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Simplified Employee Pension (SEP) is a good way to save for financial freedom while saving on taxes. A SEP IRA allows an employer to put away money for both themselves and their employee(s). The SEP IRA is available for any size business. SEP is best for the business that has a cyclical nature where revenue is often unpredictable. It is more convenient for businesses with income unpredictability to choose

Have you ever asked yourself if you run a business or if you are self-employed, a freelancer, or a consultant? Is there even a difference between self-employment and business owner? To answer your question, I will like to pose the following questions: Are you able to walk away from your business, do nothing and still earn money Do you find yourself working more as you become "more successful"? Do you

The 401K plan is named after the related subsection of the Internal Revenue Code. In the past, small business owners avoided this plan because of the discriminatory tests rules. These tests were designed to prevent discrimination against lower paid employees. Under this tests, highly compensated employees/ owners cannot elect to defer a greater percentage into their 401K. For this reason, small business owners chose to invest in the IRA, SEP

Most people either underestimate or overestimate the amount they will need for their financial freedom goals. You cannot depend on social security for financial freedom: You have to become your own financial advocate. Financial freedom is not about how much you make but how much you keep. Let's take a look at the definition of retirement and financial freedom. Retirement: is the act of withdrawing from employment or work. Semi –

This is the last post in the achieving financial freedom through your lifestyle business series. While this series is only a synopsis of what is possible, it is up to you to explore these topics further. Succeeding in business all boils down to one thing, your willingness to hustle. Where there is a will, there is always a way. The information that was discussed in parts 1 -9 is summarized in