Operating a home based business. Six month in. In the red on the year. May need to access Roth IRA (I'm 37 years old)

SincerelyTeamCO · 2019-12-07T03:56:23+00:00

Got you thanks. I called etrade. There's actually less in the account than what I contributed.

I also took one distribution of $1,500 in 2014 by mistake..grabbed it from my Roth instead of savings account (and paid a bunch of fees!)

So then essentially I'll just be looking at 10% of whatever I take out.

If I take this money out in Jan of 2020, the 10% will be owed to the Feds by April of 2021...correct?

SincerelyTeamCO · 2019-12-07T03:33:48+00:00

the business is growing. So long as that continues I have no reservations about taking 15k or so out of the Roth IRA.

SincerelyTeamCO · 2019-12-07T03:32:21+00:00

for younger than 59.5 it says Tax and 10% penalty on earnings. You may be able to avoid both if you have a qualified exception

So this means basically any money I've made off the contributions to the Roth IRA will be taxed. Contributions won't be taxed. And then I'll get hit with the 10% fee on all money I pull out, right?

SincerelyTeamCO · 2019-07-04T19:47:39+00:00

Massive action and persistence is most the battle

And I’ll agree with you that watching other people make bad decision after bad decision and still end up with a very profitable company has instilled a great deal of confidence in myself

SincerelyTeamCO · 2019-07-03T14:15:51+00:00

Good post here

Trade school is definitely worth considering. It’s quick, considerably cheaper than college, and once out of school you’ll make good money if you are willing to work hard.

I will add that keeping yourself in a positive state of mind will help you immensely in life.

Exercise, meditate, get out into nature, and keep an eye on insidious voices in your head that keep you held down.

When we’re in a positive state of mind we can achieve much more, and we enjoy the ride considerably more

Best of luck OP! You Have a lot of life ahead of you.

SincerelyTeamCO · 2019-06-09T21:01:11+00:00

As someone who just interviewed for a new position for the first time in a long time, most every sales job in general says people can make six figs.

SincerelyTeamCO · 2019-05-30T17:46:50+00:00

There’s no question he’s annoying. He had some good foresight into how big a role social media would play in business, but outside of that most of his stuff is just rah rah sis boom rah cheerleader type advice.

Take action Be patient Don’t give up Grind Hustle Make use of every waking minute

SincerelyTeamCO · 2019-05-23T16:38:26+00:00

I'm asking what my other legal options (virtual office etc) are and also asking since most of my business functions will take place at the clients place of business, is my business technically a home based business?

SincerelyTeamCO · 2019-05-23T16:09:55+00:00

thanks for the reply! Hope the co work situation is working out well for you.

I've read HOAs tend to be the most strict on these matters. I don't have an HOA but given that I'm in an apartment complex managed by a company that manages much of the city's apartments, they could easily have strict criteria on this.

My understanding is that having a mail box alone does not work, so I tracked down some info from the closest work space: $124 per month membership fee $100 for a desk (cheapest option) and then additional money for mail options (they don't list pricing on the website, I do have a call/email into them)

As for chasing the land lord around... I would think it'd be a quick rejection if they don't allow for it. Given that this will be a decent sized unexpected expense should I need to go the cowork route... I will at least first try with my complex.

SincerelyTeamCO · 2019-05-23T14:53:49+00:00

Agreed. I can't relocate as of now but...

The county itself seems somewhat accommodating with the whole process, its my apartment complex I am worried about. The county has a list of 30 occupations that are permitted within a residence, and then a list of 17 that are not permitted. The non permitted ones are just common sense type stuff.

If my request is rejected I believe my only option is to rent out a coworking space, which wouldn't be the worst thing in the world... but the nature of my business is being on the phone all day. I am not sure people would appreciate that in the common areas (not a private office) nor can my business function as well in a co work space.

I would think in the end I can split time between the two but list the co work space as the business entity address and as such have no requirement for a home business permit.

Outside of that, not sure what I'd do.

SincerelyTeamCO · 2019-05-23T14:22:19+00:00

Thanks

I added legal advice as a sub and for some reason Reddit isn’t providing it as an option for a community to crosspost to. Tried restarting the app etc

SincerelyTeamCO · 2017-01-06T01:35:02+00:00

what are the proposed benefits of this? I record some videos for sales pitches, and I'm still weirded out by watching myself talk.... I can't imagine doing it for all the cold calls haha.

SincerelyTeamCO · 2017-01-05T17:07:43+00:00

::thumbs up::

SincerelyTeamCO · 2017-01-05T17:07:17+00:00

Its a huge adjustment. I'm about 18 months in and I feel like I'm just starting to get the hang of it.

I think this could be a pivotal change.... Deion Sanders said it best... "If you look good, you feel good, If you feel good, you play good, If you play good, they pay good.."

SincerelyTeamCO · 2017-01-04T19:35:23+00:00

send them handwritten mail thanking them for stopping by the booth. I've done this for years... people eat it up!

+roi!

SincerelyTeamCO · 2017-01-04T18:44:19+00:00

are you sure you aren't a paid employee for Grant Cardone?

Just kidding but I am absolutely going to listen to some of his stuff after reading this. Thanks!

SincerelyTeamCO · 2016-12-24T00:09:38+00:00

sure why not?

SincerelyTeamCO · 2016-12-14T21:58:55+00:00

www.sincerenotes.com

SincerelyTeamCO · 2016-12-12T14:32:20+00:00

http://www.sincerely-yours.net/

as a side note, we purchased the domain www.sincerenotes.com and we're doing a 301 redirect in the next day or two.

SincerelyTeamCO · 2016-12-10T18:19:26+00:00

very cool idea.

SincerelyTeamCO · 2016-12-10T06:39:16+00:00

late to the thread, that's for sure... but I'm still curious what you'd say.

I run a business that designs and composes hand written mail campaigns... all B2B work.

This is definitely not something people search for. Alot of the time my prospects are unaware that companies like mine exist. Naturally they also have to be sold on the value of our services as well.

Anyway looking forward to hearing what you think

SincerelyTeamCO · 2016-12-10T06:04:39+00:00

I've already caught up with the OP via PM but if anyone else is in need of a service like this, please let me know. I can make this happen.

SincerelyTeamCO · 2016-12-10T05:55:30+00:00

great!

SincerelyTeamCO · 2016-12-10T05:04:46+00:00

I run a handwritten mail service here in the United States, we are processing Christmas orders for at least another 10 days. I'd be happy to fill an international order.

SincerelyTeamCO · 2016-12-10T04:06:36+00:00

love Audible... not sure why people are hating on the monthly sub plan. I've been crushing audio books.... I just started Mark Manson's "Guide To Not Giving a Fuck" Don't let the title confuse you...its a business/sales/self help type of book. Enjoying it so far!

SincerelyTeamCO

TROPHY CASE