How to Money
How to Money
Oct 28, 2020
Entrepreneurship vs Working for the Man #272
44 min

Should you work for the man or work for yourself!? There’s a lot to consider when asking yourself that question and there’s certainly not a one size fits all answer. At the same time, it seems that entrepreneurship has been put on a bit of a pedestal in our society causing it to be inaccurately represented. And this question is even more relevant given the high levels of unemployment plaguing our country right now. A lot of folks have been laid off or furloughed while other sectors are doing really well- there are a lot of factors to consider. There are meaningful tradeoffs depending on the choice you make, so during this episode we’ll cover some of the important things you should consider as you think about your future career. We’re here to help you to decide whether or not you should be starting your own business or whether you’re better off in a traditional nine to five!

During this episode we enjoyed a Realities by Dssolver! And as we’ve ramped up the podcast with an additional Friday episode every week, we could really use your help to spread the word- let friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to spread the word to get more people doing smart things with their money in these difficult times!

Best friends out!

Learn more about your ad-choices at https://news.iheart.com/podcast-advertisers
RV Podcast
RV Podcast
Mike Wendland
RV Podcast #321: Using Google Photos [FREE!]
If you’re like most RVers, you take a lot of pictures. But what to do with them? In this week’s episode of the RV Podcast, we learn about using Google Photos and what it can do for you.  Our Interview of the Week guests are Chris and Jim Guld, known as the “Geeks on Tour” to thousands because of the seminars they do across the country at RV rallies and shows and their online instruction. Chris just released her updated “Learn Google Photos” book and joins us to talk about how to store, organize, edit and share all those photos you take on your RV adventures. Plus, we have the latest RV News of the Week for you, RV tips, and another great off-the-beaten-path report from the Burketts. WHAT MIKE AND JENNIFER ARE UP TO THIS WEEK This week, we put up our Christmas Tree. It's a bit early, we know, but we all need some cheer. Besides, we've heard from lots of other RVers who have told us that they, too, were doing some early holiday decorating. Thus has been a challenging year, to be sure. But thinking about Christmas is a great way to shake off the negativity that seems to be hanging over the world in 2020. RV Podcast Programming Note: We're taking Thanksgiving week off the podcast. It's a busy time for everyone, us included, so we're off next Wednesday (Nov. 25). We'll be back the following week on Wednesday, Dec. 2, 2020 This part of the RV Podcast is brought to you by Camping World – America’s #1 RV Dealer You can get 10% off all purchases over $99 with the discount code RVLIFESTYLE10. RV PODCAST NEWS OF THE WEEK AAA expects Thanksgiving travel to drop significantly this year AAA is projecting about 50 million Americans will travel this Thanksgiving, but the organization says this is the biggest drop in travel seen since the recession of 2008. The decline is blamed on rising COVID-19 cases and an increase in unemployment and financial strain. The majority of those who do travel - 95 percent - will do so in a vehicle. And AAA is urging all travelers to plan ahead, know the route, and be sure to know the COVID-19 rules for any stops. Five die, including 1-year-old baby and a teenager, after floodwaters ravage North Carolina campground Five people died, including a 1-year-old child and a teenager, after floodwaters rushed through the Hiddenite Family Campground about 50 miles north of Charlotte last week. The heavy rain and accompanying flooding were the result of tropical storm Eta moving through the country. About 7-10 inches of rain fell in the downpour. Emergency personnel were able to rescue more than 30 people at the campground. Python hunters break records in snake capture in the Florida Everglades Florida snake hunters have caught a record number of Burmese pythons this year in the Florida Everglades - great news for everyone who loves that part of the country. (See our recent story on Flamingo Campground in the Everglades National Park here.) Burmese pythons are an invasive species that pet owners illegally released in the Everglades years ago, and have now increased in numbers so rapidly, they are causing massive damage to this unique ecosystem of the Everglades. The Florida governor has challenged two state agencies to take out more of the snakes, and the result has been competition and an increased effort by various snake hunters. As of mid--October, about 4,000 pythons have been caught and removed this year - shattering previous records.  Louisiana state parks add safari-style glamping options to eight campgrounds Eight Louisiana state parks are offering camping experiences for those who don't own a camper or a tent. The state park created 60 "glamping" sites in its park system, each featuring safari-style tents on a raised floor with canvas sides. Each tent will have a bed, heating source, fire pit, chairs. The glampling sites are part of a state partnership with a company called Tentrr, with prices starting at $85 per night. Rocky Mountain National Park releases video so visit...
