Rich Habits Podcast Q&A: My Parents Think House Hacking is a Scam, Our Financial Order of Operations, & Cashing In On Stock Options
Nov 28, 2024
The hosts tackle the skepticism of house hacking, addressing both financial benefits and parental concerns. They explore strategies for managing stock options and emphasize the importance of financial literacy. Listeners gain insights into navigating loans, budgeting, and the balance between modern investment strategies and traditional views. The conversation also touches on building a strong financial foundation, with advice on emergency funds, retirement planning, and avoiding lifestyle creep for sustainable wealth.
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Tax Prep for LLCs
- Secure a localized accountant who understands your business, including online sales and platforms.
- Choose accounting software wisely and maintain meticulous records, documenting receipts and following tax rules.
Managing Business Finances
- Use accounting software like QuickBooks and maintain visibility of cash flow, forecasting expenses and income.
- Set aside monthly tax estimates to avoid penalties and use payroll software like Gusto for streamlined tax handling.
Business Pro-Tips
- Be aware of local taxes like inventory tax and consider relocating to a lower-tax area if warehousing inventory.
- For service-based businesses, rate clients (A, B, C) and consider firing C clients who drain resources.