I usually hate Maroon 5. But it’s Saturday night in Little Tokyo and a stranger is absolutely slaying his version of ‘Sunday Morning’. The crowd is feeling it and the next thing I know I’m totally grooving to the only thing crappier than an actual Maroon 5 song - a cover of a Maroon 5 song. But I don’t care that I look like a loser. After all, it’s a karaoke bar.
I really enjoy being married to an interior designer. There are a lot of perks: We spend a lot of our time engaging with the culture in whatever city we find ourselves in. Nearly every industry party is impeccably designed with delicious food. The bins and bins of fabric samples mean I have access to thousands of potential pocket squares. Since so much of my wife's work relies on being inspired, we’re constantly looking for beauty in the world.
Imagine a room full of people running the odds on how long a stranger will live or die and then making bets on those odds. It could sound like an interesting scene in a movie, where questionable characters indulge in some casual underground gambling, but what I’m actually describing is a room full of underwriters in the life insurance industry.
When you look at it that way, doesn’t the insurance industry sound fascinating? It’s one of the biggest industries in the world and it’s all based on risks and making bets.
"I have an app on my phone and it reminds me 5 times a day that I’m going to die,” is exactly what one of my friends told me recently. I stopped and thought about what she said, coming to the conclusion that I didn’t find it morbid. In fact, I think it’s a little weird that we don’t talk about dying more often; that we go around living our lives, putting things off as if we have all the time in the world.
It’s a common misconception that the tax code is rigged so the rich benefit and the poor are penalized. While the uber wealthy can definitely afford shrewd accountants and savvy tax attorneys to help, there’s another perspective to consider. The tax code favors employers versus employees. As a small business owner, you’re an employer. Employers have considerable more strategies available that can help you save money.
My favorite dad-joke about being a freelancer or small business owner is how we end up getting jobs that we never applied for.
No matter what you do, when you first start out, you do it all. You’re the head of marketing, the VP of sales and the director of finance.
If you’re in business, and you’re a little lost on what you need to be doing to stay on top of your finances, here are the things you should be looking at every week to make sure your business will be sustainable in the long run.
Saving money is important. So is not spending more than you earn. And so is understanding the implications of big financial decisions like taking on student loans or a mortgage. All of these are crucial for long-term financial sustainability.
But one huge piece of the equation that not a lot of people focus on is the earning money part. As you can imagine, I spend a lot of time thinking about this concept.
I’ve been spent the better part of the last four years thinking about both the small and massive role that money and finances have in our lives, from the global economy to our everyday choices.
The following principles I’ve written goes beyond the standard practical information I tend to put together. These are things I find myself regularly thinking about often sharing. They are the things I’ve learned through my work helping people and from my annoying curiosity about where our lives intersect with the financial and economic world.
For the past year, I’ve been using an income account as a part of my weekly accounting process.
Accounting process sounds fancy, but it’s just a workflow process that I use every week. The reason I started using an income account was because I wanted to have a better understanding of how much I truly needed to earn. I also wanted to see if I could run my business with less money each month by only giving my business a certain amount of money to work with.
I’m sure you’ve heard of Murphy’s law; an old adage that states "anything that can go wrong, will go wrong.” And then there is Parkinson's law that basically boils down to: work expands to fill the time available for its completion.
Disclaimer: I am not an accountant and this is not tax advice. There are different methods and strategies for saving for taxes. This is one I’ve found to be very simple.
If you’re tired of being totally freaked out about owing taxes because your business earned money, listen up. Instead of being unsure about how you’ll pay your tax bill, you can get ahead of the curve by saving for your taxes as you earn income.
The world of finances is wide and deep. From building a budget to understanding insurance and everything in between; it can be intimidating. Jumping in all at once can result in a harsh flop followed by a defeated retreat.