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Thread: Side business

  1. #26
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    What about stocks? If you have money that you're not sure how to invest, blue chip stocks might be the way to go. Any revenue from a side business would be taxed much more, I'm guessing.

  2. #27
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    Quote Originally Posted by tlg View Post
    If I had free time and looking for some extra cash, I'd give the Oldest Profession a try.
    Why would someone want to be an encyclopedia salesman in this day and age?

  3. #28
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    Quote Originally Posted by Touch0Gray View Post
    Been running my own business since 1979. Next person that says "you're lucky, you got your own business".......

    I decided early on to keep it a one man show.

    Seriously, you are on, 24/7. If you're not actually working, you're worrying about it.

    Work always comes first, it has to or it doesn't work.
    The worst part of working for yourself is when the boss is a jerk. :-)
    Bad decisions make great stories - JP

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  4. #29
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    Quote Originally Posted by tk288 View Post
    Looking for some side business ideas. Have some free time and looking to starting a business. Anybody started a business with tips or advices?
    The worlds nastiest candy company is up for bid...
    Bad decisions make great stories - JP

    Spring is here... snowflakes are melting.

  5. #30
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    Quote Originally Posted by Touch0Gray View Post
    Been running my own business since 1979. Next person that says "you're lucky, you got your own business".......

    I decided early on to keep it a one man show.

    Seriously, you are on, 24/7. If you're not actually working, you're worrying about it.

    Work always comes first, it has to or it doesn't work.
    I agree.
    I've also been SE since 1979, and at 63, I'm ready to call it quits. Haven't had a vacation in over 25 years and am looking forward to some quality time with the family.
    I'll probably continue to stay busy with 'other stuff' but that continual 24/7 worrying about the business will be gone forever.
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  6. #31
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    Quote Originally Posted by Christine View Post
    What about stocks? If you have money that you're not sure how to invest, blue chip stocks might be the way to go. Any revenue from a side business would be taxed much more, I'm guessing.
    Unless you have a ton of cash to invest you're not going to generate a decent amount of cash flow each month. I think that's what the OP is looking for, some steady income.
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  7. #32
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    Quote Originally Posted by roadfix View Post
    I agree.
    I've also been SE since 1979, and at 63, I'm ready to call it quits. Haven't had a vacation in over 25 years and am looking forward to some quality time with the family.
    I'll probably continue to stay busy with 'other stuff' but that continual 24/7 worrying about the business will be gone forever.
    A few years ago I was in discussions with a couple colleagues about joining their small consulting firm. One of the benefits they touted was that they would eventually hope to sell the company to me and one or two other employees. What you describe is one of the reasons I didn't go with them.

  8. #33
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    Handyman, light auto repair - like brakes, oil changes, spark plugs, pressure washing, fence building/repair, landscape maintenance. Small jobs that people need done and have no idea how to fix/repair/complete. I make some nice pocket money off my co-workers doing all of this stuff. Grew up around poor farmers so am very adept at fixing and repairing things. NONE of my co-workers even have a clue about the most basic, easy stuff. Like changing a door knob. Made $50 doing my friend's front brakes last Sunday, took an hour. This way, it's on your time and not a full-time job that you;re worried about like some of the other self employed folks here. THAT is one of the big reasons I don't go full time for myself. I want time off and need insurance that I can afford.

  9. #34
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    I know a guy who does that; buys or just picks up old lawnmowers and snowblowers, repairs them, then sells them. /he lives on a busy corner, so advertising is easy for him.
    "L'enfer, c'est les autres"

  10. #35
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    Quote Originally Posted by Christine View Post
    What about stocks? If you have money that you're not sure how to invest, blue chip stocks might be the way to go. Any revenue from a side business would be taxed much more, I'm guessing.
    So I do have a brokerage account setup. I could just continue to put in that and stay on top of the market.

    Putting in to pay off my mortgage is not preferable because of the low interest rate that I have.

  11. #36
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    Quote Originally Posted by tk288 View Post
    So I do have a brokerage account setup. I could just continue to put in that and stay on top of the market.
    Or, if you have some money you can afford to lose, you can gamble by day trading individual stocks or funds on your free time.
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  12. #37
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    Quote Originally Posted by Retro Grouch View Post

    I made enough money to buy a new pellet gun!
    Which would open up this opportunity: https://www.mepps.com/squirrel-tail/...m_campaign=STP

  13. #38
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    Quote Originally Posted by Christine View Post
    What about stocks? If you have money that you're not sure how to invest, blue chip stocks might be the way to go. Any revenue from a side business would be taxed much more, I'm guessing.
    You are absolutely right, providing you go ahead and actually declare the side biz income...many do not. And they likely get away with it for...ever.

    So to address the + and - of each, stocks versus a business you own - I do both, and do the accounting/taxes. So have a pretty good handle on the differences.
    If you own your side business, you have to pay self-employment tax, plus federal, state, and local tax. For me, in NY this can be close to 50%. But I do it anyways.

    If you are already making a decent household income, this can make your federal tax rate alone on the side business approach 40%.

    BUT, there are lucrative side business deductions, and that is the key. You can deduct business expenses, which means travel, meals, car, home office, phone, computer, internet, and so on, which can reduce your actual income to a much smaller number, depending on circumstances...

    So plan, plan, plan, and take a hard look at the numbers before starting down the self-employment road.

    Stocks, simple - long term stock gains, federal tax rate = 15% unless you are unusually wealthy (<1%).
    Qualified dividends from stocks, again federal tax rate = 15%.

    If you want to get "interesting" and buy master limited partnership stocks (MLPs) your income in the year you receive the "dividends" (actually return of capital) will have no tax, = 0%.

    These MLPs are tricky tax wise, and not advisable to own in a 401K. But, I can tell you (I own a "few" MLPs) they are very nice investments overall, IF you buy smart.

    What is a great stock pick for dividends today? Read Motley Fool, Seekingalpha, etc. I get 5-6% income on most stocks, which after tax makes a side business look a lot less appealing.

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