Today, Sunday, 9/9, is my birthday. So I’m going to indulge myself a little bit in a blog post.
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We talk a lot about “life work” in our sessions. How do you create a business that doesn’t feel as much like work as it does just following your passion?
For me, I tend to think of it as monetizing what I’m passionate about and what fulfills what I see as my purpose – to help people move in a positive way from Point A to Point B financially. If the business is just about making money, it serves a purpose, but not YOUR purpose.
That’s when you have to be careful of your life work balance. You have to be careful that you don’t lose sight of you and your purpose when you’re doing something that otherwise isn’t fulfilling.
Otherwise, if I’m doing what I love, what fulfills me and provides income for our family and causes, it is in balance. I still need time for rest, recreation, family and, especially now, time for health.
One of the things I have talked about for years is the need to have a business to build assets, cash flow and save on taxes. Now, with the Trump Tax Plan, it’s even more important to have a business. Otherwise, you have lost deductions.
But, how do you start a business if you’re already busy with a job and busy family life? How do you strike the business life balance?
I was asked that question this past week on my Facebook page. So, this is how the conversation went (more or less, paraphrased and edited):
A: I have to provide for my family. I can’t quit my job and risk my family’s security to start a business. But I’m concerned that we’re in a bubble.
Me: I’m concerned we’re in a bubble too. Forbes calls it the “everything bubble.” A, is there a business opportunity you see there?
A went on to explain the kind of business he’d start. That’s when a business plan came about.
The business’s marketing would be mainly online, at least at the beginning. Having a business that has page ranking and organic SEO would be valuable for when he’s able to devote time to this new venture. Meanwhile, though, he could get a few affiliate link and put up a blog.
Voila! A business is born. Once it’s implemented (easy for him since he does something similar for a living), he has tax deductions which mean immediate cash in his pocket. And as it grows, he’ll create income streams.
Most Americans who lost their homes during the 2008-2009 real estate crash could have kept them if they made $500 extra per month. That’s now. But what happens if you lose your job? What happens if the stock market crashes, taking your 401 (k) with it? Start building now.
That’s how you create a business/life balance. Keep EVERYTHING in balance, and that includes your finances.
If you want to do a little brainstorming on what business you could, drop a comment here, join me at the Facebook group, Diane Kennedy’s US Tax Group or come to the Insider’s group as a Taxmageddon reader.