Which Option is Best for YOUR Small Business: LLC, S-Corp, or Neither?
as a reseller do you need to create an llc or an s corp for your reselling business i am not going to tell you because i don't know any of that stuff but i have with me my friend day so stay tuned to learn more hi everyone my name is becky park i am a part-time reseller and i have with me my friend day say hi day hello and we've been friends for a really long time and even long no actually we've been friends before you even were an accountant i think so yeah yeah like you're friends with my sister right yes i lived with your sister and i knew you when you were working at express wow so but since then he has added to his list of credentials wow that was you didn't know i was gonna bring that up wow okay so i'm gonna have him share with you why he knows what he's talking about when it comes to taxes when it comes to llcs us corpse all that kind of stuff and at the end too i'll share with you what i decided to do for my reselling business and under my business i also you know incorporate youtube and affiliate marketing and all that kind of stuff but i'll let you know because of his advice and wisdom what i decided to do but why don't you tell us a little bit about what you do sure what your you know career has looked like since express okay now you're gonna have to make me talk about that okay so uh so just to bring clarity to the situation i actually worked in public accounting right out of college from starting in 2002 and actually after about seven or eight years i went to africa and i came back and i had this kind of period in my life where i was re evaluating what i wanted to do and in that time when i was evaluating i had resigned my full-time position as an accountant and i worked at express to pay the bills so that's why i was working at express um but all in all i worked at a public accounting firm in the tax department for about 20 years i worked as a tax partner for a couple of them and and i actually resigned this past november and i recently made a career change to do wealth management and so currently i'm working in wealth management as well as doing some taxes as well more of a comprehensive approach to helping people with their finances and i am apprenticing under uh the chief investment officer right now and uh in a couple years a retire and i'll succeed him so that's kind of what i'm doing and probably what i'll do for the next 25 odd years so awesome so he knows what he's talking about he has a lot of experience under his belt um and that's the only reason why we're even trying to talk about this topic on my channel because if it were left to me like we would all collectively be going to jail together because i have no knowledge to share with you so what i did was on my instagram i asked in my stories what questions you had about llcs and s-corps and before we actually dive into the questions that you all asked i wanted dave to just kind of talk us through what even is an llc and what is an s corp and then we'll start kind of diving into you know which one makes sense for your business do you even need one right now like maybe the answer is like wherever you're at in your reselling journey like you don't actually need one for the time being so uh we're gonna talk about all those things but first can you talk to us about what is an llc and what is an s corp sure um i think if i understand the reselling business a little bit i would presume most people are either a sole proprietorship which is just basically you're operating under your own name and social security number and you would file on your tax return under the schedule c and so that's typically how people would start now some people have often asked should i create an llc or an s corp and these are just two different types of entities and an llc which is short for limited liability corporation and s corp is just as the name suggests it's an s corporation and so these are just two different types of entities that one can choose depending on what your goals are what context you're in i don't think there's a right or wrong answer per se but one can choose between an llc and an s corp if they would choose to want to no longer be a sole proprietorship and actually incorporate their business okay um maybe you answered this already i had a little bit of like an 80d moment in there but sure what does it mean to incorporate your business yeah so i think uh the main reason why or one of the main reasons why apart from tax reasons or to incorporate is to obtain some sort of legal protection and so typically when you're operating as yourself under your social security number if someone were to bring a lawsuit against you and i don't know in the reselling business if there's any room for lawsuits so an example that i've heard sure is for example if you ship out something in those clear like cellophane bags and let's say you know god forbid um someone's like baby like grabs it and like puts it i you know like there's some sort of um like injury or something regarding like a bag right so the protection would be for the buy or for the seller if the buyer were to try to open a lawsuit saying like because of this thing that you sent me okay maybe something like that yeah that's a great example so for example say that situation happened and the buyer then wants to press charges against you and so if you're operating as a sole proprietor as a schedule c under your own name and social security number then they can bring the lawsuit against you personally which means that now your assets your personal assets are they have the ability to uh get to those as well so that's like your home your car right i mean just everything right exactly and so the reason why people just from a legal standpoint may choose to say hey i want to incorporate and become an llc or an s corp it's you create this entity where you have created this buffer between you as the seller as a business person individual from the business and so if they sue you they can sue the business the llc of the s corp and your personal assets are no longer in place so to speak they cannot get to that and so a lot of reasons why people would incorporate