As an entrepreneur, Bob Lotich loves growing and expanding. But after a particularly stressful year, he realized he had burned out. He woke up one Monday morning and, for the first time since he’d started self-employment, he realized he didn’t want to go to work. This was a new and uncomfortable feeling. He decided to take a mini-retirement. He had taken long breaks before. In the past, Bob had taken a full month off of work. This time, he wanted to a more ambitious break. He wanted to take a quarter off. He went to his whiteboard. He wrote the goal[…]
Tag: entrepreneurship
Everything I Know About Blogging, Condensed into One Post
Today is Afford Anything’s five-year birthday. Er, anniversary. Birthiversary? Exactly five years ago today, I published my first blog article. Actually, I published my first five articles. They were terrible. Deplorable. Appalling. Ghastly. An affront to the English language. I’ve edited those articles multiple times over the past five years. I wouldn’t go so far as to say that they’re “good,” but at least they’re no longer an insult to human[…]
Five People, One Income, and Self-Made Success
Myth: If you’re supporting 5 people on 1 income (and it’s not a high income), you’re screwed. You’ll never become a business owner or an investor. You’ll be lucky just to pay the bills. Fact: Ladies and gentlemen, meet success story: Rental Randy. In my last blog post, I re-emphasized that the best way for two-income couples to turbocharge their savings and investments is to live on one persons’ income, and save 100 percent of the others’. Live like you’re a one-income couple. This led to a great follow-up question: What if you’re already a one-income family? Specifically, what if you’re a family of 4 or 5, living on one income? What then? (And what if you’re single — a[…]
The Biggest Accounting Mistake Small Biz Owners Make
Do you run a small business? Are you self-employed? If so, there’s a strong chance you’re among the thousands of small business owners who make this critical accounting mistake … … and thanks to this one simple error, they never realize how strong or weak their business is. Yikes! No, it’s not a mistake that will get you in trouble with the IRS … in fact, tax laws are written in a way that promotes this erroneous way of thinking. As a result, some small business owners spend their lives never realizing they’re committing this glaring error. Many small business owners — especially solo entrepreneurs — confuse profits with pay.[…]
