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Search results

  1. tonyf7

    Looking For Perspectives On Using Debt As Income vs Paying Yourself An Income

    INVESTING 
    Good insight, thank you. I've owned my service-based business for a decade now, and my tax bill last year was horrific, but also a good sign that I'm profitable. I would rather not do that again, though. So that's why I'm looking to purchase some income-generating assets instead. In hindsight...
  2. tonyf7

    Looking For Perspectives On Using Debt As Income vs Paying Yourself An Income

    INVESTING 
    I currently own a business and I'm considering purchasing some equipment that should generate more income. As I did research, I kept coming across this idea of buying assets and borrowing against them, which led me to ask the question that I posted.
  3. tonyf7

    Looking For Perspectives On Using Debt As Income vs Paying Yourself An Income

    INVESTING 
    I've been hearing a lot lately about how the rich don't pay themselves an income, but instead borrow against their assets and use that debt to finance their lifestyles. So long as their assets continue appreciating in value, they can continue borrowing against them and avoiding a huge tax...
  4. tonyf7

    Looking for recommendations for an Accountant/CPA

    I own a growing appliance repair business. Looking for recommendations for an accountant/CPA. They can be local to Arkansas or virtual if they're really good. Here's what I'm looking for: ✅ Bookkeeping ✅ Payroll ✅ Taxes & tax planning ✅ Monthly and quarterly financial reporting ✅ Takes an...
  5. tonyf7

    7 year plan

    INVESTING 
    Thank you for that! Just downloaded The Intelligent Investor and will start tonight!
  6. tonyf7

    7 year plan

    INVESTING 
    I think that's what I'm really going for here. That sense of freedom that comes with not owing anyone a damn thing! I feel it'll clear up a lot of head space to focus on other more important things.
  7. tonyf7

    7 year plan

    INVESTING 
    Problem I'm having is I have no real investments other than some old 401ks and and an IRA. I have some learning to do about investing.
  8. tonyf7

    7 year plan

    INVESTING 
    Our youngest child should be graduating high school in 2027. If we send an extra $1350 a month to our mortgage we'll be debt free by 2027. We'd shave off a total of 21 years and 9 months from our mortgage and save $95,600 in interest. The only other debt we have is a car note that should be...
  9. tonyf7

    How to invest when you know very little about investing?

    INVESTING 
    Late last year I starting thinking to myself that the market was due for a correction. It took a decade for my investment property to regain all of its value from the 2008 crash. So I decided to sell the property before another crash. I didn't want to get stuck with it for another decade (or...
  10. tonyf7

    Scaling a Service Business & Hiring a Coach

    Well, I'd say the "thrill of the hunt" is a positive. It's exciting to wake up everyday with a problem to figure out. Good problems of course. Not "where am I gonna get money to pay my mortgage" type problems, but more like "how do I create an employee training system for my business" type...
  11. tonyf7

    Scaling a Service Business & Hiring a Coach

    I can see that being a very valuable service. An answering service that understands the service industry. Excellent idea. I have not outsourced anything so far but I am considering looking for a book keeper. Not because it's a huge time burden, but because I want to make sure the finances are...
  12. tonyf7

    Scaling a Service Business & Hiring a Coach

    I really like your suggestion of starting small with the hiring stuff. Not sure if this would count, but I just hired a teen family member to go deliver door hangers to local residents! My family and I delivered the first 200 ourselves and as much as I enjoyed the walking and family time, I...
  13. tonyf7

    Scaling a Service Business & Hiring a Coach

    Yes, I agree. A true goldmine of valuable advice. Franchising is something I have always day dreamt about, but from where I am now in my business, it has always felt like an impossible dream. I'm not afraid of hard work as long as I can see the path somewhat clearly. Thank you for the book...
  14. tonyf7

    Scaling a Service Business & Hiring a Coach

    Holy crap @Dan_Cardone ! If there is a "magic list" out there I think you just created it! I feel like I owe you money for all the value you just provided! Seriously, thank you. I'm the kind of person that really enjoys having a plan, or at the very least an outline of a process that I can...
  15. tonyf7

    Scaling a Service Business & Hiring a Coach

    I'm definitely looking forward to writing my first job description. I bet It feels like a mix of relief and terror. We definitely do get some referrals and repeat business. Our name is getting out there even without advertising. We also do a lot of warranty work so we leave our information...
  16. tonyf7

    Scaling a Service Business & Hiring a Coach

    Thank you so much for the words of encouragement. Feels good to hear from someone who has actually been in my shoes. Before I can hire anyone, I assume I need to make more revenue so I can afford to pay them. Especially if I hire someone with no experience, it's going to take a while before...
  17. tonyf7

    Scaling a Service Business & Hiring a Coach

    With so much focus on internet companies these days I'm finding it less common to find good information out there on how to systemize and scale a local business. I own an appliance repair company and if I don't work tomorrow, I will not make money. I need to get past this stage. I posted...
  18. tonyf7

    Millionaire Fast lane book gets a shoutout on recent YouTube vid

    MINDSET 
    @MJ DeMarco got a shoutout on this recent YT vid I came across that talks about "the secrets of the rich". Pretty good content, actually. View: https://youtu.be/A6j2B7pkblk I'm not affiliated in any way to this channel btw. Just thought it was cool to see the fastlane gospel spreading. The...
  19. tonyf7

    Thoughts on Whole Life Insurance as an alternative to banking?

    INVESTING HOT! 
    Great insights! I think we're going to sell it and pay off all our debt (including the mortgage of the home we currently live in). It has been a golden goose for us for over a decade now. We've financed two cars with it, got some cash out of it and recently rolled in some student loans into it...
  20. tonyf7

    Thoughts on Whole Life Insurance as an alternative to banking?

    INVESTING HOT! 
    @JScott If I'm remembering correctly, I think I read that you deal in real estate quite a lot? What do you think about the housing market? Think we're due for a correction? I own a property in Washington D.C. that is just now getting back to the value it was at before the 2008 crash and I'm...
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