53 min
ChooseFI
ChooseFI
The Unstuck Network
274 | Tax Planning 2020 | Sean Mullaney
* It's end-of-year tax planning time. As you get further along in your financial independence journey, there are likely more end-of-year tax planning items you'll need to be aware of. Having a checklist to review annually is useful. * It's been an unusual year and December is that time to begin making end-of-year tax considerations. In addition to the normal checklist, there may be additional items to consider in this remarkably different year. * Sean Mullaney says unique to 2020 are Roth conversions. While Roth conversions should be on the checklist every year, this year there was a much greater chance of diminished income which may provide the opportunity to make Roth conversions in a lower marginal income tax bracket. * In any year when income is much lower than it normally is, Roth conversions would be at the top of your mind. The deadline is December 31 and there are no extensions. * While complex situations may benefit from professional consultations, anyone with mostly W2 income can find their tax brackets online. If your income has dropped from 22-24% to 10-12%, locking in a Roth conversation at that lower rate is effective tax planning. * A Roth conversion is when you go into a traditional IRA account and convert it to a Roth IRA. This is a taxable event, but you are intentionally choosing it because you are in a lower tax bracket for the year rather than convert or withdraw funds in a letter year when your income is higher and the taxes will be higher. * How much money should be converted to a Roth IRA? Sean says he has never encountered a client who has had too much money in a Roth IRA. While the action is irrevocable, there is no penalty for converting too much. If a portion of the conversation is taxed at 22%, it is not the most efficient conversion, but your future self will likely still be quite happy that you did it. * Some employers allow for Roth conversions within their 401K plans. * The deadlines for completing some of these end-of-year tax planning checklist times vary. Solo 401Ks and qualified business income tax deductions should be completed as soon as possible. * In addition to Roth conversions, another item with a Dec 31 deadline is charitable contributions. * Checklist items with an April 15 deadline are traditional IRA, Roth IRA, and health savings account contributions. * A good rule of thumb is individual tax accounts have a tax return deadline, not an end-of-year deadline. * The reason solo 401Ks have an “as soon as possible” deadline is that unlike IRAs, solo 401Ks require more time and paperwork to do. It may not be necessary to have it funded by Dec 31, but you'll want it set up and have a well-documented game plan. S-corps do have to fund the employee-side by the end of the year. * The first item on Sean‘s checklist is charitable contributions. With that category are two options to consider, a donor-advised fund if you plan to itemize deductions this year, or regular year-end charitable contributions. * If you don't plan on itemizing, in 2020 up to $300 per tax return make be taken as a charitable contribution against your adjusted gross income. * Another checklist item to be completed by the year's end are small business expenses since they are deducted when paid for, not when accrued. Businesses who have had a good 2020 may want to accelerate these payments to get the deduction this year. While businesses that have struggled in 2020 may want to hold off making payments until 2021. * In response to a question from Brad regarding credit cards, Sean confirmed that credit cards work on a cash basis so the deduction takes place in the same in which the credit card was used, not when the credit card bill was paid. * Paying bills with a check becomes a little trickier as you may need to prove to the IRS that the check was written and mailed on a business day prior to Dec 31 even if the vendor does not deposit the check until January of the following year. * A backdoor Roth IRA applies when your income is too high to contribute to a regular Roth IRA. If you've done a backdoor Roth IRA in 2020, don't roll over any 401Ks, 403Bs, or 457s into tractional IRAs before Dec 31, wait until Jan 1 so it's not complicated by the pro-rata rule. * To clean your investments up before leveraging the backdoor Roth technique, try and roll traditional IRA accounts into a new employer's 401K plan. Then implement the backdoor Roth IRA which may be done by April 15. * Sean has a blog post describing