is to create that buffer if you will between the individual and the business itself awesome so that's good clarity and then again you may have talked about this but what do you think is the biggest difference between an llc and an s corp and are there other entities that people with small businesses or entrepreneurs could create for themselves yes i mean there are but i would say these two are probably the most popular and so uh so to avoid you know going down this rabbit hole of talking about all these crazy things and jargony being all jargony i just want to focus on the llc and escort because if you google it these are the two main players that everyone's always kind of talking about so so i would say the the main difference is so from a legal standpoint the two are the same whether you're an s corp or you're an llc you still enjoy the legal protection so that's similar i'll talk about the pros and the cons so in llc one pro is the fact that there are no not as much additional administrative costs meaning typically in a reseller business i would presume you don't have employees i feel like a lot of people on your channel and i don't want to assume but are probably just single member or just doing it on their own on the side or full time and they don't have any employees now they would typically be what they many would call a single member llc and they can just file on their personal return on the schedule c like they normally would even as a sole proprietor so meaning like why is that different from an s corp if you're an s corp you have to file a completely separate tax return even if you're a single shareholder and so from that perspective there are some there are less administrative costs if you will working in an llc whereas in an escort there can be potentially greater administrative costs because you're having to follow an additional tax return you may have to run payroll you may have to you know have another accountant so to speak because obviously some of these things can be pretty complicated so you have higher um professional fees that you might incur and so i would say those are that's one difference when it comes to costs whereas llc you probably don't have as much administrative costs as as opposed to an s court where you might incur some of that on the flip side one of the things that an llc does is different than an s corp is from the tax standpoint and so you know for many of us we have a w-2 when we get a w-2 or when we get our pay stub what we'll often times see is we'll see our wages and we'll see how much our employer withheld from our federal taxes and then we'll see what we call what we typically would refer to as fico which is social security and medicare who's fica why is he getting all my money and that's 7.65 and so when we're the employee uh when you and i get a w-2 half of that is our responsibility they take it out of our paycheck and the other half 7.65 is the employer's responsibility so they match that so we put in 7.65 and then our bosses our employers put in 7.65 right now in an llc what ends up happening is you are both the employer and the employee so what does that mean is that now you're on the hook for both so now you're paying 15.3 percent because you're paying 7.65 as the employer and 7.65 is the employee and so that's what oftentimes people
choose to get taxes and escort from an llc because when you take into consideration their income tax and on top of that you have to pay the 15.3 self-employment tax that could be quite a tax burden and so um whereas in an s corp you don't have you're not hit with the self-employment tax and so you know you may pay yourself a compensation or a salary so you have to pay some of that but some of the income can be distributed out as distributions and i don't want to get too technical here but that's why an s corp can actually be more tax advantageous after a certain income threshold and so i would say those are the two differences specifically as it relates to even from a tax perspective the llc you're hit with a self-employment tax whereas in an s corp that tax burden is just not as great and so people do after a certain threshold where i would say probably and this is not black or white there's dyrus does not have a rule on this but i typically would advise my clients once you hit the net income range of 50 to 60 000 i would say it's probably worth considering the escort route mainly because the tax savings between i mean again like i mentioned before there are more administrative costs than an s corp but the tax savings that you get from being an s corp far outweighs the potential additional cost so i think it's worth considering at that point so yeah yeah and that was definitely one of the questions that someone asked when we get there i'll say who asked the question and whatnot but that's good to know so they're both good they both kind of offer the same protections and do the same thing but long term especially if you see growth in your business and you know that you're gonna hit that threshold that's maybe when it's a good time to consider sure um kind of going back to something that you said earlier too about how when you do have an s corp there are probably going to be more professional uh fees that you incur because now you've got you know another tax return that you have to file and whatnot sure um i know my answer to this do you think that the average american can file uh that like s corp tax return on their own or is it better and smarter for them to hire a professional to do that the average american yes the average american i don't know who that who falls into that category but um yeah i mean you know to be honest i think if you are not confident and sure of the fact that you can do it correctly um i would hire an accountant just to do it and it's kind of like you know sometimes we want to save money and we want to do it ourselves but we end up costing us more time stress and i've said this to you before becky like quite frankly some of the time that you or someone may devote to trying to figure out their taxes trying to figure out their finances and and whatnot a lot of times not only just the time but the emotional toll that