travel does not have to be a crazy fantasy. It can, and should be, a realistic lifestyle option instead.&quot;</p> <p>He does so quite convincingly and thoroughly. He's not one to sugar coat the digital nomad lifestyle, and his posts are all the more valuable for their honesty about both the good and the bad that come along with living on the road.</p> <h2>3. James Clark</h2> <p><a href="http://www.nomadicnotes.com/" target="_blank">Nomadic Notes</a> is a website started by James Clark, who has been location independent since 2003. His well-written website provides guides, honest reviews, and tips about managing extended travel. In fact, his site features an entire section devoted to long-term travel as well as an information packed resource page for digital nomads. He also shares information on starting your own travel blog, and a directory that links to blogs from around the world, so you can easily find location-specific information.</p> <h2>4. Jodi Ettenberg</h2> <p>After five years of working as a corporate lawyer in New York City, Jodi Ettenberg decided to ditch the routine for a yearlong sabbatical on the road. That was in 2008 and she's still traveling today.</p> <p>When Jodi started <a href="http://www.legalnomads.com/" target="_blank">Legal Nomads</a>, it was to share stories and photos with friends and family. The website grew to be a big success and she started getting offers to do freelance work. Now she dedicates an entire section of her site to providing resources for other digital nomads.</p> <h2>5. Pat Flynn</h2> <p>Although, his website, <a href="http://www.smartpassiveincome.com/" target="_blank">The Smart Passive Income Blog</a> is not directly related to travel, Pat Flynn provides valuable information about how to set up passive income streams, which can be important if you're looking to use a website to help you sustain your travels.</p> <p>Check out his website if you have questions about the finances of running a business online, podcasts, or blogging.</p> <h2>6. Tom Allen</h2> <p><a href="http://tomallen.info" target="_blank">Tom Allen</a> has a website with just about every resource you need if you're looking to travel by bike. But he also has some great posts for non-biking digital nomads. He writes thought-provoking essays that are good food for thought for prospective or experienced digital nomads. He also posts useful video editing tips, if your brand of digital nomadism involves anything to do with videography.</p> <h2>7. Nick Wharton and Dariece Swift</h2> <p>I don't mean to toot my own horn, but <a href="http://www.goatsontheroad.com/" target="_blank">Goats on the Road</a> has become a valuable resource for people interested in the digital nomad lifestyle. The blog is built on more than just our personal experience, which makes it unique. We interview and feature amazing digital nomads who tell their stories, share their income, explain their achievements and failures, and break down their business models so that others can follow in their footsteps.</p> <p>We've covered almost every job one can get overseas with in-depth guides about how you can get started, find work, and make money abroad. Check out our Sustaining Travel Section for dozens of jobs that allow you to earn a living while traveling.</p> <h2>Ready to Hit the Road?</h2> <p>As you've certainly noticed, many of the digital nomads that made this list are involved with travel blogging, and it's true that travel blogging can be a great way to sustain travel. However, there are many other ways that you can travel forever.</p> <p>While it is true that digital nomadism is a relatively recent development in the global workforce, it has become a viable lifestyle for successful entrepreneurs, freelancers, writers, and others who conduct their business mainly online.</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <p>&nbsp;</p> <p style="text-align: center;"><a href="//www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2Flearn-how-to-travel-forever-from-these-7-digital-nomads&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2FLearn%20How%20to%20Travel%20Forever%20From%20These%207%20Digital%20Nomads.jpg&amp;description=Learn%20How%20to%20Travel%20Forever%20From%20These%207%20Digital%20Nomads" data-pin-do="buttonPin" data-pin-config="above" data-pin-color="red" data-pin-height="28"><img src="//assets.pinterest.com/images/pidgets/pinit_fg_en_rect_red_28.png" alt="" /></a> </p> <!-- Please call pinit.js only once per page --><!-- Please call pinit.js only once per page --><script type="text/javascript" async defer src="//assets.pinterest.com/js/pinit.js"></script></p> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/Learn%20How%20to%20Travel%20Forever%20From%20These%207%20Digital%20Nomads.jpg" alt="Learn How to Travel Forever From These 7 Digital Nomads" width="250" height="374" /></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/nick-wharton">Nick Wharton</a> of <a href="http://www.wisebread.com/learn-how-to-travel-forever-from-these-7-digital-nomads">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-4"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/once-in-a-lifetime-experiences-ive-earned-with-credit-card-rewards">Once-In-A-Lifetime Experiences I&#039;ve Earned With Credit Card Rewards</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-easy-ways-to-get-free-travel">6 Easy Ways to Get Free Travel</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-one-man-used-credit-card-rewards-to-go-to-the-last-11-super-bowls">How One Man Used Credit Card Rewards to Go to the Last 11 Super Bowls</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/fantastic-phone-services-for-people-on-the-go">Fantastic Phone Services for People on the Go</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/earn-free-travel-sooner-with-these-frequent-flyer-mileage-secrets">Earn Free Travel Sooner With These Frequent Flyer Mileage Secrets</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Entrepreneurship Travel digital nomad free travel travel bloggers work abroad Thu, 02 Feb 2017 10:30:35 +0000 Nick Wharton 1884233 at http://www.wisebread.com 4 Best States to Start a New Business In http://www.wisebread.com/4-best-states-to-start-a-new-business-in <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/4-best-states-to-start-a-new-business-in" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/man_open_sign_517678150.jpg" alt="Man learning best new states to start a new business in" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>America is the land of entrepreneurship. The dream of quitting the 9-to-5 rat race and becoming your own boss is alive and well: There are an estimated 54 million independent workers out there today.</p> <p>Regardless of their generation, many Americans are becoming entrepreneurs, freelancers, or small business owners. Baby boomers are starting <a href="http://www.usatoday.com/story/money/columnist/brooks/2015/02/24/retirement-entrepreneur-small-business-401k/23845271/" target="_blank">50% of new business</a> and 66% of Millennials would like to <a href="http://www.slideshare.net/BentleyU/preparedu-the-millennial-mind-goes-to-work-41415813" target="_blank">start their own business</a>.</p> <p>As with everything else business-related, the old maxim of &quot;location, location, location!&quot; also applies to starting a new business. Improve the odds of your business surviving its first years and thriving throughout all of its life by choosing one of the best states to start a new business in.</p> <h2>1. Utah</h2> <p><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5171/salt_lake_city_474192330.jpg" width="605" height="340" alt="" /></p> <p>In 2016, the Beehive State topped Forbes' annual ranking of the <a href="http://www.forbes.com/best-states-for-business/#7992ccc718cc" target="_blank">best states for business</a> across 40 business metrics. And it has done so for the sixth time in the last seven years of this survey. With 93.5 startup businesses per 1,000 business firm population, Utah has the third-highest density of startup businesses.</p> <p>One of the top reasons that Utah is so friendly to business is its track record of showing entrepreneurs the money. In 2015, business owners in Utah held the most Small Business Administration (SBA) <a href="https://www.nerdwallet.com/blog/small-business/most-entrepreneurial-states-where-small-business-loans-rule-2015/" target="_blank">guaranteed loans per 100,000 people</a> in the nation, with an average SBA loan size of $278,754. In 2014, Utah companies raised over <a href="https://medium.com/startup-nuggets-from-the-silicon-slopes/utah-beats-new-york-in-per-capita-venture-capital-45dd896a02f8#.fay2fm87f" target="_blank">$800 million in venture capital</a>, more than twice the $316.2 million raised the year before. With a population of just three million, Utah is able to outrank major states, including New York, based on venture capital dollars raised per capita.