“A lot of talented actors still have to pay their bills.” - Mark Wahlberg

Sometimes it seems like bills come through the door as much as customers do … And knowing which bills to pay in which specific order can be difficult. 

And just like some customers are worth more than others to your small business, some bills need quicker attention than others as well. You put things in priority order for your company every day. You should do the same for your expenses. 

We’ve got some thoughts on how to do that. 

Which bills to pay first and why

You’ve heard about keeping the lights on? It’s true. Whether your business relies on the internet, machinery, handwashing, or heating, your utility bills have to be near the top – if not always first – on your pay list.

You also need a place to work – there’s no debate if you arrive at the office one morning and find the door padlocked. Pay your rent. 

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“There is no victory at bargain basement prices.” – Dwight Eisenhower

Prices are on the rise everywhere right now. What about yours? 

From just a few pennies to outright sticker shock, hiking prices is one of the quickest paths to losing customers. But you’ve got ends to make meet, too. 

Our inflation series continues with one of the most pressing problems for businesses today: How much you need to increase your pricing models – and what to think about before you do. 

Worry and response

Current inflation is 8.6% year over year, a seemingly endless upward direction that worries most businesses. Almost nine out of 10 have told surveys that they’re also already seeing the hit in higher expenses such as supplies and services, some by as much as 50%. Throw in employees probably wanting above-average raises and you’ve got a compound problem. 
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“It’s amazing how fast later comes when you buy now.” - Milton Berle 

Everybody loves a bargain. And passing one up because the funds aren’t available can sometimes mean missing out on something good (needed or not). I’m sure most of you can relate. In the past, this might have meant putting the purchase on the old credit card or stuffing it away on a layaway program.

But recently, a new way to buy stuff (sort of) and pay for it later has popped up, which some folks are seeing as a good deal (sort of). The programs are called “buy now pay later” (BNPL) – a self-explained moniker. 

Now, BNPLs are growing in popularity and do have upsides – mostly convenient shopping with interest-easy financing and no strict approval requirements. 

However, they also make it effortless to over-shop, overspend, and get in over your head with credit problems. 

Are BNPLs dangerous or good deals? Well, a little bit of both. So, here’s what to beware of and how to utilize one of these pro
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"A wise person should have Money in their head, but not in their heart." – Jonathan Swift

Your dreams of being the boss aside, your business isn’t going to last long if you don’t handle your Money right. If your business is a partnership, you have special considerations – such as how your business is structured and (much, much more importantly) how everybody gets paid in business partnerships.

It’s key to set up your company so everyone knows how the Money flows. 

Basics of the Money roadmap

First, let’s pin down what kind of partnership you have. The type of partnership can influence how the Money flows within the company. Bear this in mind whether you’re an established company or just considering your first business partnership. 

Three common arrangements for business partnerships are: 

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“The secret of creating riches for oneself is to create them for others.” - John Templeton

Everybody loves Money. In your small business, you’ll take all you can get, right?

Investments in your company may seem like a can’t-be-beat gift. But taking on investors in small business means a lot more than skipping to the bank to cash a check – it means facing some hard realities about your business. 

Your plan, their fine print

After a few down years, venture capital (VC) is booming again, especially for tech and large companies – but don’t mistake “VC” for other kinds of financing that your small business might attract. Get your terms straight from the get-go – and get your financial and legal professionals involved, too. 

The other thing to get together as completely
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“The only difference between reality and fiction is that fiction needs to be credible.” - Mark Twain 

You’ve probably got that friend who talks non-stop about the world of non-fungible tokens (NFTs) and all the wacky-named cryptocurrency out there. 

And of course, they’re dying to tell you over and over any time you hang out how you can make a fortune overnight (too bad your friend isn’t virtual) … 

Still, it’s hard not to wonder what it’s all about. 

Can you actually make a fortune? Maybe. Others seem to have done it. But what they’ve also made is a heap of tax complications for themselves with (so far) little official guidance on how to report some of these big payoffs.

Well, here’s what we know so far from the IRS.

Significant ether

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“To contract new debts is not the way to pay old ones.” - George Washington

In the age of virtual currency, rising inflation, and online shopping, helping your teenager get their feet under them when it comes to Money seems like an absolute necessity. 

So, wouldn’t it be great if you could pry your teen from perma-scrolling TikTok and Snapchat long enough to teach them a few things about Money? However, you might be surprised to find that one great Money education tool for them (or anyone) is having a credit card.

Yep, you heard that right. Giving your teen a credit card could really help them learn a few things about Money and managing it.

Think about it: You have to handle paying the balance and watch your spending when it seems effortless (at least until the bill arrives). You learn the ins and outs of interest, credit scores, and paying off a tab over time. It’d be tough to find a better Money tea
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Previously, we discussed retirement accounts in general and how to turn them into self-directed accounts. Once you’ve gone that far, you’re ready to invest. You can use those funds in the exact same way you’d use your personal cash to do any deal. There really is no limit to the kinds of investments you can make. However, “how” you make those investments IS a big deal and can get you into trouble.

NOTE: Self-direction is an advanced real estate investing technique with a lot of nuances. This blog is meant as general information and not legal, tax or investing advice. You will certainly need more education and advice to truly understand this amazing technique.

If you do what is called a “prohibited transaction” you could face the possibility of incurring penalties, which for an IRA could be add up to the entire amount of your IRA. So this is a very important topic. And not one that can fully be explained in a short blog. This is meant to bring your attention to the issue. I always recommend seeking legal counsel if you are unsure about a certain investment.

At it’s core, the IRS does not want you to unlawfully make a contribution to or take a di
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This is Part 2 of our 4-part series on self-direction. In our previous blog we covered retirement accounts generally. Here, we’ll cover how to make them self-directed.

NOTE: Self-direction is an advanced real estate investing technique with a lot of nuances. This blog is meant as general information and not legal, tax or investing advice. You will certainly need more education and advice to truly understand this amazing technique.

First, if you self-direct (we’ll call it “SD” from here on) an IRA, that account MUST sit at (be deposited with) an IRS-approved SD custodian. There is no way around this. So, your first step is to set up an account at a SD custodian. This is pretty easy, or even done online. You then either make a contribution and/or move (rollover) your current IRA Money. Then, your IRA Money is in place that will allow you to invest it in real estate immediately by “directing” the SD custodian to make an investment in your IRA’s name. This is usually a form to fill out, submit to the custodian that will then facilitate the transaction. SD custodians typically charge a yearly f
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As A Real Estate Investor, This Is  Where The Rubber Meets The Road

Usually, keeping track of numbers is tedious.

Check it out! What are the bene’s that make this task more attractive than the usual alternative…”Oh Geez. I’ve got a closing on Monday and I need financials.”

Your business obviously makes and spends Money. The pluses and minuses add up (you hope) to being able to stay in business, and a look at the books tells you if your business is doing okay or headed for trouble.

What are your books telling YOU?

In our experience, it’s often the company’s financial system (or lack thereof) that makes the answer easy to discover or downright difficult.

Have you looked at your own business’s financial system lately? Would you know how to read between the lines to interpret what you see there?

Becaus
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