it takes like you can really channel that to growing your business you know and you can make more money in that in the meantime that can actually even pay off the cost of doing a you know hiring an accountant so you know i think like there's this notion that hey i'm to save money by doing it myself but it's kind of like a lot of times you know i do this even at home right i'm just i'm like yes i am the cheap asian and so like the reality is if something breaks in my house somewhere in my mind i feel like i can do it and what ends up happening is i do a shoddy job and it makes it eventually over time it breaks or wears out and it's worse than it was before and then i got a higher set professional and just dole out the money and so but the one thing is i know that it's done well i know it's done right i know that it's the problem is fixed so in the same way there's a you know i think there's just a comfort level that when you hire an accountant they know what they're doing um they're signing their name and so there's a you know if something were to come of the irs with a question obviously like someone who's licensed has signed off on it so i think you know there's just an ability to just sleep at night knowing that you know you have someone to kind of represent you should something come up and i think you know as we all know like the tax laws are ever changing they're changing every day it seems like and so even for accountants we have a hard time tracking this oh my gosh what change what's going through the legislation and so i just think for the average joe or for the average american um it would be rather difficult to just keep track of all of that yeah and so i would just advise unless you're super confident i think it's worthwhile just to hire an account and they just know a lot more like nuances and ways that you can save money and different things of that nature that you know most people wouldn't know yeah you know so yeah yeah this man i think we were like i think it was just when we were filing for the entity that i ended up going with and he was like oh it's really simple like i was like i think i texted you like eight times like but like what do i put here like what is what is where do i find this for it so you know it's it's definitely like you said i think you're smarter so don't you remember i think we were at a we're at a wedding yeah i literally was looking over your tax return on mikey's phone yes and yes with the press of a button i think i literally saved you guys like a couple thousand dollars yes because because again i mean not to get all germany but it was this notion of this qualified business income deduction which is again very technical that the average american wouldn't know that you guys didn't know about it and i remember just typing in a number on his phone and it you know saved a couple thousand dollars so yeah my point being you know like you know many people go to school they get licensed to do this stuff so they're able to see things that most people can't so yeah oh mikey was so happy that day yeah i'm sure he was all right so what we're gonna do is i'm gonna ask you some of the questions that i got from instagram um before we do that i have a question that kind of came up while you were talking okay um and that was you kind of talked about things are probably a little bit different if you do have employees which okay like you said probably most of you watching right now don't but in the event that you do or in the event that you know eventually you're gonna get there and that's your ultimate goal is to you know have employees working for you and on a payroll sure is there a better option llc or s corp i wouldn't uh base your decision on llc versus escort base whether you have employees or not because i think either entity choice classification you can have employees and having employees in one or the other is not any more advantageous than the other and so i just think if you do happen to have employees just know that there are greater costs involved with that because especially you know you'll have to file payroll tax returns things of that nature you'll have to register in different states depending on where you're living and so i think just you know think twice about having an employees but if you really haven't and i think you know obviously part of the business is having employees if you can scale your business because of that then obviously that's you know that's what you want uh another thing i threw out there just for um just food for thought is if you can i think another thing that would be is uh worthwhile considering is rather than having employees maybe having just independent contractors there are very strict rules under the irs as to what constitutes an employee versus independent contractor and so there are certain circumstances that if you like determine when they come to work and what they do and where they work and so if you have you know then they're considered an employee whereas if you're a little bit more relaxed on some of these rules and maybe they can qualify as an independent contractor and that is probably the easiest for you as a business owner because you really just have to pay cut them a check and then at the end of the year just send them a 1099 and that's it so yeah that's definitely smart advice especially if it's yeah like i know a lot of people for example will hire out editors for their youtube videos and it's not a set like you need to work this many hours a week and i need you to clock in and clock out but it's kind of when i have projects come up or when i'm feeling overwhelmed i'm going to throw a couple videos your way yeah um that it would definitely make sense to not call them an employee and have all those extra responsibilities that come with it okay that's helpful i didn't know if there was one that was like better not no not specifically as it relates to like having employees i would say but i would say again like the biggest driving factor typically is is the tax as i mentioned before it and i will want i do want to say this um you can be an llc and eventually choose later on to be taxed in an s corp and so say you're you're someone who