The average business owner makes around 60k a year.

[The Devil's Advocate]

I do feel like unless you want to start a business for something that you are just dead set passionate about (and so the extra hours wouldn't matter to you), the best bet would of course be the 9 to 5 but then dabbling into one of those low/no expense "businesses" (side hustles) that have the potential to blow up. I'm talking:

TikTok
Youtube
Instagram
Twitch
Podcasts
Blogging
etc

It's over-saturated now i'm sure, but if you have even a smidge of charm, charisma, personality or insight, or travel often, you should explore monetizing yourself. Probably the most low expense "business" you can have. Low hanging fruit.

Above that, any and everything else will require a level of effort, research, and likely funds that may be harder to come by. Whether that's property/real estate, truck driving, personal training, stocks, etc.

And this is why I say do something you love. Don’t blog. Don’t be an influencer. Don’t promote for free

Nah… make an entertainment business. Write off your computer, your internet, your cameras, your wardrobe, etc. You are an entertainment company.


This is what I teach my son. You’re going to buy video games anyway right? Well if you work for yourself as a video game blogger, you write off the tv, the PlayStation, the gaming computer, the live stream….. all that.

 

[The Devil's Advocate]

You got it. Next time try reading what i actually wrote breh.

Let’s read it

“Yup and running a small business isnt some come in at 9 and leave at 5 shyt. You are working all day and even when you are not something always comes up its literally no days off. If you dont love what you are doing that is a very rough ask for the average person.”


Oh ok. So what I said exactly applies. Because NO. Running a small business does not mean any of those things automatically. It depends on the business.

so what did I get wrong exactly

 

[krackdagawd]

Let’s read it

“Yup and running a small business isnt some come in at 9 and leave at 5 shyt. You are working all day and even when you are not something always comes up its literally no days off. If you dont love what you are doing that is a very rough ask for the average person.”


Oh ok. So what I said exactly applies. Because NO. Running a small business does not mean any of those things automatically. It depends on the business.

so what did I get wrong exactly

Yeah i know the instagram/tiktok "everybody get an llc " is whats trendy now. Im not discouraging anyone from doing anything just putting the reality out there that its not as simple as these social media hustlers make it seem. Running a business is work nowhere did i say you cant take a vacation or wont make money. When you are the boss everything falls on your shoulders employees dont show up or gets sick who picks up the slack? Customer fukkery, hhortages in all types of supplies going on right now and vendors are going nuts. Who do you think has to deal w the brunt of this stuff? Me saying not everyone is built for it is a problem to you?

 

[Rozay Oro]

Man I could never work under a boss again. I wake up when I want, leave when I want and travel when I want.

What’s your business or whatever you do?

 

[The Devil's Advocate]

Yeah i know the instagram/tiktok "everybody get an llc " is whats trendy now. Im not discouraging anyone from doing anything just putting the reality out there that its not as simple as these social media hustlers make it seem. Running a business is work nowhere did i say you cant take a vacation or wont make money. When you are the boss everything falls on your shoulders employees dont show up or gets sick who picks up the slack? Customer fukkery, hhortages in all types of supplies going on right now and vendors are going nuts. Who do you think has to deal w the brunt of this stuff? Me saying not everyone is built for it is a problem to you?

I’m saying plenty of bosses and ceos don’t deal with that shyt. They have managers, store managers, regional managers, etc to do that. Accountants for financials etc etc etc


I’m not arguing that it’s never what you said. Just the way you said it, makes it seem like it’s always like you said. It’s not. Some bosses barely work, some never stop working

 

[Wildhundreds]

At 60k you are making more than the avg HOUSEHOLD in America.

nikkas can’t take trips off that? You’d rather work for another man and have to ask him for days off to take the trip in the first place?

Y’all crazy as hell. Ain’t a job in the world I’d keep if I could make the same money working for myself, doing what I love

They have no skills to even form a LLC. People who start a LLC was making money in that line of work before the LLC. Lot of ignorance in this thread. A whole lot.

 

[Based Lord Zedd]

These companies like Amazon, Airbnb and Uber STILL operate at a loss

14 Famous Companies That Aren’t Profitable


So yes they make a lot of money, but after all the deductions and spending, they say they don’t actually make any money.

Well it’s the same concept. If I write down I make 60k for my clothing business, then I need to write down how I also lost 70k. And you are a business so everything operates like a business. I’ll do some simple ones….

If you had to drive your car to deliver packages at work, wouldn’t the company owe you compensation for mileage? Well aren’t you dropping packages off and picking up materials for your business? That’s a standard deduction of I believe 6,000 or so right there. Using your personal vehicle for business.


I go on trips. So guess what. I write off my tickets, my meals, my Ubers, my hotel, everything. How? Take some clothes with me, give some out, take some flicks… now it was a work trip, I did photoshoots, I gave away promo clothes, I had meals, rental, hotel paid for just like I would if a 9-5 sent me on a business trip. Except they compensate you. Well your llc didn’t compensate you. So that’s a business expense.

I can also buy clothes for myself. Samples. It’s why rappers get to write off chains as promotional items if they say the label name or artist name (as the artist is a private contractor). It’s why labels call rapper tax write offs. Cause they lll give them a fake budget and write all types of shyt off around his name, but never invest the real money in him.



And yes you need receipts. Yes you can bend a dinner date into a business meeting and the IRS isn’t hunting down ruby tuesdays to see if you discussed business that night (all you have to do for it to be a business meeting.) and yes if you keep doing this or do some crazy shyt, they will come knocking.