the process to get clean with traditional IRAs before doing a backdoor Roth IRA. * Tax-gain and tax-loss harvesting are also both Dec 31 deadlines. The stocks need to be sold by the end of the year. With tax-loss harvesting, you may not repurchase those securities within 30 days before or after the sale to comply with the wash sale rule. * If you're in the 12% marginal federal income tax rate or lower, the capital gains rate today is 0%. You may want to sell stocks to diversify your portfolio or sell and rebuy the same stock to realize the large capital gain and reset your basis without paying federal income tax. Unlike tax-loss harvesting, there are no timing considerations to make when repurchasing the same stock with tax-gain harvesting. * State income taxes may not favor capital gains in the same way the federal tax does. * Keeping all of the rules and impacts of buying and selling straight can be confusing and time-consuming. It is helpful to keep your tax records as clean as possible by doing everything in a specific account for this purpose. Sean states that tax-loss harvesting should be a tactic and not a goal occurring only in years where you are down. * State tax considerations to be mindful of are fourth quarter estimated tax payments and deduction planning. In California for example, it may be beneficial to take the standard federal deduction and itemize to take advantage of the state property deduction, possibly even pre-paying on property taxes. * A FI framework allows you to play from a position of strength. The financial independence community can take advantage of timing their payments for certain things and make strategic decisions because they don't have the same issues with cashflow that people on a traditional path might have. * While many in the financial independence community may be too young to think about required minimum distributions (RMD), it's good information to review for future planning. * RMDs apply to all retirement accounts except Roth IRAs. Starting at age 72, minimum distributions will be required by Dec 31 or there is a penalty. However, in 2020, they have been canceled and you may want to convert it into a Roth. * When you inherit an IRA, it doesn't matter how old you are. You are subject to an RMD or a 10-year rule. It would be wise to consult a tax professional when inheriting a sizable IRA. * With an inherited Roth IRA, the account will have to be emptied within 10 years following the death of the original owner. Different rules may apply to eligible designated beneficiaries who may have RMDs instead. * An adult who inherits a traditional IRA has a tax issue and probably will need professional assistance wit * The year-end is a good time to update beneficiary designation forms. Financial institution accounts are governed by the beneficiary designation forms, not wills or trusts, so it's important to ensure these are up-t0-date. * Year-end tax planning is great, but Sean likes long-term strategic tax planning to minimize your total tax over your lifetime. January is a great time to start long-term planning. As always, the discussion is general and educational in nature and does not constitute tax, investment, legal, or financial advice with respect to any particular taxpayer. Please consult your own advisors regarding your own unique situation. Resources Mentioned In Today's Conversation * Register for The Simple Startup Winter…
54 min
The Tim Ferriss Show
The Tim Ferriss Show
Tim Ferriss: Bestselling Author, Human Guinea Pig
#482: Steven Rinella — A Short Introduction to True Wilderness Skills and Survival
Steven Rinella — A Short Introduction to True Wilderness Skills and Survival | Brought to you by Athletic Greens all-in-one supplement, 99designs global design platform, and The Ready State virtual mobility coach Steven Rinella (@MeatEater, @StevenRinella) is the host of the Netflix Originals series MeatEater and The MeatEater Podcast. He’s also the author of seven books dealing with wildlife, conservation, hunting, fishing, and wild foods, including his newest, The MeatEater Guide to Wilderness Skills and Survival. * This episode is brought to you by Athletic Greens. I get asked all the time, “If you could only use one supplement, what would it be?” My answer is usually Athletic Greens, my all-in-one nutritional insurance. I recommended it in The 4-Hour Body in 2010 and did not get paid to do so. I do my best with nutrient-dense meals, of course, but AG further covers my bases with vitamins, minerals, and whole-food-sourced micronutrients that support gut health and the immune system.  