</p> <p>Key hotbeds for entrepreneurial activity in Utah are Provo and Ogden. The Provo metro area offers Camp 4, a collaboration between the public and private sector to help startup tech businesses with office space and other resources, and Brigham Young University's Innovation Academy, a small business incubator for university students. For its part, Odgen starts off Utah's well-known ski corridor that has been dubbed &quot;Silicon Slopes.&quot;</p> <h2>2. Texas</h2> <p><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5171/austin_texas_501154548.jpg" width="605" height="340" alt="" /></p> <p>Everything's bigger in the Lone Star State, including entrepreneurial spirit. While Texas came in fourth place on Forbes' 2016 list, the state makes it up by being home to four of the top 10 <a href="http://www.cnbc.com/2016/08/11/the-top-20-metro-areas-to-start-a-business-in-america.html?slide=1" target="_blank">metro areas to start a business</a> in America, according to CNBC. With its city of Austin taking the top spot in the nation, Texas also offers Houston, Dallas, McAllen, El Paso, and San Antonio as attractive alternatives for would-be business owners.</p> <p>Austin has consistently drawn Internet companies, including the recruiting site Indeed.com, digital coupon site RetailMeNot.com, photo-entertainment site TheChive.com, and technology investments, such as Google Fiber in 2013.</p> <p>Affordability is a major force enabling entrepreneurial growth. A combination of no state tax on personal and corporate income, a median home price below the national average, and an overall lower cost of living compared to other states in the nation allow Texas to provide a cost of doing business that is <a href="http://www.forbes.com/places/tx/" target="_blank">10% below the national average</a>. Many small business owners are taking note of the business-friendly Texas climate because the number of SBA loans per 100,000 grew by 41.90% during the 2012&ndash;2015 period.</p> <h2>3. Colorado</h2> <p><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5171/colorado_convention_center_498249160.jpg" width="605" height="340" alt="" /></p> <p>Since 1993, the nonprofit Kauffman Foundation has been providing educational resources for U.S. entrepreneurs, working to accelerate metro-area entrepreneurship hubs. Through its indexes of startup activity, main street entrepreneurship, and growth of entrepreneurship, in 2016 the Kauffman Foundation provided a positive outlook for potential and current <a href="http://www.kauffman.org/microsites/kauffman-index/rankings/state?Report=MainStreet&amp;Indicator=LRank" target="_blank">business owners in the Centennial State</a>:</p> <ul> <li>8.56% of adult residents list business owner as their main occupation (highest in the nation);<br /> &nbsp;</li> <li>70.28% of firms 10 years or younger that started small grew to employ 50 people or more by their tenth year of operation;<br /> &nbsp;</li> <li>87.2 startup businesses per 1,000 business firm population;<br /> &nbsp;</li> <li>47.93% of small businesses remained in operation throughout their first five years.</li> </ul> <p>Colorado also fared well on Forbes' list, ranking #5 for the best states for business. Three key factors contributing to Colorado's high ranking are its young and highly-educated labor force (38% of adults have a college degree, a figure behind only Massachusetts), robust current economic climate, and expected second-fastest job growth in the nation over the next five years.</p> <p>One key area in Colorado that is experiencing extraordinary growth is the Denver metro area, in part due to the legalization of marijuana in 2012. The legal marijuana industry has been estimated to be worth <a href="https://www.bostonglobe.com/metro/2016/02/21/from-colorado-glimpse-life-after-marijuana-legalization/rcccuzhMDWV74UC4IxXIYJ/story.html" target="_blank">$1 billion per year</a> since 2014 and created more than <a href="http://www.denverpost.com/2016/10/26/colorado-weed-economic-impact-report/" target="_blank">18,000 full-time jobs</a> in 2015.</p> <h2>4. North Carolina</h2> <p><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5171/north_carolina_476250858.jpg" width="605" height="340" alt="" /></p> <p>Ranking second on Forbes' list (and in the top five overall for 11 straight years), the Tar Heel State generated $2.7 billion in <a href="http://www.forbes.com/sites/kurtbadenhausen/2016/11/16/the-best-and-worst-states-for-business-2016/#69ce73d2112b" target="_blank">foreign direct investment</a> and 5,300 jobs in 2015. Key reasons for these numbers are that North Carolina's business costs are 11% below the national average (fourth lowest in the nation) and only 3% of the state's workforce is unionized.</p> <p>In 2016, the Kauffman Foundation provided the following key details about North Carolina:</p> <ul> <li>49.28% of small businesses remained in operation throughout their first five years;<br /> &nbsp;</li> <li>75.5 startup businesses per 1,000 business firm population;<br /> &nbsp;</li> <li>0.33% of adults became entrepreneurs in a given month (fourth in the nation).</li> </ul> <p>Key hotbeds for entrepreneurial activity in North Carolina are Charlotte and the tri-city region of Durham, Chapel Hill, and Raleigh (known as the Triangle). Over the past few years, attracted by fairly low property taxes, affordable home prices and living costs, and low tax rates (5% for corporate tax and 5.75% for personal income tax), many Americans have been moving into these two areas and looking to establish businesses of their own.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/damian-davila">Damian Davila</a> of <a href="http://www.wisebread.com/4-best-states-to-start-a-new-business-in">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-5"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/heres-how-your-taxes-will-change-after-you-start-a-small-business">Here&#039;s How Your Taxes Will Change After You Start a Small Business</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-ways-to-fund-your-new-business-without-borrowing-a-dime">4 Ways to Fund Your New Business Without Borrowing a Dime</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/self-employed-heres-how-to-get-your-apartment-application-approved">Self-Employed? Here&#039;s How to Get Your Apartment Application Approved</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-top-7-blogs-for-entrepreneurs">The Top 7 Blogs for Entrepreneurs</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-reasons-you-might-have-a-phased-retirement">4 Reasons You Might Have a &quot;Phased&quot; Retirement</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Entrepreneurship best states business owners growth job markets self employment small businesses Fri, 13 Jan 2017 11:00:10 +0000 Damian Davila 1873232 at http://www.wisebread.com Best Money Tips: The Best Businesses to Start in 2017 http://www.wisebread.com/best-money-tips-the-best-businesses-to-start-in-2017 <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/best-money-tips-the-best-businesses-to-start-in-2017" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/woman_garden_507209050.jpg" alt="Woman starting a new business in 2017" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Welcome to Wise Bread's <a href="http://www.wisebread.com/topic/best-money-tips">Best Money Tips</a> Roundup! Today we found articles on the best businesses to start in 2017, tips for throwing a great New Year&rsquo;s Eve party for cheap, and the things you need for winter hibernation.</p> <h2>Top 5 Articles</h2> <p><a href="http://www.shebudgets.com/personal-finance/how-to-make-money/16-best-businesses-start-2017/71885">16 Best Businesses to Start in 2017</a> &mdash; Eco-commerce, like urban farms and green travel, is a growing field as more and more people aim to live sustainably. [SheBudgets]</p> <p><a href="http://www.moneytalksnews.com/10-tips-for-throwing-awesome-but-cheap-new-years-eve-party/">10 Tips for Throwing a Great, Cheap New Year&rsquo;s Eve Party</a> &mdash; Skip the big meal. New Year's Eve parties tend to start later, anyway, so you can get away with having just easy appetizers and a few desserts at your shindig [Money Talks News]</p> <p><a href="http://www.csmonitor.com/Business/Saving-Money/2016/1226/Eight-things-you-ll-need-to-hibernate-your-way-through-winter">Eight things you'll need to hibernate your way through winter</a> &mdash; A pair of soft slippers and a good sherpa- or fleece-lined robe will keep you cozy all winter long. [The Monitor]</p> <p><a href="http://www.popsugar.com/smart-living/Easy-Packing-System-42880270">This Genius Packing-List System Makes Sure You Never Bring Too Much</a> &mdash; This system will give you a packing list and an outfit planner, all in one! [PopSugar Smart Living]</p> <p><a href="http://www.experian.com/blogs/news/about/death-and-finances/">Simple Ways to Set Realistic Financial Goals for 2017</a> &mdash; It's good to aim high when you set a goal, but this plan can actually backfire if try to do too much and end