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What You Make - What You Keep

I read when I run. 

 

How many of you get a hybrid image of a bookworm in Clark Kent glasses holding up a hardbound copy of something in running clothes?

 

Yeah, of course…audiobooks.  You goofball.

 

I used to deal with a lot of IT band pain, and I had to download an album of music at a certain beat to change my cadence.

 

It worked, by the way.  New runner tip if you’re getting back into it, and in your first or second base-building period.  You’re welcome!

 

ANYWAY!  I realized that I wanted to be able to read and still do my business things, and the light bulb went on over my head: ding!



Oh, light bulbs don’t sound like hotel lobby bells?

 

Okay, so I’ve got a really good one I’m listening to lately, and that man came on and told me the definition of the French word “entrepreneur.”

 

To enter in, and take.

 

Eloquent.  Exquisite. 

 

Another light bulb went on.  Pop-flash!

 

Oh, they don’t sound like an 18th century camera flash either?

 

The modern version of an entrepreneur seems to be the antithesis of a wage-earner.

 

A person with the courage to hang yourself out there as an expert and take all the risks of wealth accumulation. 

 

We enter in and take, technically speaking. 

 

But what we are taking away is simply value-based gratitude in exchange for service.

 

Right?

 

For my Realtors that involves ensuring your client finds the home of their dreams, or transfers ownership of the current home as favorably to them as possible.

 

No small feat, even with the market we have today.

 

Today’s entrepreneur needs to be a sales person, and a little bit of an accountant as well, and here’s why:

 

Your wealth accumulation begins with your net income, not gross revenue.

 

Net is what you keep after you’ve paid all the expenses of your business.

 

When I do a return for someone I enter the revenue in about 15 seconds, maybe a couple of minutes if they have multiple streams of income.

 

The real time taken is ensuring all the legitimate expenses make it in there, too. 

 

Is it a bummer that your net ends up being significantly lower than your gross?

 

If you’re emotionally attached to money it could be.

 

But at tax time this is actually AWESOME!

 

The lower your net income number, guess what?

 

Yup, you win a gold star…

 

…the lower your tax.



Did you Realtors know I wrote a short book on these deductions? 

 

Or that it’s for sale all the time on my website for less than $10?

 

We just got done with the strangest tax season in MY lifetime, certainly.

 

For my extension filers, in fact, it’s STILL going on.

 

If you want to make sure you’re paying the smallest amount of tax possible…

 

…and entering in and taking as much out of your business as possible…

 

…that’s worth less than $10, right?

 

Cool!



{Originally posted on July 27, 2020 via Facebook}



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