A friend of mine, Shane Hunter, posted a $1 challenge this past weekend in his Facebook group. Lots of people post on Facebook, sharing recipes, pictures, arguing about politics, or just celebrating (or complaining about) life. The $1 challenge is to just put some kind of call to action at the end of your posts. If you don’t have something to sell, just share some tidbit or useful hint and state, “If this has been helpful, please PayPal me $1” That’s it.
I understand why Shane made that challenge. It’s a paradigm shift. You start to monetize even though it’s just a little bit. Chances are someone will send you $1. And then it’s just a case of scaling that. How do you make it more than $1? How do you systematically repeat sales?
That’s all a business is. Selling a product or service. Asking for the sale, collecting the money and fulfilling on the sales promise. Repeat. Refine. Repeat again.
Some people saw the possibility of $1. “It’s not worth it,” they cried. Others saw that this could become a business. And I saw a tax saving strategy. Here’s how it works.
If you currently don’t have a business, you need one. In the US, once you start a business you can take a whole bunch of business deductions like your car, your ISP, your computer, your cell phone & cell plan, business meals, the list goes on and on. If you don’t have a business now and are currently paying taxes from a job, I bet you can put an immediate $100 at least in your pocket just from the tax savings. (Change your withholding amount to get the immediate in your pocket savings. But be careful; you need to thoughtfully take all of the factors into account.)
That $1 that someone PAYS YOU can be increased 100 fold or MORE by taking all the tax savings available to you.
The key is to get moving. Take the $1 challenge. Monetize your Facebook posts and make a whole lot more money than you realized you would.
Or do something else. Just do something. If you don’t have a business right now, you need one. The Trump Tax Plan is in play right now. You’ll find out come spring, if you don’t know already.
Shane Hunter’s Facebook group is “The UNSAFE Abrasive Space.” I’ll warn you, it’s straight talk, direct and to the point. Join at your own risk!