up failing at every step. Join Experian's #CreditChat tomorrow at 3 p.m. ET for a discussion on setting realistic financial goals for 2017. [Experian]</p> <h2>Other Essential Reading</h2> <p><a href="http://www.kiplinger.com/slideshow/taxes/T055-S003-tax-forms-that-can-increase-your-tax-bill/index.html">7 Tax Forms That Can Accidentally Increase Your Tax Bill</a> &mdash; Read up on the different kinds of 1099 forms to avoid paying more taxes than you need to. [Kiplinger]</p> <p><a href="http://www.5dollardinners.com/3-easy-ways-to-save-on-cleaning-supplies/">3 Easy Ways to Save on Cleaning Supplies</a> &mdash; Try out different cleaning methods that don't require costly supplies. For example, you can spray dirty windows with a little water or diluted rubbing alcohol and wipe it off with crumpled newspaper pages. [$5 Dinners]</p> <p><a href="http://www.cleverdude.com/content/5-simple-formulas-to-improve-your-finances/">5 Simple Formulas To Improve Your Finances</a> &mdash; These simple math formulas will help you put things into perspective and give you a better sense of your money. [Clever Dude]</p> <p><a href="http://www.thepennyhoarder.com/email-newsletter-freebies/">Got an Email Address? These 93+ Companies Will Give You Free Stuff</a> &mdash; These freebies range from food and snacks to beauty supplies and even boat rides! [The Penny Hoarder]</p> <p><a href="https://sidsavara.com/personal-development/how-to-write-a-thank-you-card-wording">How To Write a Thank You Card That Actually Says Thanks</a> &mdash; Use this template to ensure that your thank you card conveys your appreciate and hits all the right notes. [Sid Savara]</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/amy-lu">Amy Lu</a> of <a href="http://www.wisebread.com/best-money-tips-the-best-businesses-to-start-in-2017">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-6"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/building-a-better-business">Building a Better Business</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-small-business-pitfalls-and-how-to-avoid-them-part-one">6 Small Business Pitfalls, and How to Avoid Them: PART ONE</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/llcs-and-s-corps-and-c-corps-oh-my">LLC&#039;s, and S Corps, and C Corps! Oh My!</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-big-business-accounting-tools-every-side-gig-needs">4 Big Business Accounting Tools Every Side Gig Needs</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-5-best-credit-cards-for-small-businesses">The 5 Best Credit Cards for Small Businesses</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Entrepreneurship best money tips building business Wed, 28 Dec 2016 10:30:25 +0000 Amy Lu 1863603 at http://www.wisebread.com Best Money Tips: Low-Cost Business Ideas for Teens and Kids http://www.wisebread.com/best-money-tips-low-cost-business-ideas-for-teens-and-kids <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/best-money-tips-low-cost-business-ideas-for-teens-and-kids" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/kids_lemonade_stand_9934829.jpg" alt="Kids finding low-cost business ideas to make extra money" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Welcome to Wise Bread's <a href="http://www.wisebread.com/topic/best-money-tips">Best Money Tips</a> Roundup! Today we found articles on low-cost business ideas for teens and kids, how to get the best Black Friday deals online, and tips for homeowners who want to rent out a room.</p> <h2>Top 5 Articles</h2> <p><a href="http://moneypantry.com/low-cost-business-ideas-for-kids/">9 Low Cost Business Ideas for Teenagers &amp; Kids</a> &mdash; Social media comes naturally to most teens, and they can make a bit of money by helping local businesses manage their social media accounts. [Money Pantry]</p> <p><a href="http://www.csmonitor.com/Business/Saving-Money/2016/1025/How-to-snag-the-best-Black-Friday-deals-online-this-year">How to snag the best Black Friday deals online this year</a> &mdash; If you know you'll be shopping at certain online retailers, set up an account with them ahead of time. Speeding up the checkout process will help you get doorbusters before they run out. [The Monitor]</p> <p><a href="http://moneyqanda.com/enting-out-a-room/">4 Tips for Homeowners Renting Out a Room</a> &mdash; Renting a room in your home can be a great way to make extra money, but there are a few things you should consider before posting a listing. [Money Q&amp;A]</p> <p><a href="http://www.cheapism.com/blog/lifetime-warranty-products-14700/">25 Well-Made Products You'll Never Have to Buy Again</a> &mdash; Leather boots and shoes from Dr. Martens' For Life collection are guaranteed for life. The company will even repair or replace a worn out product! [Cheapism]</p> <p><a href="http://www.popsugar.com/smart-living/Homemade-Drain-Cleaner-30796532">This Homemade Drain Cleaner Will Banish Clogs For Good</a> &mdash; This homemade drain cleaner will have your sink or tub flowing freely in no time. [PopSugar Smart Living]</p> <h2>Other Essential Reading</h2> <p><a href="http://www.fool.com/retirement/2016/10/24/3-ways-to-withdraw-from-your-ira-before-retirement.aspx">3 Ways to Withdraw From Your IRA Before Retirement &mdash; Penalty-Free!</a> &mdash; You can use IRA funds without incurring the penalty to pay certain unreimbursed medical expenses. [The Motley Fool]</p> <p><a href="http://savvyscot.com/how-to-quit-your-job-on-good-terms/">How to Quit Your Job on Good Terms</a> &mdash; Don't quit when things are busy at your job &mdash; your co-workers would not appreciate having to scramble to take care of your responsibilities. If you can't wait for a slow time, give as much notice as you can so everyone can prepare for your exit. [The Savvy Scot]</p> <p><a href="https://christianpf.com/encouragement-for-difficult-times-keep-going/">5 Things To Do When You&rsquo;re Discouraged About Your Finances</a> &mdash; No matter how frustrated you feel, keep on saving and investing. [SeedTime]</p> <p><a href="http://yesiamcheap.com/maximizing-employee-benefits/">Are You Maximizing Your Employee Benefits?</a> &mdash; Take advantage of workplace flexibility if your employee offers this benefit. Having flexible hours or being able to work from home one day a week can do wonders for your work-life balance and overall productivity. [Yes, I Am Cheap]</p> <p><a href="https://www.pickthebrain.com/blog/10-most-important-things-you-should-do-to-make-life-simple-enjoyable-and-successful/">10 Of The Most Important Things You Should Do To Make Life Simple And Happy</a> &mdash; Evaluate your daily and weekly commitments. Get rid of anything that you don't enjoy and isn't important. [Pick The Brain]</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/amy-lu">Amy Lu</a> of <a href="http://www.wisebread.com/best-money-tips-low-cost-business-ideas-for-teens-and-kids">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-7"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-help-your-kid-build-their-first-budget">How to Help Your Kid Build Their First Budget</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-lessons-that-teach-your-kid-to-be-their-own-boss">5 Lessons That Teach Your Kid to Be Their Own Boss</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-fun-books-that-will-get-your-kids-excited-about-money">10 Fun Books That Will Get Your Kids Excited About Money</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-money-moves-to-make-as-soon-as-the-kids-move-out">7 Money Moves to Make as Soon as the Kids Move Out</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-ways-to-keep-your-kids-prom-from-ruining-your-budget">10 Ways to Keep Your Kid&#039;s Prom From Ruining Your Budget</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Entrepreneurship best money tips kids teenagers Wed, 26 Oct 2016 10:00:09 +0000 Amy Lu 1820581 at http://www.wisebread.com Best Money Tips: You Can Start These Full-Time Businesses on a Part-Time Budget http://www.wisebread.com/best-money-tips-you-can-start-these-full-time-businesses-on-a-part-time-budget <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/best-money-tips-you-can-start-these-full-time-businesses-on-a-part-time-budget" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/woman_small_business_85195073.jpg" alt="Woman starting a full-time business " title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Welcome to Wise Bread's <a href="http://www.wisebread.com/topic/best-money-tips">Best Money Tips</a> Roundup! Today we found articles on full-time businesses you can start on a part-time budget, ways to save at the airport, and reasons why you should travel in fall.