Question: Separating Personal/Business Finances
My wife runs her own photography business (6+ years). It has been successful (as far as sole-proprietorship 0 employees businesses go). The problem we have is that currently personal and business finances are mixed. This makes figuring out taxes harder than need be and puts a strain on personal finances when the business needs to invest in equipment/marketing.
We've known that we've needed to get things strictly separated, but are wondering when is the best time to do so.
My question is this:
Is it better to wait until the business is back in the black during summer/fall and then separate finances (ie: open business account with line of credit), or will there be much of a difference if we do that now and just transfer the balance?
Answer:
Have you considered treating them as totally different accounts? Like make it so that there is no confusion, I would personally just act like the company is paying your wife and keep the rest completely separate.
As for as the book, a beginner's college textbook or accounting for dummies may help, you can get that from half or abe books (both online)
Question: Student loans, investing, etc, any advice appreciated!!!
I am in the medical profession and make 300K/year. I owe 270K in student loans. This is the total amount for both my wife and I. We were in a private school for 7 years each. My wife is not currently working r/t having a baby boy at home.
My question is what is the best way to pay this off?
1. Should I make minimum payments and let it drag on for 20 years seeing how the value of the dollar is falling...
2. Should I increase payments to the higher interest loans?
3. Is there a way to consolidate all of these loans at a lower fixed interest rate that I am unaware of???
4. Any and all advice appreciated.
What are you people investing in??? I can’t see myself investing in stock market and when it’s time to retire getting taxed possibly 70% on that income.
Answer: This may be asking too much, but with all of the families that live on 30k a year....is there any way you can get on a serious budget and knock out the loans in two years? It shouldn't be too hard, with 270/2(years)=$135,000 in loans per year. 300-135= $165,000 leftover gross from your job. That should be easy enough to live off of. That's the simplistic but obvious approach and you can simply adjust the timeliness of paying off the loans with your taxes. I just did the math with what you gross.
Question: Is real estate business good money making?
Does real estate business make good amount of money? I want to become super rich in the future. If not, what other business do you recommend for good money making?
Answer: I'm not sure you'll get "super rich" in real estate if you aren't completely enamored and passionate about it. But if you start now, you may make a considerable amount of money if you can stay above water until the market comes back into full swing
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