wants to have the legal protection but maybe your income threshold is on the lower end of the spectrum where you don't feel like it makes sense to be an s corp then i would say yeah just still incorporate an llc and then when you get to that point you can file a specific form with the irs uh it's a one-page form uh it's called we'll we'll link it in the description i don't because ashley wheeler they actually asked that exact question like is it easy to go from being an llc to becoming an s corp yes um so apparently it is one form we will have it linked it's called an entity classification form and uh we'll link it and yeah basically if you fill that out you're basically letting the irs know hey i was an llc but now i want to be taxed as an s corp and obviously that would then trigger different types of returns that you have to file and whatnot but uh so there's that flexibility to start up as an llc and eventually convert to an s corp so awesome yeah okay let's get into some of your questions sorry i just made the camera shake but um and let me say too if at any point you are you know thinking of more questions as we're talking about things definitely leave them down in the comments below even if you have questions specific to like filing taxes as a reseller i know i know absolutely nothing about that topic but um day has agreed to come back for more videos and so if you have questions for him specifically centered around taxes or even this like if you have more clarifying questions about escort versus llc or whatever you can leave them down in the comments below and we'll try to address them the best that we can but i did have some instagram uh people ask some great questions mcdeals just said all of them they just have all of the questions so hopefully we answer all of them for you but tina kraft said where do i even start to form an llc how difficult is the process how long does it take are there forms that we can link down below there's a good question there's a couple of things that you have to consider one there's a legal side of forming an llc and so typically you would you know it's called the articles of incorporation and depending on what state you live some of the processes might be different and my advice to to you know whoever's listening would be you know it's a one-time fee and i just think like it might just be best to hire an attorney to do it i mean it's it's probably a couple hundred dollars and you know oh again again depending on what all they do for you sometimes they do too much but you know like i think the reality is when you just want to start off on the right foot make sure you know you cross all your eyes and hurt all your eyes cross out your teeth you know and make sure you have all these uh nuances set up and so uh first of all so the legal side you'd have to file with the secretary or state of whichever state you're living in and that's the website uh well again each website would be different for your respective state okay but in every state it is a website correct okay it's not like you have to go to like a building uh i guess no no no i don't think so okay but but again if you're going through an attorney they'll do that all for you okay yeah okay and so there's a legal side and then you'd have to again file an ss4 and we can link that on and that's just you can apply online they give it to you pretty much instantaneously and the fein is basically short for federal employee identification number and that would be typically what basically like the social security number of the business and so every business would have to have one and while you're doing that it'll ask you are you an llc or an escort what type of entity are you and so you'd have to file an fein because that's what's going to enable you to now open a bank account under your business name they'll ask for your fein and so you'll have to file an ss4 and then from there that and then assuming you don't have any payroll things of that nature that's what's going to let the irs know what type of entity you are and then if you choose an llc and you're a single member llc obviously there are no additional tax returns you need to file you just throw it in on your person or turn on your schedule c but if you choose to be an s corp the irs will know that and then they'll expect the tax return from you and so again so i would say just the two steps would be the legal side with the attorney secondly would be uh filing for the fein and we can you know as you suggested we'll leave a link below and then that's a one-time filing and then later on when tax time comes you have to do the annual tax return if you fall under that okay so the fein is a universal it's the same website for everyone yes it is an irs website where you would go and apply for it and they'll ask you just pretty general questions so okay um so kind of piggybacking off of that you mentioned when you have your fein that's what you can use to create a bank account for your particular business sure are there other things that you suggest like putting under the umbrella of your business so for example i don't know like credit cards or just yeah what i would suggest is um as much as you well not even as much as you can like i would make it best practice or common practice to uh have everything separate you know meaning like you know have a business checking account have a business credit card run everything related to the business through those through those means uh you know i've had so many times where people would you know at a convenience use their personal credit card for business and vice versa and you know come tax time it just becomes a mess and there's two things that ends up happening one is sometimes you can miss out on deductions on tax deductions because you put it on your personal credit card and you forgot and so you know that's obviously um you know that's you missed out i mean you could have obviously lowered your taxes or secondly what ends up happening is because it's so much work to piece everything together you know it ends up costing the person a lot more money so if you just put all your business stuff on your business credit card checking account keep