</p> <h2>Top 5 Articles</h2> <p><a href="http://www.pfadvice.com/2016/09/10/four-full-time-businesses-you-can-start-on-a-part-time-budget/">Four Full-Time Businesses You Can Start on a Part-Time Budget</a> &mdash; To be a successful flipper, all you really need is a good eye for products that may be in demand. [Personal Finance Advice]</p> <p><a href="http://www.csmonitor.com/Business/Saving-Money/2016/0817/Five-ways-to-save-at-the-airport">Five ways to save at the airport</a> &mdash; Flying Spirit Airlines? They charge $18 each way if you book online. If you can, try to buy your tickets at their counter in the airport. [The Monitor]</p> <p><a href="http://www.popsugar.com/smart-living/Why-Traveling-Fall-Best-42287839#photo-42287839">7 Reasons Fall Is a Great Time to Travel</a> &mdash; High-demand places tend to be really hard to book if you want to be there during the holidays or summertime. Not so much for fall! [PopSugar Smart Living]</p> <p><a href="http://www.moneytalksnews.com/how-avoid-8-seriously-foolish-financial-moves/">How to Avoid 8 Foolish and Costly Financial Mistakes</a> &mdash; You can waste thousands if you fall for these expensive mistakes. Know what to watch out for and how to avoid it to keep your well-earned money in your pocket. [Money Talks News]</p> <p><a href="http://www.marcandangel.com/2016/09/11/4-secrets-to-getting-through-difficult-situations-and-really-bad-days/">4 Secrets to Getting Through Difficult Situations (and Really Bad Days)</a> &mdash; Find something to be grateful for despite the bad situation. This helps you to refocus on the present moment and to celebrate the small steps of progress you make every day. [Marc &amp; Angel Hack Life]</p> <h2>Other Essential Reading</h2> <p><a href="http://www.livingwellspendingless.com/2016/09/12/how-to-cultivate-meaningful-relationships/">How to Cultivate Meaningful Relationships</a> &mdash; Don't assume you're getting all the news from a newsfeed. Keep in touch with your friends and family by giving them a quick call or sending a personal text or email once in a while.&nbsp; [Living Well Spending Less]</p> <p><a href="http://www.cheapism.com/blog/cheap-ski-trip-14432/">16 Ways to Hit the Slopes for Less This Winter</a> &mdash; If you plan to visit more than one snowy slope this season, you can save money by purchasing multi-resort passes. [Cheapism]</p> <p><a href="http://www.thepennyhoarder.com/work-from-home-customer-service-jobs/">Now Hiring: 7 Open Customer Service Jobs That Let You Work From Home</a> &mdash; Some of these jobs require you to live in certain states, but they're all worth checking out if you like the idea of working from home. [The Penny Hoarder]</p> <p><a href="http://afewshortcuts.com/2016/09/7-things-you-can-do-while-drinking-your-coffee-free-printable/">7 Things You Can Do While Drinking Your Coffee</a> &mdash; Make your day run more smoothly by doing these things &mdash; over coffee! [A Few Shortcuts]</p> <p><a href="http://www.onesmartdollar.com/4-ways-to-save-when-buying-your-teenager-their-first-vehicle/">4 Ways to Save When Buying Your Teenager Their First Vehicle</a> &mdash; Find that sweet spot between affordable and reliable. Look for a certified, pre-owned car with high safety ratings and fuel efficiency. [One Smart Dollar]</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/amy-lu">Amy Lu</a> of <a href="http://www.wisebread.com/best-money-tips-you-can-start-these-full-time-businesses-on-a-part-time-budget">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-8"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/freelancing-a-beginner-s-guide-to-doing-it-right">Freelancing: A Beginner’s Guide to Doing It Right</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/great-ways-to-generate-passive-income">Great Ways to Generate Passive Income</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-big-business-accounting-tools-every-side-gig-needs">4 Big Business Accounting Tools Every Side Gig Needs</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-5-best-credit-cards-for-small-businesses">The 5 Best Credit Cards for Small Businesses</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/heres-how-your-taxes-will-change-after-you-start-a-small-business">Here&#039;s How Your Taxes Will Change After You Start a Small Business</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Entrepreneurship best money tips start a business Mon, 26 Sep 2016 10:00:12 +0000 Amy Lu 1799079 at http://www.wisebread.com 8 Clever Ways People Are Making Money From Pokémon GO http://www.wisebread.com/8-clever-ways-people-are-making-money-from-pok-mon-go <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/8-clever-ways-people-are-making-money-from-pok-mon-go" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/man_playing_pokemon_go_99165129.jpg" alt="Man finding ways to make money from pokemon go" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Pokémon GO is more than the latest gaming craze &mdash; it's an economic boon. Not only did the free-to-play augmented reality game <a href="http://www.theverge.com/2016/7/25/12269466/nintendo-stock-plunge-pokemon-go">briefly doubled</a>&nbsp;Nintendo's stock value by <a href="http://money.cnn.com/2016/07/22/technology/pokemon-go-apple-download-records/">shattering the record</a> for the most first-week downloads in mobile app history, it's also inspiring a new economy of Pokémon-related goods and services pioneered by the enterprising everyman.</p> <p>Even kids are cashing in on Pokemania. Read on for our roundup of all the clever ways people are capitalizing on the success of the game that brings blushing yellow avatars, stardust, and healing potions to America's neighborhoods.</p> <h2>1. Selling Handmade Reflective Badges</h2> <p>Athen Salcedo is a concerned American &mdash; and, no, it's not the upcoming presidential election that's got him troubled. After&nbsp;hearing news of so many <a href="https://www.washingtonpost.com/news/the-switch/wp/2016/07/08/pokemon-gos-unexpected-side-effect-injuries/">Pokémon GO players getting injured</a> while playing the game in the dark, the seven-year-old entrepreneur had an idea: What if there was a reflector badge that Pokémon GO players could pin to their clothing to make themselves more visible while dashing through neighborhoods at night?</p> <p>Introducing the <a href="https://www.etsy.com/shop/PokeGlo?ref=l2-shopheader-name">Poke Glo</a>: A reflective safety badge that game players can wear to stay safe while chasing Pokémon after sunset. In less than two weeks, Salcedo has made 139 sales of the homemade badges, which range in price from 50 cents to less than five bucks. Currently, he's sold out. But rest assured, Salcedo says he is hard at work making new Poke Glo badges, which he promises to stock in his Etsy store soon.</p> <h2>2. Offering Rideshare Services With a Pokémon Twist</h2> <p>Some Pokémon GO players are avid gamers unaccustomed to spending so much time off the couch. To be sure, the chase for Pokémon can be exhausting. That's why entrepreneurial-minded folks are launching &quot;<a href="https://kalamazoo.craigslist.org/trv/5685367204.html">Uber for Pokémon</a>.&quot; Capitalizing on the success of ride-sharing services Uber and Lyft, these businessmen and women offer to drive Pokémon GO players from PokeStop to PokeStop, allowing gamers to play without ever having to exert themselves.</p> <p>Another benefit: By handing over the driver's seat to a well-intentioned stranger, Pokémon-chasers can play the game seamlessly without having to put the phone down in order to keep their eyes on the road. In Kalamazoo, for example, a Pokémon rideshare service provider named Pat is offering to cart game players around for $1 per mile, plus $1.50 per PokeStop. Not a bad deal for game players who are averse to breaking a sweat.</p> <h2>3. Dropping Lures</h2> <p>Pokémon GO is helping small business owners lure in traffic &mdash; literally. Some businesses, especially those that rely on foot traffic, are seeing big boosts in business because, by luck of the draw, their location has been designated by game makers as a PokeStop or Gym. This means that Pokémon GO players are flocking to their address in order to capture Pokémon and other rewards.</p> <p>But owners of businesses located in the vicinity of these GPS hot spots can also make money off the game by investing in something called Lures. In short, Lures are a game component that boost the rate of Pokémon generation for up to 30 minutes near the PokeStop where they're placed. Lures, which can be purchased in the app for a little more than a dollar, are being used to <a href="http://www.inc.com/walter-chen/pok-mon-go-is-driving-insane-amounts-of-sales-at-small-local-businesses-here-s-h.html">bring in big crowds</a> to local businesses, as well as garage sales and front yard produce stands.</p> <p>At least one pizzeria owner is using this method to reap big benefits: &quot;I own a pizzeria that's a PokeStop and I literally did this all day,&quot; the business owner wrote on Reddit. &quot;I had a ton of kids and adults (mostly adults) come in for a slice of pizza and a drink until the lure ran out.