I recently learned that the average American that loses everything (house, car, etc.) is actually upside down an average of $500 per month.
That number just rocked me because I know that there has to be a way to get that money for the average American. Please click through to read this whole post, because I’m going to ask you to join with me in brainstorming some solutions.
Most of the people in this spot are people barely making it (or actually NOT making it) on the income from their jobs. So, the answer is “start a business.” It’s the fastest way I know to immediately get cash in your pocket.
There are two ways that you can get that cash: (1) From the business itself and (2) From the immediate tax benefits that you get.
As an example, let’s say you add up all the business deductions you can take from your legitimate business (I’ll talk more about that in another post): auto when used for business, computer, software, fax machine, cell phone use, meals (business), kids if employed in the business, home office, travel – the list goes on. There is much, much more to making sure it’s legal, but I can help anyone with that part.
So, adding it up, let’s say you come up with $10,000 worth of expenses. Actually, you probably will come up with much, much more than that. But, let’s say it’s just $10K. Then at a 40% blended tax rate, you’ve got a deduction of $4,000. Divide by 12 and that’s $330 per month.
Once you have that legitimate business (and yes! You can do that in less than a week), you can tell your employer to change your withholding so that you pay $330 less per month in taxes.
Voila! You just picked up $330 per month in additional cash in your pocket.
Now, let’s talk about the business itself. This is where I need your help. I’ve identified two biz opps that could put immediate cash in your pocket: selling on eBay and a new direct sales system that I’m personally doing. I’ll tell you more about that in two weeks.
I need more ideas! What type of business could someone start today that would get them some cash within 7 days? Let’s see if we can come up with a plan others can follow.