it there and all your personal stuff separate that would make life easier for you in terms of tracking it making sure you have an accurate uh you know accurate activity make sure the other numbers are right and it's i think will come tax time it's just a lot cheaper for the account to make sense of all the numbers so yeah yeah okay good um so west coast girl 32 asked a question that i think you already answered which is what if you are still a small full-time seller do you still need to start an s corp and your answer was kind of yeah again when you say small i don't really know what that means but i think as i suggested before i would say probably like when you're right around the net income number of 50 to 60 000 that might be a good time to just you know think through hey should i be an s corp or not you know but if you want the legal protection because of the potential losses that might happen in the reselling business which again uh i don't know how much there is but then i would say maybe just start off as an llc in the meantime and then give yourself that buffer between you and the business so that you know you have that protection and then later on as you grow your business then you can you know elect to be an s corp so savannahfarin3 asked what happens if you elect an escort tax status too soon so what if you're making ten thousand dollars right in that a year but you're already an s corp what should you do if you're gonna elect to be an s corp too soon i would say just keep it i mean depending on if you're gonna continue to grow eventually you might grow to a place where you know well or being an escort is advantageous now now if you're in a position where you feel like you won't ever get to that place then i would definitely consider perhaps maybe filing a final s corp return and then just filing as an llc because that's when again the the the additional admit administrative costs of finding an additional tax return may actually exceed the potential tax savings because when the income is not high enough the tax savings may be relatively small and so maybe even smaller than the cost of doing an additional tax return so in that sense then you may be losing out and so for savannah fahrenheit uh if depending on what your future outlook is on your business i would definitely consider keeping it if you feel like it's going to grow to a place where it makes sense from a tax standpoint but if you think you're kind of going to stay at that level and maybe not then you know i think it would be worth considering just filing a final tax return for the s corp and then just filing as an llc and that way you still have the legal protection but you know you wouldn't you'd be coming out ahead because the tax savings would be still you know less than the additional cost of finding an additional return so and if you were to flip-flop from an s corp to an llc same process as what we talked about earlier if you're trying to go from an llc to escort yeah so i think if you're going to be a s-corp and then you're going to file a final return you have to file a final return and just liquidate the business and then you would have to probably just re-start as an llc okay yeah which kind of takes me into my next piggyback question about that let's say you're just done reselling or you're done kind of running yourself i wanna i wanna take this back okay let me just take a step back i believe if you start as an llc and you decide to be an s corp you elect to be an s corp and now you decide you no longer want to be taxed in escort i believe the llc has a flexibility to go back to you know okay however i believe if you start as an s corp you don't have that latitude to go back obviously you go back to nothing because you started as an s corp so so i do want i think that that that makes sen i think that's the nuance there if you start as llc elect to be an s corp and you decide you know what i don't want to i do believe there's a the flexibility to go back whereas if you start off from inception as an s corp you might not have that flexibility so so when you say you can go from llc to an escort you're keeping your same fein correct correct everything stays the same it's just you're just same name same everything just electing to be taxes in a school all right um so ashley wheeler of eight also asked what's the main benefit of doing an s corp over llc which you kind of talked about it's the tax savings if you're earning over a certain amount correct um i think this is a really cool question because i don't think about it like this but i think very business-minded people think about it like this in terms of as resellers or whatever small business you have the idea of like paying yourself of like giving yourself a salary or whatever sure so the question is do you pay yourself the same or differently between an llc and s corp it is a different scenario and so the llc when you follow as an llc the net income that you make that's all considered you paying yourself which is why that whole amount your tax on that for social security and medicare so that whole amount is kind of like your w-2 so to speak now in an s-corp it's not and so as an s-corp you have to you know pay yourself for reasonable compensation now maybe the business makes 150 000 this year right and you decide uh you want to pay yourself a salary of 50 then that's what you do and then you pay the social security and medicare under 50 000 right and so in an escort you have the latitude to decide what would be considered reasonable compensation to yourself and pay yourself okay whereas and the other remaining amount of money is considered business income whereas in an llc you are the whole net income amount is considered like your w-2 that's that's where you know the tax savings come in okay so i want to make sure i'm getting this right so everyone has to file a personal tax return correct so when you are filing as an llc right it's kind of it's all kind of intermingled in your personal taxes correct when you have an s corp if you make a hundred thousand dollars in net profit in any given year you get to say to the irs but i only paid myself out of that hundred thousand net fifty thousand