&quot;</p> <h2>4. Opening PokeStop Lemonade Stands</h2> <p>It's summertime, and in most pockets of the nation that means the weather is hot and steamy. Translation: Game players chasing after Pokémon are going to get parched. That's where enterprising, young Americans are coming in, equipped with a tip jar and a pitcher of fresh-squeezed lemonade. That's right, putting a new twist on the old fashioned lemonade stand, business-minded folks across the U.S. are setting up snack and refreshment stations near PokeStops, simultaneously making a buck while quenching the thirst and appetites of hungry Pokémon hunters.</p> <h2>5. Selling Mobile Battery Chargers</h2> <p>At least one Etsy shop owner is helping Pokémon GO players keep their mobile devices juiced up with an <a href="https://www.etsy.com/listing/466681155/hand-made-pokeball-themed-battery-pack?source=aw&amp;awc=6220_1469036537_9b7c0bda7ec3eb1f0b2b109196fb23c6&amp;utm_source=affiliate_window&amp;utm_medium=affiliate&amp;utm_campaign=us_location_buyer&amp;utm_content=78888">on-the-go battery pack</a> craftily disguised as a Pokeball. Though bulky, the $40, thematically on-point device vows to extend your battery life by two full charges.</p> <h2>6. Mastering the Game &mdash; And Then Selling the Account</h2> <p>Since the existence of rules, there have been rule-breakers &mdash; and the Pokémon GO phenomenon is no exception. Though selling your Pokémon GO account to other players is strictly prohibited by the game's terms of service, there are countless people out there doing it. For $100, you could purchase a New York City-based <a href="http://newyork.craigslist.org/wch/vgm/5689385979.html">level 15 account</a>. On eBay, there are advanced level accounts for sale at prices as low as $5 and as much as $1,500. What's a level 10 account worth to you?</p> <h2>7. Coaching Gamers to Be Better Players</h2> <p>Some people play games for the sheer fun of it. Others play to win. And it's the latter that have given breed to a new wave of Pokémon trainers, many of whom are advertising their services on Craigslist for $20 to $30 an hour.</p> <h2>8. Writing Tell-All Guides</h2> <p>Author Doug Morrow's step-by-step guide to becoming a master Pokémon GO player is available on Kindle. And for $2.99, it can be yours. <a href="http://amzn.to/2aG1f2u">Mastering Pokémon Go: An Unofficial Guide to Catching Them All</a>, is Morrow's unofficial cheat sheet, full of instructions for throwing a curveball and tips on how to find the best Pokémon.</p> <p><em>Has Pokemania struck your household? Figured out a way to cash in?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/brittany-lyte">Brittany Lyte</a> of <a href="http://www.wisebread.com/8-clever-ways-people-are-making-money-from-pok-mon-go">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-9"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-surprising-sources-of-celeb-income">6 Surprising Sources of Celeb Income</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/effective-ebay-listing-0">Effective eBay Listing</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/11-ways-to-make-your-money-grow-this-spring">11 Ways to Make Your Money Grow This Spring</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/heres-how-your-taxes-will-change-after-you-start-a-small-business">Here&#039;s How Your Taxes Will Change After You Start a Small Business</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/11-freelance-jobs-that-pay-surprisingly-well">11 Freelance Jobs That Pay Surprisingly Well</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Entertainment Entrepreneurship Extra Income apps lures making money Nintendo pokemon go pokestops small businesses trends video games Tue, 26 Jul 2016 09:00:11 +0000 Brittany Lyte 1759363 at http://www.wisebread.com The Self-Employed Person's Guide to Getting Credit http://www.wisebread.com/the-self-employed-persons-guide-to-getting-credit <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/the-self-employed-persons-guide-to-getting-credit" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/man_drinking_coffee_97144221_0.jpg" alt="Man finding financing when he&#039;s self-employed" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>You work for yourself. And most times, that's great. But when you're trying to qualify for a mortgage loan or apply for a credit card, it can be a real struggle.</p> <p>That's because lenders prefer loaning their dollars to borrowers who have a steady income that stays the same each month. That isn't what happens with most people who are self-employed. Your income can rise one month, and fall the next.</p> <p>There is good news, though: Plenty of people who work for themselves finance homes and cars, and plenty have credit cards in their wallets. How can you join their ranks? Here are four tips for convincing lenders that just because you're self-employed doesn't mean you're a risk to default on your loans.</p> <h2>Prove That Your Income Has Been Steady for Years</h2> <p>It's far easier to qualify for financing or credit cards if you can show lenders that the income you've made as a self-employed worker has been steady or rising each year. If lenders see that what you made last year was similar or better to what you made the year before, they'll be less nervous about loaning you money.</p> <p>To prove that your income is consistent, you'll have to provide lenders with at least the last two years of your income tax returns &mdash; returns that should show that your income during these last two years did not swing wildly up or down.</p> <p>What if you haven't been working for yourself long enough to show at least two full years of self-employed income? Or what if your self-employment income hasn't been consistent and has soared high and fallen low? You'll struggle to qualify for a loan. It might be best to wait until you can show those two consistent years of income before applying.</p> <h2>Build a Top Credit Score</h2> <p>Your FICO credit score is a key number when applying for a loan or credit card. It's especially important for self-employed borrowers, who can rely on a high FICO score to help lessen the anxiety lenders often feel about loaning money to those who work for themselves.</p> <p>Lenders today consider a FICO score of 740 or higher to be an excellent one. Such a score shows that you have a history of paying your bills on time. Such a history can put nervous lenders at ease and improve your odds of qualifying for a credit card or loan. (See also: <a href="http://www.wisebread.com/5-best-credit-cards-for-people-with-excellent-credit?utm_source=wisebread&amp;utm_medium=seealso&amp;utm_campaign=article">Best Credit Cards for People with Excellent Credit</a>)</p> <p>Building a good credit score is simple: Pay your bills on time and pay off as much credit card debt as possible. Just don't close a credit card account after you've paid it off. That can actually hurt your credit score. (See also: <a href="http://www.wisebread.com/7-ways-to-increase-your-credit-score-quickly?utm_source=wisebread&amp;utm_medium=seeals&amp;utm_campaign=article">7 Ways to Increase Your Credit Score Quickly</a>)</p> <p>And if your FICO score is low? You might need to wait until you build it up to apply for a loan. Being self-employed and having a low score is no way to convince lenders that you're a good risk.</p> <h2>Build Your Savings</h2> <p>Lenders like all borrowers to have plenty of money saved. This way, if these borrowers should suffer a financial crisis, such as a job loss, they'll have some reserves to make at least a few mortgage or auto loan payments until they can resolve their financial struggles. Having cash reserves is especially important for self-employed borrowers. If you can show lenders that you have money in the bank, they'll be less nervous about the prospects of your self-employment income suddenly drying up.</p> <p>How much savings you should have varies by lender. But most lenders want at least two months of mortgage payments saved up. If you're self-employed, saving even more than this can only help your efforts to qualify.</p> <h2>Come Up With a Larger Down Payment</h2> <p>If you're applying for a loan, coming up with a bigger down payment is one way to convince otherwise reluctant lenders to work with you. Lenders like to work with borrowers who have what they call &quot;skin in the game,&quot; meaning that they are willing to invest more of their own money upfront when financing a home or car.</p> <p>Consider applying for a mortgage loan: It's possible, depending on lender and loan program, to qualify for a mortgage while putting down just 3% of a home's final purchase price. If you're self-employed, though, you might have better luck convincing lenders to work with you if you can come up with a down payment of 10% or 20% of a home's down payment. Lenders think you're less likely to stop making mortgage payments if you've already invested more of your own money into the home.</p> <p><em>Are you self-employed? Have you struggled to find financing?