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July 27, 2018

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We recently shared about Entrepreneurship - what i We recently shared about Entrepreneurship - what it is and some of the benefits to being your own boss. But being an entrepreneur also comes with some risks...and some myths! Many people think it takes something special to become an entrepreneur, such as an advanced degree, a ton of money, or a sky-high IQ. Really, though, anyone with an idea for a product or service that other people will pay for and the guts to put in the work can become an entrepreneur. Swipe through to see 4 Common Myths About Entrepreneurship and the actual realities. And be sure to *SAVE* and *SHARE* this post with those who could benefit from it! 😎
Are you familiar with #529plans? A 529 plan is a t Are you familiar with #529plans? A 529 plan is a tax-advantaged college savings account sponsored by a state government or education institution. The plans are kind of like 401(k)s for college funds. (The name comes from the section of the tax code that authorizes the accounts.) There are two types of 529 plans: 1. Savings plans, which let you build up assets that you can use toward almost any U.S. college 2. Prepaid tuition plans, which can let parents pay today’s tuition rates for a child’s future education (but may limit where a child can go to school) Not surprisingly, the more flexible savings plans tend to be more popular. 529s can offer several significant advantages, including: ➡️ Tax breaks ➡️ Potential growth ➡️ No restrictions on who can contribute ➡️ Few restrictions on eligibility ➡️ Flexibility ➡️ Ability to change beneficiary With all the 529 plan options out there, it might seem tough to pick the right one. Experts recommend that you start by looking at your state’s plan because there could be more tax benefits for you. If you want to compare different plans within your state (if there are multiple plans) or between states, here are some questions to help you pick the best one: ☑️ What are the plan’s tax perks? ☑️ What fees does the plan charge and when? ☑️ What investment options are available? ☑️ Does the plan offer matching grants or other benefits? ☑️ Are there minimum or maximum contribution limits? If you’re really struggling to decide, there’s nothing stopping you from opening multiple 529 accounts in different states. Just don’t contribute more than someone could reasonably use for education expenses (unless you want a friendly visit from the IRS). Remember: The road to college isn’t paved with gold, but it is paved with tax breaks if you have a 529 plan. 🙃
Entrepreneurship is building a new business from t Entrepreneurship is building a new business from the ground up. It means coming up with an idea you think will be successful, and then doing the work to make that business a reality – including raising money to get started, developing a brand, producing products, and managing the business. All big businesses start out as someone’s idea, but not all entrepreneurs need to aim so high. Any type of business can be entrepreneurship: ➡️ Selling your services as a freelancer or contractor ➡️ Developing an app ➡️ Tutoring ➡️ Creating and selling art ➡️ Starting a food truck Entrepreneurship - like all things - comes with its own set of pros and cons. Some of which include: ✅ Pros: • Setting your own schedule • Taking pride in building something • Choosing your coworkers • Creating a legacy • Profiting directly from your hard work • Calling the shots ❌ Cons: • Taking responsibility for all the risk • Working longer hours, particularly in the beginning • Making less money in the early stages • Accepting the possibility that even a good idea might fail • Having less time to work on other goals There are plenty of benefits to running your own successful business, but it’s still a ton of work. Entrepreneurship can mean making your own hours and (eventually) writing your own paycheck, but many entrepreneurs start businesses for other reasons. Some other perks of being your own boss can include: ➡️ Being the brains of the operation: Hiring staff to manage the day-to-day aspects of your business can free you to focus on high-level strategy and growth. ➡️ Enjoying a steady stream of income: Some businesses, such as selling your intellectual property to others, may let you receive regular income without significant ongoing investment. ➡️ Selling your company: With a good idea, some hard work, and a little luck, your startup might be bought out by a larger competitor for a handsome sum. Have you explored Entrepreneuship? Share your experience below! 😎
Just tell me how you want to take all my money and Just tell me how you want to take all my money and I'll oblige. 🙃💸
Are you familiar with #FiduciaryDuty? This finance Are you familiar with #FiduciaryDuty? This finance term refers to a legal obligation to act in another person’s best interest. A fiduciary relationship involves: ✅ A fiduciary—i.e., the person who owes the duty ✅ A principal—i.e., the person whose best interest the fiduciary is supposed to protect In this type of relationship, a principal entrusts a fiduciary with taking care of their money, property, or other assets. Trust is the key element of a fiduciary relationship. To maintain this trust, a fiduciary is expected to fulfill three specific obligations: ➡️ Duty of loyalty: A fiduciary has to make decisions that are in the principal’s best interests (even if those decisions go against the fiduciary’s financial interests). ➡️ Duty of care: A fiduciary should thoroughly research and evaluate all options and scenarios before making a decision or recommendation to the principal. ➡️ Duty of good faith: A fiduciary must use good judgment and act carefully. Most fiduciary relationships involve financial matters, but others focus on providing advice or general caretaking. Some examples include: Lawyer & Client, Guardian & Ward, Board Directors & Shareholders, Trustee & Beneficiary. A breach of fiduciary duty occurs when a fiduciary fails to fulfill their obligations, such as by putting their own interests ahead of the principal’s. Do you have experience with this topic? Share below! And be sure to click to link in our bio to learn more.
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