Manage episode 245803226 series 2545414
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Have you ever dreamed of saving money for your future while cutting off taxes and running your small business at the same time? Well, Income Hackers, this is possible. Contrary to what we’ve been told all of our lives, you have to pay yourself first on any of your earned income (even 1% can make a difference ). Our today’s guest, Greg Levine is here to help us get financial clarity when it comes to expanding our own business.
In this episode, you will learn how to do tax write-offs, including real estate write-offs, and how you can take advantage of those processes. Levine will share with us the importance of balancing your day job and investing at the same time, in order to have a blooming financial future. This income hacker runs an accounting and fractional CFO business, and he helps businesses get their finances in check, to take them to the next level.
Even if you think this is not important, or that you can start this habit ‘next month’, the sooner you start saving something (even a little bit), the bigger the impact on your wallet over time. When it comes to hacking your income, Greg recommends to make sure that part of what you earn is completely yours to keep; Remember, you don’t always have to max out on your lifestyle to surround yourself with wealth. Walk with us in this new Income Hacker episode and start developing strategies to grow your business and your personal wealth.
“Make sure that you set yourself up for a comfortable financial life where you don’t have to be stressed all the time” - Greg Levine
01:54 - What is a fractional CFO and why it might be right for you?
03:16 - Tips for small businesses to bring good accounting principles into their business.
04:52 - How important is it for businesses to track their expenses to get some tax write-offs.
07:00 - How to manage real estate write-offs and taking into account appreciation entries as well as amortization.
08:39 - Putting on the entrepreneurial hat vs. being employed and harnessing the best from both worlds.
14:51 - Useful tips to get your personal finances in order and start creating personal margins.
19:52 - The future value of money and the opportunity cost of delaying gratification.
20:45 - Why more money sometimes is not the answer and being wary of credit cards and bad debt.
25:36 - Streamlining your financial operation and diversifying your bank accounts.
30:49 - Greg’s biggest mistakes: Getting behind on your accounting, relying solely on your bank accounts and having a big credit card bill.
Connect with Greg
Clock’in App by Philip Fu
Future Value of Money Calculator
Shoe Dog by Phil Knight (Nike’s creator)