The Whole 9 Yards

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Posts Tagged ‘home business tax savings

Never Vulnerable Again!

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Hey there, folks. It has been a long while since I posted. I have been caught up with working, being a family man, training in martial arts, and trying to get more fun and rest in. In the past two years or so is the first time in several years that I didn’t have some sort of a side business to supplement my 9 to 5 income.

My 9 to 5 situation has become a little shaky recently after I suffered an injury that has really side-lined me. I needed surgery and all. Now, money is a little tight in my household. We’re getting by, but our quality of life has diminished.

multiple streams

Why am I even telling you all of this?

Not for sympathy and not because I’m going to set-up a GoFundMe page to ask for donations or anything like that, but rather to give you a warning by example to not put all of your eggs in one basket.

That is to say don’t rely solely on your income from your job. Things can change quickly and an employee can be fired for no reason or any reason at all (except if discrimination can be proven) in 49 out of 50 states — Montana being the exception.

I strongly encourage you find something that you can do on the side to create some “cushion cash” in case something changes at your job. Learn from my mistake of becoming too comfortable. As a martial artist and past recreational boxer, I should know that I did in fact violate rule number one: Protect yourself at all times.

I am going to get back into teaching martial arts classes again after I fully recover from my injury. But what I’m really looking to do, is to create passive, recurring income. A friend of mine from Texas, named Esther, told me about a cool side business that I can operate from home. I also have realized that there are numerous tax benefits in that I can write-off a lot of the money I was already spending as classify those expenditures as business expenses. That way, I will get a larger tax return next year. It is sort of like double-dipping in that I am increasing my income and keeping more money in my pocket because I have a smaller tax bill. That is cool.

I’m building a strong fortress that the Big Bad Wolf of injury and lost pay cannot blow down.

I plan to never be vulnerable again!

Please, take care of yourself and learn from my mistake.

Thank about your current hobbies and see if you can monetize it. It will create another source of income and help you stay afloat if something happens to your job.

Thanks for your time.

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