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/dan-rafter">Dan Rafter</a> of <a href="http://www.wisebread.com/the-self-employed-persons-guide-to-getting-credit">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-10"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/whats-the-best-way-to-get-out-of-debt">What&#039;s the Best Way to Get out of Debt?</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/cant-get-a-bank-loan-8-other-ways-to-finance-your-business">Can&#039;t Get A Bank Loan? 8 Other Ways To Finance Your Business</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-smart-ways-to-get-a-small-business-loan">10 Smart Ways to Get a Small Business Loan</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-things-you-need-to-know-about-credit-scores">5 Things You Need to Know About Credit Scores</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-6-biggest-financial-decisions-in-your-20s">The 6 Biggest Financial Decisions in Your 20s</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Entrepreneurship credit down payments financing freelancers income loans savings self-employed Thu, 14 Jul 2016 09:31:21 +0000 Dan Rafter 1749904 at http://www.wisebread.com The 5 Biggest Mistakes Freelancers Make http://www.wisebread.com/the-5-biggest-mistakes-freelancers-make <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/the-5-biggest-mistakes-freelancers-make" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/iStock_000064845003_Large.jpg" alt="it&#039;s easy for freelancers to make these mistakes" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Freelancing is a constant push and pull. You have the freedom to be your own boss, but <em>sometimes</em> we're not the best bosses of ourselves. Steer from making these five common mistakes freelancers make, and get ahead of the pack.</p> <h2>1. Forgetting to Withhold Taxes</h2> <p>This is one of the first issues freelancers encounter. It's easy to get excited by lump sum contractor checks. You drop that check into your checking account to pay bills and buy yourself something nice, then before you know it, you've spent it all without saving anything. Come tax time, you're facing a hefty bill. Why?</p> <p>The IRS charges a <a href="https://www.irs.gov/Businesses/Small-Businesses-&amp;-Self-Employed/Self-Employment-Tax-Social-Security-and-Medicare-Taxes">self-employment tax of 15.3%</a> no matter how much or little you make. Unfortunately, there are only so many deductions you can claim, so it's very unlikely you can avoid the tax. Prevent the huge financial burden of a large tax bill now by automatically putting away 20% of everything you earn. The 15% goes to paying the self-employment tax, and the remaining 5% is there to help pay state taxes and, of course, the tax prep fees &ndash;&ndash; the more 1099s you have, the pricier your preparation will be.</p> <h2>2. Neglecting to Save for Retirement</h2> <p>New freelancers sometimes operate under the misconception that they don't have the knowledge or enough capital to invest in their retirement. It can also be difficult to consider saving for retirement when times are thin. If the freelance gigs are trickling in slowly at the moment, you might be savings-averse. But this is exactly why retirement savings are so important. Considering the uneven payment schedule of freelancers, a place where your money can grow slowly over time is an important safety net to have. </p> <p>It's actually super easy to <a href="http://www.wisebread.com/the-sep-ira-is-how-the-self-employed-do-retirement-like-a-boss">set up an IRA</a>, Mutual Fund, CD, or any other kind of investment account. Find the financial institution you prefer, and they will give you the step-by-step in person or over the phone &ndash;&ndash; they'll even do most of the work for you (you are giving them money, after all!). At the end of the day, as a self-employed worker, you, and only you, are responsible for your future, so it's time to get proactive.</p> <h2>3. Losing Track of Expenses</h2> <p>Being a freelancer means having to balance both incoming and outgoing dollars. Do you have to spend money on raw materials? Do you spend hours of unpaid time and/or money on research before doing the job? This should all be tracked and never go beyond a certain limit you determine, based on the work.</p> <p>Also, some clients are easier to please than others. If you fall into a deep hole on a problem project, be sure to speak up. They might be able to give you a bigger expense budget or increase your hourly rate to cover it.</p> <h2>4. Not Setting a Schedule</h2> <p>Next to setting a work budget, setting a schedule may be the most important thing you can do to ensure you can make the most of each project, and each day on the job. If you come to your desk each morning without a list or a plan, that's a sign that you may need a time management intervention. </p> <p>Start each day with a to-do list. First, you need the overall to-do list &ndash;&ndash; one that covers all your ongoing projects and what must be done for each, with deadlines. Then, break those project to-do lists into weekly and daily to-do lists, respectively. Hang up a marker board in your office, with your milestones and goals for each day and week regularly updated. Google Calendar is also a great tool for creating tons of mini-calendars that sync with all your devices.</p> <h2>5. Skipping Self-Marketing</h2> <p>Are you the type of person who dives deep into a project then once it's done, dives into another? Well, not many people will know what you did if you don't take the time to tell them! Self-promotion is a crucial tool in managing your reputation. Build in time to your schedule to share your work with your personal and professional networks.</p> <p>How do you keep former, current, and future clients updated on what you do? Try starting a portfolio website, updated every few weeks with new work you've completed. Are you the type of contractor who relies on lots of new clients? Consider posting listings on all the gig websites: Craigslist, Guru, Thumbtack, Tispr, and others.</p> <p>Do you know a lot about topics related to your freelance job? Start a blog section to your website that answers frequently asked questions about your profession. Being known as an expert in your field can drastically improve your perceived value to clients, resulting in more work, and even better pay!</p> <p><em>Have you made any mistakes as a freelancer? Share with us!</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/amanda-meadows">Amanda Meadows</a> of <a href="http://www.wisebread.com/the-5-biggest-mistakes-freelancers-make">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-11"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-things-i-learned-about-money-after-i-went-freelance">7 Things I Learned About Money After I Went Freelance</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/day-job-or-freelance-which-is-right-for-you">Day Job or Freelance: Which Is Right for You?</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/22-websites-that-will-pay-you-to-write-for-them">22 Websites That Will Pay You to Write for Them</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/11-freelance-jobs-that-pay-surprisingly-well">11 Freelance Jobs That Pay Surprisingly Well</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-life-skills-every-freelancer-needs">8 Life Skills Every Freelancer Needs</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Career and Income Entrepreneurship Extra Income budgeting freelance freelancer investment marketing self-employed taxes work from home Wed, 18 May 2016 10:30:11 +0000 Amanda Meadows 1712070 at http://www.wisebread.com A Simple Guide to Retirement Plans for the Self-Employed http://www.wisebread.com/a-simple-guide-to-retirement-plans-for-the-self-employed <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/a-simple-guide-to-retirement-plans-for-the-self-employed" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/woman_working_laptop_000064887191.jpg" alt="Woman learning about self-employed retirement plans" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Being self-employed has its ups, but it can also have its downs. For instance, there may be enormous business costs to worry about, and you likely have to finance your retirement account entirely on your own. Fortunately, there are a number of self-employed retirement plans that can help you save enough for retirement.</p> <p>In fact, these specialized plans allow you to save significantly more than you could with traditional retirement accounts. That's because self-employed workers typically don't have the employer contributions and match benefits that many traditionally employed workers enjoy. By contributing to one of these accounts, you can save a ton in taxes this year with an upfront tax break and tax-deferred growth.