dollars right so for that fifty thousand dollars that you said you paid yourself is going to show up on your personal tax return and that's what you're going to have to file and claim or whatever and then the other 50 that you did not pay yourself is what your business is getting taxed on correct so okay so so in your example say you made a hundred thousand dollars um before you pay yourself right so you decide out of the 100 i'm going to pay myself 50. so now the business gets a deduction of 50 000 of your wages right so now the business income is 50 and you so so now you have a w to a 50 000 from becky park right on your w 10 your personal return and then you have business income of 50 000 which an escort will pass through to your personal return and so the 50 000 of business income on an llc that would get taxed at 15.3 percent right and that would be roughly like 7 500 of tax when you do the s corp that 50 000 is only subject to your tax rate and not the 15.3 percent so already right off the bat you're saving
7 500 if you were to you know do a side-by-side comparison there so what is to keep someone from saying i'm only paying myself 10 000 right so and that's a good point the irs will look at that very closely well they i'll say very closely but that is something that they've definitely kept an eye on because to your point people would um you know pay themselves very little and then you know not get and kind of circumvent the tax typically the rule of thumb is i typically have told my clients whatever you want your take-home pay to be like say you want to take home a hundred thousand dollars a year i would say 50 50. so pay yourself 50 000 in wages and then the other 50 000 you know you can just take it and so that's the rule that i typically have used as a 50 50 approach and in my 20 years i've never had any questions from the irs regarding it and so um yeah so again like you want to pay yourself a reasonable compensation if your business is making four or five hundred thousand dollars and you're paying yourself a ten thousand dollar salary that's clearly not reasonable yeah right they're gonna fly right right yeah so that makes sense yeah um yeah i did not really know how any of that worked but that makes a lot more sense in my brain so thank you for that i think the final question then and this was kind of more of a tax question but i think it applies to everything that you've been talking about um kind is beautiful too that is a beautiful handle um he said tips to finding a good tax accountant for online reselling businesses um he is mine so you you can like if you're not here you can't use him and plus he's doing different things now that you know like he's playing do you have a monopoly on me i mean listen i take up a lot of this time i have a lot of questions and so does my husband so we keep him very busy but um no but for real like i know some people just go to like h r block like what is your thought on whether you're a reseller whether you you know just have a different kind of small business entrepreneur whatever uh how can you secure a good tax accountant accountant i i'm not gonna speak to any specific firms because um you know obviously i don't you know want to um yeah put myself in that position but um you know interestingly enough i would say you know speak to other people that you know um and ask for referrals only because you know you go on someone's website you know of course they're gonna say they're the best i mean that's just a reality right i mean there's that's the world we live in like no one's gonna come onto their website and say you know what we really have no idea what we're doing but hey we would like your money yeah i mean we would like to try yeah of course yeah you know um in this day and age i would say like you know it used to be such that you know we operated so much on on paper and we had to kind of sit face to face with our accounts and see but with in our day and age with technology with the ability to portal things and things of that nature i really don't even think that your account needs to be in state or you don't even need to sit down yeah yeah you don't need you don't even need to know them you know i mean quite frankly like and so i would say you know talk to your fellow reselling like friends in your community and try to get a feel for you know what hey who are some people that you've had good experiences with who are very responsive that's helpful and and i would say just go off of that and because there's in our business and in in tax and i guess now even in just wealth management there's just nothing that is of greater value than referrals it's just the greatest compliment because when you're dealing with people's finances yeah there's a certain level of trust that it entails and if someone is willing to trust you with their money and you know refer their mom their dad or their best friends to you that's you know that speaks volumes right and so i would say you know rather than going on google and then trying to you know look for these google reviews which maybe their mom or dad will like you know i would say you know talk to your friends you know talk to becky park talk to whoever you know they have uh had experiences with different accounts and i think even if they're out of state i think you can make it work with technology and still have a good experience nice yeah one of the beautiful things about these llcs or s-corps is the ability to put away more money into retirement plans that you normally wouldn't be able to if you didn't have business income and i think that's just an opportunity to again put more money into retirement save for the future um and you know also get a tax deduction for that so i don't know i guess that is a really old-school way of thinking the idea that like in order to have someone file your taxes like you have to sit down in front of them with all of your you know like receipts and all of your whatever i mean when i you know when he did my taxes last year he was like i need you to send me this information and it's just one email with all the figures and stuff so it's not like they're sitting there with a highlighter going through all your