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S5E1: Sierra Nevada Dank Little Thing | Smart Financial Planning | Business Banking 101
Manage episode 430406974 series 3580498
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Disclaimer: The information in this video does not constitute Financial Advice. Consult with a Financial Advisor before making any decisions regarding your finances.
This week, Pam and guest Francis Plata discuss "upside down budgeting." Pam explains reverse-engineering business revenue to meet personal financial needs, using wedding savings as an example, and emphasizes keeping personal and business finances separate. She also advises Francis on calculating marginal tax rates and saving for taxes.
They offer tips for starting and managing a business, including opening a separate business account and comparing banking options. Pam also covers news topics like the Summer Olympics, IRS regulations, and cybersecurity.
5 Key Lessons:
1. Pam explains how personal financial goals, such as saving for a wedding, can dictate business income targets.
2. Open a separate business account to distinguish between personal and business expenses, simplifying tax filing and enhancing clarity.
3. Calculate your marginal tax rate and save accordingly to avoid year-end tax surprises, even if you're running a side gig.
4. Consider the benefits of having a local bank relationship versus the convenience and interest rates of online banks like Relay, Sofi, Ally, and Betterment.
5. Create a business budget driven by your financial goals, meticulously track expenses, and plan for future sustainability.
📰 On this week's What's News:
1. Summer Olympics Gambling
2. IRS Updates
3. https://ezcyber.solutions/free-training
Check out EZIT For Your Cyber Security Needs: https://ezit.solutions/
Today's Brew🍺: Sierra Nevada Brewing Co. Dank Little Thing I.P.A
🍻 The P.B.K.P.I (Pam's Beer KPI) Scale ⚖️:
1. Pam's Not Touching It
2. It's Sippable
3. I'd Drink it Again if You Gave it to me
4. I'll Order it if it's on the Menu
5. I'll Seek it out
About the Brewery:
Ken Grossman, founder of Sierra Nevada, began his journey with backyard tinkering and covert science projects, leading to his
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Produced by Francis Plata & Forward Press Media: www.forwardpressmedia.com
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