</p> <h2>SEP IRA</h2> <p>The Simplified Employee Pension (SEP) IRA plan is similar to a traditional IRA, but does not have the high start-up or operating costs of a conventional retirement plan. Instead, there are low administrative costs, and the plan is simple to operate. Any contributions you make to your SEP IRA are with pre-tax funds. You will be required to take a minimum distribution at age 70 &frac12;. (See also: <a href="http://www.wisebread.com/the-sep-ira-is-how-the-self-employed-do-retirement-like-a-boss?ref=seealso">The SEP-IRA Is How the Self-Employed Do Retirement Like a BOSS</a>)</p> <h3>Maximum Contribution Amount</h3> <p>$53,000 per year ($59,000 if you're age 50 or older), or 20% of your net earnings from self-employment.</p> <h3>Tax Advantages</h3> <p>Contributing to your SEP IRA can lower the amount of income you pay taxes on now. Once you retire, your withdrawals will be taxed at your ordinary income tax rate. If you make withdrawals before age 59 &frac12;, there will be an additional 10% early withdrawal penalty fee added. You may also be eligible for a <a href="http://www.dol.gov/ebsa/publications/SEPPlans.html">tax credit of up to $500</a> per year for the first three years to cover the cost of starting the plan.</p> <h2>SIMPLE IRA</h2> <p>The Savings Incentive Match Plan for Employees (SIMPLE) IRA Plan allows both the employee and employer to contribute. Contributions are on a pre-tax basis, and you will be required to take a minimum distribution at age 70 &frac12;.</p> <h3>Maximum Contribution Amount</h3> <p>$12,500 per year, $15,500 if you're age 50 or older, plus an employer contribution of 3% of income.</p> <h3>Tax Advantages</h3> <p>Contributing to your SIMPLE IRA can lower the amount of income you pay taxes on now. Once you retire, your withdrawals will be taxed at your ordinary income tax rate. If you make withdrawals before age 59 &frac12;, there will be an additional 10% early withdrawal penalty fee added. The penalty is 25% if you make withdrawals within the first two years of participating in the plan.</p> <h2>Individual or Solo 401K</h2> <p>This is very similar to a traditional 401K plan, with lower maintenance charges. Any contributions you make to your self-directed 401K plan are with funds you haven't been taxed on yet. You will be required to take a minimum distribution at age 70 &frac12;.</p> <h3>Maximum Contribution Amount</h3> <p>$18,000 per year ($24,000 if you're age 50 or older). With a <a href="https://www.fidelity.com/retirement-ira/small-business/self-employed-401k/overview">profit sharing contribution</a>, business owners can contribute up to 20%&ndash;25% of the business earnings. The total contribution limit is $53,000 per year ($59,000 if you're age 50 or older).</p> <h3>Tax Advantages</h3> <p>Contributing to an Individual or Solo 401K plan can lower the amount of income you pay taxes on now. Once you retire, your withdrawals will be taxed at your ordinary income tax rate. If you make withdrawals before age 59 &frac12;, there will be an additional 10% early withdrawal penalty fee added.</p> <h2>Which One Is Right for You?</h2> <p>If you aren't sure about which self-employed retirement account is right for you, consider speaking with a financial adviser. They can help you make informed decisions based on your financial situation and retirement goals. You can also use a simple <a href="https://scs.fidelity.com/products/mobile/sepMobile.shtml">self-employed plan contribution calculator</a> to determine which plan may be right for your scenario.</p> <h2>Don't Wait to Sign Up</h2> <p>Don't wait any longer to start investing. The sooner you get your retirement plan going, the sooner you can begin taking advantage of compound interest. (Visit the <a href="https://www.irs.gov/Retirement-Plans/Retirement-Plans-for-Self-Employed-People">IRS' website</a> for information on how to set-up one of these plans.) Most self-employed workers claim that their lack of preparation for retirement is due to their limited budget. However, nearly all retirement experts agree on one thing: It doesn't matter how much you're saving for retirement, as long as you're saving.</p> <p><em>Do you have other tips for choosing the right self-employed retirement plan? Please share your thoughts in the comments!</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/andrea-cannon">Andrea Cannon</a> of <a href="http://www.wisebread.com/a-simple-guide-to-retirement-plans-for-the-self-employed">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-12"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-5-biggest-mistakes-freelancers-make">The 5 Biggest Mistakes Freelancers Make</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-sep-ira-is-how-the-self-employed-do-retirement-like-a-boss">The SEP-IRA Is How the Self-Employed Do Retirement Like a BOSS</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-signs-you-arent-saving-enough-for-retirement">10 Signs You Aren&#039;t Saving Enough for Retirement</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/self-employed-heres-how-to-get-your-apartment-application-approved">Self-Employed? Here&#039;s How to Get Your Apartment Application Approved</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-reasons-people-dont-retire-early-and-how-you-can">4 Reasons People Don&#039;t Retire Early — and How You Can</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Entrepreneurship Retirement 401k freelance individual 401 k self-employed SEP IRA SIMPLE IRA solo 401k Fri, 06 May 2016 09:30:20 +0000 Andrea Cannon 1703114 at http://www.wisebread.com 5 Lessons That Teach Your Kid to Be Their Own Boss http://www.wisebread.com/5-lessons-that-teach-your-kid-to-be-their-own-boss <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/5-lessons-that-teach-your-kid-to-be-their-own-boss" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/kids_lemonade_stand_000082855427.jpg" alt="Kids learning lessons that teach them to be their own boss" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Even if you don't want &mdash; or expect &mdash; your child to be in business for themselves, fostering an entrepreneurial spirit can be beneficial in many ways. Strong leadership skills and confidence can go a long way, no matter what career path your child ends up pursuing.</p> <h2>1. Teach Kids the Importance of Passion and Purpose</h2> <p>Ask your child what their wildest dreams are, and what they would do for the rest of their lives, even if it didn't make much money. The point is to see what they are passionate about. While not every passion of theirs will be profitable, it is important for them to pursue something they love so that they don't experience burn out later in life.</p> <p>Teach them to chase fulfillment rather than a filled wallet. For example, if they are really interested in being an EMT and helping people, but choose to pursue being a lawyer because it means more money, then they will feel unsatisfied with their lives no matter how much money they make.</p> <h2>2. Goal Setting Is a Must</h2> <p>Setting goals is more than just picking random resolutions in the beginning of the year. The act of goal setting is essential for developing discipline and giving a child the first taste of success.</p> <p>What kind of goals can your children have? Start with goals that center around what your children love and find interesting. For example, if your child loves to read or is on the soccer team, set slightly challenging goals that they will enjoy working at, such as reading two books in a week or scoring goals in consecutive games.</p> <p>As your children become more interested in goal setting, set goals for their weaker areas, such as getting an A or B on the next math test or keeping their room clean for a week. Your child will understand that continually setting goals helps shape them into the person they wish to be &mdash; and it can be fun. Goal setting can dramatically improve every area of an individual's life, so don't underestimate the importance of it.</p> <h2>3. Encourage Creative Thinking and Problem-Solving</h2> <p>When your child comes to you with a complaint or problem, encourage them to think outside the box on how to solve it. Maybe their problems include keeping their lunch warm or dealing with another kid who teases them at school. Brainstorm possible solutions to each problem, encouraging both logical and off-the-wall solutions.</p> <p>Some of the most successful people today are individuals that solved a problem with a unique or out-of-the-box idea.</p> <h2>4. It's Never Too Early to Teach Networking</h2> <p>Effective communication skills are essential for building up relationships. Kids naturally think and talk about themselves all of the time. Many adults have this same problem, too. The issue with this is that they miss opportunities to connect and learn from others. Encourage your children to ask others thought-provoking and non-invasive questions that others will love to answer. Have your children try these simple questions out on adult family members and family friends:</p> <ul> <li>What is your favorite thing about your job?<br /> &nbsp;</li> <li>What would you tell your x-year-old self (using your child's age)?<br /> &nbsp;</li> <li>What do you wish you learned in school if you could learn anything?