But again. It’s not illegal. In fact, if the irs thinks you post too big a loss for too many years, they’ll shyt your business down and label it a hobby. But it’s no charge unless you flat out lying. But then if they shut you down, like trump, just open another one and reset the clock.


it’s the america way. How you think the rich get these “loopholes”. Ain’t nothing much but looping up some bullshyt losses and making everything you do, somehow apart of the business

I appreciate this, let me know if you have any links or resources I can use.

I thought I was doing something, deducting part of my housing costs (i have a dedicated room for business), equipment, some furniture, etc. but I have a ways to go.

And you are right, this is the American way. 1099 income is great. I have a friend who is always pulling some of the moves you mentioned. Like we'll go out to eat, he will order a bunch of shyt then claim it's a business lunch. Him and his wife are already well off he doesn't even have to do that, but that's how these rich a$$holes keep stacking as you said.

 

[Based Lord Zedd]

They have no skills to even form a LLC. People who start a LLC was making money in that line of work before the LLC. Lot of ignorance in this thread. A whole lot.

I agree with this, I didn't start my LLC until I needed business accounts to hold my $. The LLC didn't change my work.

 

[mobbinfms]

Actually everything you named as expenses is also written off on your taxes. Like maintaining, fixing, advertising…. Those are all business expenses.


But I’ll keep saying it. Every business and job is different. So you ain’t always going to be right and neither is he. Cause it depends on 1000 factors

But that is money that you have to spend and that affects the bottom line.
The example from black pearl was erroneous in that it assumed outright ownership of a 20 unit building with zero expenses.

 

[Wildhundreds]

I agree with this, I didn't start my LLC until I needed business accounts to hold my $. The LLC didn't change my work.

Everyone talking LLC but nobody is saying for what business. A lot of these LLC boasters are probably taking loans out under that LLC and dumping it.

 

[Jekyll]

At 60k you are making more than the avg HOUSEHOLD in America.

nikkas can’t take trips off that? You’d rather work for another man and have to ask him for days off to take the trip in the first place?

Y’all crazy as hell. Ain’t a job in the world I’d keep if I could make the same money working for myself, doing what I love

If it means that much for you to own your own business then do that but that “work for another man” talk is simpleton shyt that I wish we would let go.

I made more than 85% of small businesses sleeping at home half the year. With investments I’m learning and having the time to actively invest every day I could realistically retire within 10 years. You can’t look down on us for working smart and not hard.

 

[97Pac]

What’s your business or whatever you do?

I setup crypto mining equipment for clients.

 

[Wildhundreds]

If it means that much for you to own your own business then do that but that “work for another man” talk is simpleton shyt that I wish we would let go.

I made more than 85% of small businesses sleeping at home half the year. With investments I’m learning and having the time to actively invest every day I could realistically retire within 10 years. You can’t look down on us for working smart and not hard.

Unbelievable.. You talking nationwide or where you live?

 

[Jekyll]

Unbelievable.. You talking nationwide or where you live?

I mispoke. I meant small business owners.

https://www.fundera.com/resources/small-business-revenue-statistics

“86.3% of small business owners make less than $100,000 a year in income”

I made a bit more than 100k too, I’m just throwing that number out there.

 

[™BlackPearl The Empress™]

Sorry for using you as an example, but just want to show this is how people lose in the game. The oversimplified meme talk.

“Let’s say you own an 20-unit apartment complex” - well, how did one purchase a 20-unit apartment complex? All cash? No debt?

How did one fix it up after purchasing it, to make it extremely livable and up to code and trendy or fitting for the environment/city it’s in?

How long did it take you to get 10 units filled post renovation AND how do you pay for maintenance etc - or are you a slumlord?

After your 10k, you are telling me you have no expenses from the building or permits or late rent or maintenance costs?

You actually would be in debt with your simplified example. And this is how LLC Twitter lies/misguides our people…

It's a made up example to illustrate how writes off work in business. In reality half the units wouldn't be empty and the average price of each unit would be well above $1000. So it would make up for the additional monthly costs. And yes investment take time to make profit after the original investment. That's common sense. It needs to be simple so people can see the possibilities. If you think it's supposed to be that cut and dry then that's just simply lazy thinking.

But let's get more specific since that's what you wanna do.

Let's say the person put 20% down on $1M property. The payment would be about $4600.

Let's says a studio goes for 1k, 1 bed goes for $1300, 2 bed $1600, 3 bed $1900. There are 5 of each unit, one of each being unoccupied.

Revenue from the units
studios = $4000
1 beds = $5200
2 beds = $6400
3 beds = $7600

Total monthly revenue $23,200

Expenses:
Mortgage - $4600
General maintenance - $2000
General repairs - $2000
Insurance - $1000
Management services - $3000
Other expenses - $2000

Total monthly expenses - $14,600

Profit - $8600

Actual annual take home $103,200

And here is the best part...you don’t have to pay taxes on earnings until you recover your original investment ie the 200K you put down.

In reality you recope your original investment in 2 years.


So for an apartment building that you pay someone to manage your cash flow is still better than the cash flow from a 9 to 5. You get your original investment back fairly quickly and you have an asset that will pay you for the rest of your life.

But it doesn't stop there. You can also have a job and double your income. Also once you get your 200k back within 2 years you can now use that money to do it all over again.

Even if you wanna throw in another 100k for rehab work and get your original investment back in 3 years instead of 2 its still a win.

And this is just 1 example, there are many examples of how to make it work for you. shyt you can use your business to offset your 9 - 5 money to reduce your tax burden as well. But that's too much game for a bunch of people who don't know business, don't care to learn and only wanna make excuses.