More Money, More Problems?? | Cigars with MoneySmartGuy
Sometimes your job is not enough to pay for your life as well as any loans or debts you might have. In fact, most jobs are centered around this financial hub. So, you might find yourself in a situation where you might have to take up a second job or start a side business. There are a ton of benefits of starting up a side business.
One of the first ones is that a whole another area of tax law opens up for you which was previously just not there. This is in addition to the income opportunity that the side business may provide. At a job, the first thing that is taken out of your paycheck is the tax. Even if you get a second job, it’s the same scenario. So, essentially, you are adding more hours to get more money.
But, if you are able to start a new business and are able to build it, you will be able to enjoy the tax deductions. You don’t even have to be a full-time entrepreneur. The IRS says that as long as you are growing a trade, you can take advantage of certain tax deductions. Things you can write off are – furniture, car, laptops, cell phones, miles that you’re driving a car, etc. You can write off those things that are normally expenses but since now it would be expensed through business, they become tax-deductible.
The mindset that you should have while building a company is to be consistent. That is the number one important thing you should have. Most people fail to continue their new years’ resolution is because they are not consistent. For instance, people go to the gym and work out for a couple of days. Then on the third day, they feel sore and don’t go.
Ultimately they stop going at all. They are not consistent in their diet, they are not consistent in their mindset of becoming better. All their resolutions went out the window when they felt that pain. That’s why most people quit. And then they wonder why they aren’t in good physical shape and why their health isn’t any better. It’s all because they are not ready to push through the pain.
The same thing applies to entrepreneurship as well. At the end of the day, it’s all about the mental attitude. When push comes to shove, when you’re down in the dumps, when you’re lacking financial and mental resources, how do you push through that and how do you process that? That right there is your make-it or break-it point. That point right there is going to define who you are. It’s going to reveal your character.
Rest assured that life will test you from time to time. It is cyclical in nature. If there are good times, there will be tough times as well. It is these tough times that will shape you, make you stronger, physically, emotionally and mentally. It is these that will make you able to work towards building a good life.