We made some good progress over the past week and scratched a few more items off the list. A little while back, we started off with a long checklist of steps we needed to take in order to start our businesses, and each week we’ve been crossing things off the list. It a great feeling. Tammy and I like to talk about where we could be in a few months at our current rate of progress, and what our lives could be in 6 months to a year. We’re very optimistic but we also keep ourselves in check.
If we were both in our twenties and had fewer responsibilities and obligations, we may have taken a different route to become self-employed. But at this stage in our lives, we are very careful and thoroughly analyze every option before we make a decision. It’s too easy for unexpected bumps to appear in the road so we like to plan with an eye on security. And the greatest security I know of is to be financially self-dependent; to be responsible for your own sources of income rather than be totally dependent on your employer’s business doing well, or the economy remaining stable and not losing your job. Considering the fact that so many people’s lives have been uprooted due to losing their jobs, it seems like less of a gamble to start a business while I continue to work 40 hours per week at my current day job. So we keep chipping away at our business To-Do list. So for this week, here’s what we’ve done:
- Met with our attorney to review and approve our Operating Agreements for our LLCs
- Tammy registered a “fictitious name” or DBA (“doing business as”) for her website and filed it with the SCC (State Corporation Commission)
- Opened business checking accounts
- Reviewed Business Group Health Insurance Plans
This month, we’ve been making some decent progress getting all the legal aspects of our businesses set up. Not exactly fun stuff, I’ll admit, but necessary. Friday we’ll be seeing an attorney who specializes in small businesses. Hopefully he’ll be able to answer the questions we have and help us get all the legal aspects finalized. One of the next things on our to-do list is to open our business checking accounts. When you’ve established a business, it’s important to keep your business and personal finances separated. It just makes good business sense – for bookkeeping and legal purposes. You can file all your LLC paperwork correctly, but you need to actually operate your business as a business in order to ensure the legal protections (like limited liability) that creating an LLC can provide.
As you know, we’ve been studying the courses at Internet Business Mastery Academy and using their step-by-step instructions for launching our internet businesses. Of course, we can’t pass along all the information we’re learning there, because it wouldn’t be fair to Sterling and Jay, who have put a lot of time and effort into creating the Academy. With that said, once in a while, we learn something at the Academy that’s just too important not to share with you. In a recent course, Sterling and Jay shared a really good tip for further protecting your business funds. Whether you’re going to formally establish a business, or go the more informal route – if you’re doing business on the internet, this is an easy but essential step you should take to protect your money. And because it’s so important, we wanted to pass this tip on to you…
I like money, how about you? Don’t get me wrong, though…I don’t worship money. Contrary to popular belief, I don’t think money makes the world go around. In fact, I’m pretty sure that Newtonian physics plays at least some role in the whole world-going-around thingy. Old-time comedian, W.C. Fields said: “A rich man is nothing but a poor man with money.” In other words, we’re all basically the same. We all want to be happy. But sometimes it’s hard to even recognize when we’re happy; we fail to enjoy the good times because they get squeezed in between worry, sadness, fear, depression, and an all-around poopy mood. That’s when you find some people turning to food, alcohol, drugs, promiscuous behavior, gambling, various obsessions, or even worshiping the Flying Spaghetti Monster for a short burst of mood-enhancement. But there are better ways to tap into that life-giving succor called happiness. For example, Tammy and I make it a point to buy stuff now and then so we can get our mood-enhancement fix. Buying stuff really tickles our fancies. And we like it when our fancies are tickled…er, whatever.
The point I’m trying to make is that we value our readers and to show it, we want to give back some appreciation. Short of reaching out of your computer screen and tickling your fancy (wearing latex gloves, of course- sicko!), we want to give one lucky reader of our blog the chance to feel happy for a couple minutes by giving you the chance, once again, to win some affiliate commission cash. You can spend it on whatever you like…video rentals, books, Swedish massage, or even Barry Manilow’s Greatest Hits (sicko!). The question is, what do you have to do to get a little affiliate commission love? Great question! And here’s your great answer… Continue reading
The Question: How Much Money Do I Need to Have Saved Before I Quit My Job?
The Answer: Exactly $28,436.26
If you’re scratching your head right now and the thought, That’s Bullshit is running through your mind, good for you! Read on…