Right now, Athletic Greens is offering you their Vitamin D Liquid Formula free with your first subscription purchase—a vital nutrient for a strong immune system and strong bones. Visit AthleticGreens.com/Tim to claim this special offer today and receive the free Vitamin D Liquid Formula with your first subscription purchase! That’s up to a one-year supply of Vitamin D as added value when you try their delicious and comprehensive all-in-one daily greens product. * This episode is also brought to you by 99designs, the global creative platform that makes it easy for designers and clients to work together to create designs they love. Its creative process has become the go-to solution for businesses, agencies, and individuals, and I have used it for years to help with display advertising and illustrations and to rapid-prototype the cover for The Tao of Seneca. Whether your business needs a logo, website design, business card, or anything you can imagine, check out 99designs. You can work with multiple designers at once to get a bunch of different ideas or hire the perfect designer for your project based on their style and industry specialization. It’s simple to review concepts and leave feedback so you’ll end up with a design that you’re happy with. Click this link and get $20 off plus a $99 upgrade. * This podcast is also brought to you by The Ready State Virtual Mobility Coach. The first person I call for help with my athletic recovery or mobility training is Dr. Kelly Starrett at The Ready State. Kelly is a mobility and movement coach for Olympic gold medalists, world champions, and pro athletes. Kelly created a program called Virtual Mobility Coach. It’s like carrying a virtual Kelly Starrett in your pocket. Every day, Virtual Mobility Coach gives you guided mobility videos. It walks you step-by-step through Kelly’s proven techniques to relieve pain and improve your range of motion. Right now, listeners of this podcast can try Virtual Mobility Coach totally risk-free for two weeks without paying a penny. And after that, you can get 10% off for life. Just go to TheReadyState.com/Tim and use code TIM10 at checkout. Relieve pain, recover faster, and improve your performance in the gym with The Ready State Virtual Mobility Coach.  *** If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes? It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. I also love reading the reviews! For show notes and past guests, please visit tim.blog/podcast. Sign up for Tim’s email newsletter (“5-Bullet Friday”) at tim.blog/friday. For transcripts of episodes, go to tim.blog/transcripts. Discover Tim’s books: tim.blog/books. Follow Tim: Twitter: twitter.com/tferriss  Instagram: instagram.com/timferriss Facebook: facebook.com/timferriss  YouTube: youtube.com/timferriss
1 hr 40 min
The Art of Manliness
The Art of Manliness
The Art of Manliness
#664: The Masters of the Art of War
Looked at from the heat of combat, war can seem disorganized and chaotic. But overarching the conflict is typically some kind of thoughtful, well-ordered, even scientific strategy that is influencing when, where, how, and why dueling forces have met. My guest today will introduce us to a few of the military philosophers and tacticians who made the most significant contributions to the art of strategy over the last couple millenia. His name is Andrew Wilson, and he's a professor at the Naval War College, as well as the lecturer of the Great Courses course, Masters of War: History's Greatest Strategic Thinkers. We begin our conversation with a brief overview of what martial strategy is, why civilians should study it, and how the contrast between generals Eisenhower and Patton delineate the difference between strategy and operations. We then survey several of history's most influential war strategists, and the contexts in which their theories and doctrines were born. This tour includes a discussion of how Sun Tzu used The Art of War to argue that a new type of war in a new type of society required a new type of general who could process conflicts like a supercomputer, and a dive into how Carl von Clausewitz emphasized the importance of understanding how complexity, irrational passions, and creative genius underlay contemporary warfare. We end our conversation with how military strategy has or hasn’t changed in the 21st century. Get the show notes at aom.is/mastersofwar. See omnystudio.com/listener for privacy information.
50 min
More episodes
Search
Clear search
Close search
Google apps
Main menu