May 25, 2017
how a true wealth manager views your life.

How a True Wealth Manager Views Your Life

How a True Wealth Manager Views Your Life Hey, guys! Justin with Financially Simple here to help you understand how a wealth manager views your financial life. Most people think a wealth manager is just someone who invests money, but that’s not really the case if they are a setting up a comprehensive plan. Investing money is just one aspect of what we do. For example, think of your life as a box. Everything in the box is something you can control. We can either google to learn more, ask friends and family for advice or even hire professionals to help us build the custom life we want to have. Those areas are cash flow, risk management, investments, and distribution. What You Can Control Cash flow is how much money do we make and how do we make it. So few people know exactly where their money is spent. It happens far too often. This is why I stress budgets. They’re important for both the home and business. Risk Management is everything that has the word insurance on it and the legal documents we use to protect it. Many people don’t plan their insurance packages, rather they buy it on […]
May 11, 2017
Stop Financial Bleeding as a Business Owner

Stop Financial Bleeding as a Business Owner

Business owners are some of the hardest working people you’ll ever meet. Sometimes that translates to overworked. There are ways to stop the finacial bleeding as a business owner. You can get YOU and YOUR BUSINESS on a healthier and wealthier track.
May 9, 2017

Tax Tips for Cash Intensive Small Businesses

Small business owners that offer goods and services through an online platform may be part of the sharing economy. Some participate part time while others operate full time. Activities such as ride sharing, freelancing, renting a spare bedroom and crowd funding are usually taxable. The IRS has a Sharing Economy Tax Center to help these taxpayers find the information and help they need to meet their tax obligations. Tax Tips for Cash-Intensive Small Businesses Taxes. Sharing economy activity is generally taxable. Payments received in the form of money, goods, property or services may require filing a tax return to report that income to the IRS.Tips. People often conduct sharing-economy activities electronically but tips in cash are still a common occurrence. Tips are generally subject to withholding. Small businesses or self-employed persons should report tips they receive as income on Schedule C or C-EZ. See Publication 334, Tax Guide for Small Business, for more details. Large Cash Amounts. Any person in a trade or business who receives more than $10,000 in cash in a single transaction or in related transactions must file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, within 15 days after receiving […]
May 5, 2017
tips for entrepreneurial doctors

Mistakes Entrepreneurial Doctors Often Make

One niche of small businesses that we often work with at Heritage Investors is an entrepreneurial doctor. Those are the doctors that work outside of a hospital and aren’t W2 employees. They can be dentists, veterinarians, optometrist, etc. They own their practice. When working with this group, I often see a variety of mistakes entrepreneurial doctors often make when it comes to the business side of their vocation. Remember, these guys are brilliant doctors with varying designations. However, most don’t earn MBA’s on top of that. Business is often not an easy modle for these educated folks to understand. Here are nine mistakes I often see in their business models. 1. Negotiate for themselves We have a tendency to think if we do it ourselves we will save a substantial amount of money and be better off. That’s just not really the case. A book I recently read, The Millionaire Mind by Thomas J. Stanley discusses this very topic. One of the top differences in those who obtain the title of millionaire, are they hire professionals to do the job. They’re not DIY guys. They want professionals to help them get the best results. The millionaires themselves focus all their […]