Radical Personal Finance
965: Friday Q&A: Time in Business vs. Children, Consulting Offerings, 529 Accounts, Large Gifts, Etc.
Sep 15, 2023
The podcast discusses balancing time between business and children, structuring consulting offerings, starting a lifestyle business, 529 accounts, and gifting to children.
01:18:32
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Quick takeaways
- Documenting the process of transforming land can increase its value, create good content, and provide opportunities for consulting or providing insight.
- Monetary gifts for children below the annual exclusion amount can be given directly to the parent without setting up a separate account, as long as the gift falls within the exclusion limits.
Deep dives
Creating Wetland Habitats for Ducks
The podcast episode discusses the idea of creating wetland habitats for ducks. The host explores the process of buying property in Arkansas that has the potential to breed great wetland habitat for ducks. The goal is to transform the property into a place that ducks love, and then sell the improved property to people interested in duck hunting. The host suggests that starting a YouTube channel and documenting the process could be a way to build credibility and attract potential clients. Additionally, offering consulting services and sharing expertise in wetland restoration could be another avenue to monetize the business. The overall focus is on building a lifestyle business centered around duck habitat creation.
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