</li> </ul> <p>These questions are meant to teach your children how to engage others in a thoughtful discussion, while practicing deeper listening skills. They might even learn something along the way. Sadly, most teens and young adults are well-versed in text messaging and social media, but cannot effectively network in person.</p> <h2>5. Get Hands-On Experience</h2> <p>While teaching goal setting and effective communication are essential, it is also important to jump into a small business to get hands-on experience. The business does not have to be the next greatest thing or one that is time-consuming. Try starting a weekend lawn service, pet walking service, or a mobile car washing business. Be sure to understand the child labor laws and income limits for your area before starting.</p> <p>The goal is to have your child to think about advertising, gaining clients, keeping clients, and working hard. While making a few bucks on the side will be a great incentive for your child, the real lessons come from doing. Even a failed business will teach your child or teen valuable lessons.</p> <p>Growing an entrepreneurial spirit in your child is a slow and steady process. Schools are so great at teaching children how to read and do complicated math equations, but when it comes to fostering an entrepreneurial spirit, many schools do not even touch on those valuable lessons. (See also: <a href="http://www.wisebread.com/7-places-teens-and-adults-can-learn-about-money?ref=seealso">7 Places Teens (And Adults) Can Learn About Money)</a></p> <p><em>How have you helped encourage an entrepreneurial and business-savvy spirit in your child or teen? </em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/ashley-eneriz">Ashley Eneriz</a> of <a href="http://www.wisebread.com/5-lessons-that-teach-your-kid-to-be-their-own-boss">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-13"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-reasons-to-add-your-teen-as-an-authorized-user-on-your-credit-card">4 Reasons to Add Your Teen as an Authorized User on Your Credit Card</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-ways-to-get-college-kids-home-for-the-holidays-for-cheap">6 Ways to Get College Kids Home for the Holidays for Cheap</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/should-your-kids-contribute-to-family-money-goals">Should Your Kids Contribute to Family Money Goals?</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/23-recipes-for-slime-your-kids-can-make-and-even-sell">23 Recipes for Slime Your Kids Can Make — and Even Sell!</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-fun-games-that-teach-your-kids-about-money">6 Fun Games That Teach Your Kids About Money</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Entrepreneurship Family creative thinking entrepreneurial skills finding passion goal setting jobs kids lessons teens Tue, 12 Apr 2016 09:00:07 +0000 Ashley Eneriz 1687116 at http://www.wisebread.com 7 Things I Learned About Money After I Went Freelance http://www.wisebread.com/7-things-i-learned-about-money-after-i-went-freelance <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/7-things-i-learned-about-money-after-i-went-freelance" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/iStock_000085246475_Large.jpg" alt="things she&#039;s learned about money after going freelance" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Accurately or inaccurately, I've always considered myself a financially savvy guy. I avoid consumer debt like a pro, keep my wants in check, get all OCD about saving for retirement, and hunt for bargains like a steely-eyed warrior. But when I decided to chuck my 9-5 job eight years ago and commit to building a freelance business, I realized that I still had some serious learning to do. My new venture taught me a few brand-new money lessons and served as a refresher course on others. Here are seven things I learned about money once I went freelance.</p> <h2>1. There's Power in Profit</h2> <p>In a traditional work arrangement, a company produces a good or service and the management team determines how much employees can be paid in order to safeguard or maximize profits. Once you become your own employer, the distinction between payment and profit blurs &mdash; to your benefit. If you control costs and price your labor correctly, the profit can be a powerful force to fund expansion, pursue additional training, or enjoy more free time.</p> <h2>2. Budget or Go Bust</h2> <p>Especially in the early days of any freelance business, income can be unpredictable. That's why knowing how to <a href="http://www.wisebread.com/build-your-first-budget-in-5-easy-steps">build a budget</a> and live within it takes on a whole new level of importance. A well-structured monthly budget should leave a financial cushion to help you ride out late payments, adjust to unforeseen expenses, and squirrel away money for taxes.</p> <h2>3. Stay Lean</h2> <p>No matter how dogged your determination, lean months are inevitable in any one-person enterprise. Planning ahead, keeping overhead in check, and staying financially disciplined are make-or-break strategies. I apply the same principles to freelancing as I do to traditional employment &mdash; in today's economy, it's smart to be prepared for a layoff at any time and have six months' worth of income set aside for cash flow interruptions.</p> <h2>4. The Taxman Cometh</h2> <p>When I became a one-man enterprise, the level of importance I placed on income tax awareness went from about a two to a solid 10. As part of the freelancing set, your tax obligations can change significantly. Learn all you can and retain a trusted tax advisor who caters to the self-employed. (See also: <a href="http://www.wisebread.com/freelancing-a-beginner-s-guide-to-doing-it-right?ref=seealso">Freelancing: A Beginner's Guide to Doing It Right</a>).</p> <h2>5. Income Is Fluid and Largely Controllable</h2> <p>Money is just labor in physical form, right? As much as I knew this before, going solo helped me understand it far more profoundly. Once my freelance career gained traction, I realized that I had control over my income in a new and direct way, and I could exercise that control to increase my billings and, in turn, grow my savings.</p> <h2>6. Negotiating Skills Are Non-Negotiable</h2> <p>Whether you're buying or selling, negotiating helps you get the best deal possible and it's one of the essential <a href="http://www.wisebread.com/8-life-skills-every-freelancer-needs">life skills every freelancer needs</a>. Freelancing full-time has challenged my negotiation skills and forced me to take my skill level from &quot;proficient&quot; to &quot;expert.&quot; Negotiating tactical discounts to forge new client relationships, working out the details of retainer agreements, and establishing realistic project timelines require flexibility and fortitude.</p> <h2>7. The Devil's in the Details</h2> <p>As with all things financial, the details matter. Keeping track of contracts, hours, rates, outstanding invoices, and expenses means the difference between success and failure. Likewise, knowing how to project income from month-to-month based on accurate record-keeping helps me plan for major expenditures, invest in my business, and pay estimated taxes each quarter. (See also: <a href="http://www.wisebread.com/16-time-and-money-saving-apps-for-freelancers?ref=seealso">16 Time and Money Saving Apps for Freelancers</a>).</p> <p>Remember, we keep learning (and relearning) money lessons as our lives and careers evolve. And when it comes to freelancing, experience is a quick and able teacher. The goal is be open to the lessons and broadly apply what we learn to build more financially independent lives.</p> <p><em>Do you work freelance? What has it taught you about making and managing money? </em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/kentin-waits">Kentin Waits</a> of <a href="http://www.wisebread.com/7-things-i-learned-about-money-after-i-went-freelance">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-15"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/11-freelance-jobs-that-pay-surprisingly-well">11 Freelance Jobs That Pay Surprisingly Well</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-unexpected-side-benefits-of-your-side-hustle">5 Unexpected Side Benefits of Your Side Hustle</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-5-biggest-mistakes-freelancers-make">The 5 Biggest Mistakes Freelancers Make</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-you-can-earn-18-to-25-an-hour-with-amazon-flex">How You Can Earn $18 to $25 an Hour With Amazon Flex</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/can-you-really-make-a-living-as-an-ebook-writer">Can You Really Make a Living as an Ebook Writer?</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Career Building Entrepreneurship Extra Income freelance freelancer hustle independent contractor money lessons side gig side job Mon, 21 Mar 2016 09:30:25 +0000 Kentin Waits 1675899 at http://www.wisebread.com