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If you run your business as a corporation or a LLC you can choose to become an s corporation. The benefits of becoming an s corporation if you are a corporation, is the elimination of double taxation. As an s corporation you pay taxes on all profits and pay taxes again when you pay dividends. If you are a LLC taxed as a sole proprietor, the benefit of being taxed

Four essential factors to achieving goals To achieving goals, any goal, there are four essential factors that must be defined: Your perspective: By clearly resolving what you want you are more likely to achieve it. Your objectives: By quantifying what is really important to you, you begin to direct your efforts. Your resources: By defining your existing resources, you know what you have and what you need to close the

Your financial system is the most important key to the puzzle to unlock your financial freedom. Marketing is the lifeblood of your business and with great marketing you can make great money. However, without a handle on your finances you can still end up broke. Finance Figure 1: Financial Freedom Plan Your financial freedom system begins with having a financial freedom map. Your financial system is made up of: Your financial

Income statement rich but balance sheet poor People are so accustomed to boasting about how much they make but I think that is irrelevant. What is more important is how much of what you make do you get to keep. In other words you could be income statement rich but balance sheet poor. Income statement The income statement is the financial statement that tells you what is left over after

The Asset versus the Transactional Model The transactional model focuses on making money now while the asset model is more concerned with not just money earned now but can also produce income in the future. One of the characteristics of an asset is the ability to generate future revenue. To operate using the asset model, you need at least 3 systems as shown in the diagram below: [caption id="" align="alignnone"