receipts and stuff um so yeah i mean i didn't even think about that um and just for full uh transparency my husband and i have you know had him doing our taxes since i started reselling just because at that point it got really confusing like you know it's a different way of filing compared to when we were just you know filing for our teacher stuff um and you know like he said earlier like we didn't want to make mistakes especially mistakes that would cost us or mistakes that would put us in jail like i mean i don't think the irs is coming after two school teachers right but like you know just we wanted to make sure that we were um doing things properly i'd bail you out just that far thank you so much um but yeah so not only has he been doing that but since he's entered this new chapter of his career too that's definitely something that we've been meeting with him about is having him yeah manage our assets because again this is a world that we don't know very much about and if you would be interested in a video about that let us know in the comments too or you know make sure you like this video like smash all that stuff i told him i was gonna put all that in there but um no for real you know it's i a lot of us did not grow i don't know what the term is but a lot of us don't have generational wealth right like for us like our parents immigrated here and just worked uh kind of menial like labor-intensive jobs and they didn't have you know stocks or wealth management or ir you know all that kind of stuff so we're all kind of learning as the first generation nothing's getting passed down to us um so if you're in that boat or even if you know you are part of a generational whatever like if you are getting stuff passed down you but you don't know what you're doing with it um the idea if you're making good money what are you doing with that and is there a way to have that money make more money for you right yeah absolutely you know what like um to your point um i was talking to one of my clients who who owns subway uh a couple of subways not the whole enterprise obviously he's a franchisee but the reality is like inflation is real yeah like you know i i go to subway and like literally they sent like the footlong is costing over 12 dollars that's insane yeah whatever happened to the five dollars that's right and so inflation is real the reality is if you have cash sitting in your cash account or your money market account or your 0.1 savings account you're losing money yeah because everything's not keeping yeah the prices are you know all going up and so uh you know this is definitely something that as becky alluded to you want to let your money work for you you know because we only have we have a limited time limited you know energy you know we want to have a work-life balance we want you know we want to live there's a certain quality of life we want to live and so you know you can't constantly be working working working you know i think it's you want your money to work for you yeah but you want to work another 25 years well you know i'm just saying like my my predecessor if you will he's 79. oh my goodness so and he's still grinding so you know i'm just
trying to make the most of it and so you know i'm not working nearly as much as i used to so yeah yeah yeah i'm retiring the second that i can and this man is helping me get there so that that's why i can't continue to work because like rich rich youtubers like you know but literally the second that i can i am done and yeah anyway that's that's a whole nother topic for another video but i mean you know even before we sat down to film we just kept brainstorming about like different topics that we would be interested in making videos about things that i just again don't know very much about so let us know in the comments below like potential video ideas or things like taxes for resellers you know whatever questions you have about filing your taxes am i allowed to deduct this am i whatever any of that kind of stuff if you have those kinds of questions and you'd like a specific video for that topic you can leave that down in the comments below if you have questions about what to do with the money that you're making and um you know how to like they said have your money working for you and that would be a video that you're interested in seeing let us know in the comments down below and thank god i will not be the expert talking you through or walking you through that because i don't know what i'm talking about but i'll have day here with me to talk to us about that kind of stuff so any last comments or words or pearls of wisdom that you would like to share no well again i it's my first youtube video ever yes but he did so good right but yeah no i i think just want to you know encourage you all you know i think really use your time your energy to grow your business i keep telling becky this all the time you know don't don't use you know what little time that you have to try to figure this stuff out and and frustrate yourself and you know lose the emotional as well as physical capacity right uh to grow your business that you channel that energy to growing your business how can i scale what are different ideas that i can do and i think the more you do what you're good at right your business will produce and it'll easily pay off whatever cost that you incur to you know file your taxes and things of that nature so you know do what you're good at leave the experts to do what they're good at and then i think you know we'll be good so i like that that's good so this is my friend day thank you so much for coming on it is like it's like 10 32 p.m we're both kind of night out so this is just one week the night is young i'm just starting my night so seriously yeah and we both have kids so it's just you got to do stuff after kids go down so thank you for being here sure for the rest of you make sure that you hit that like button subscribe if you haven't already and especially let me know down in the comments if you want to see more of this if you don't want to see more of it let us know all right thank you so much for watching and we'll see you in the next one bye have a good one
2022-02-09 16:55
