With finfluencers everywhere talking about 6-figure incomes and starting a side hustle, is it even possible to build wealth, reach your financial goals and retire one day working a 9-to-5? It sure is, and that's one of the reasons I invited Nathan Kennedy, who you may know from TikTok or Instagram as NewMoneyNate, to talk all about it.
In this podcast episode, Nathan not only shares his tips for employees to earn smarter, not harder while living the life they want, but we also discuss financial certifications and the lack thereof with many financial content creators (and whether it really matters), Nathan's journey from 9-to-5er to full-time financial literacy educator, common money mistakes he hears from his audience, and career and negotiation advice that actually works.
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CHAPTERS
00:00 Introduction
02:32 Guest Background
05:48 Tips and Updates on Personal Income Taxes
12:09 The Importance of Proper Financial Management for Entrepreneurs
24:15 Commonly Missed Write-Offs for Small Business Owners
28:11 Navigating Sales Tax: Understanding the Rules and Regulations
28:15 Introduction to Sales Tax
29:11 When and How to Register for Sales Tax
30:32 Choosing the Right Tax Rate for Your Sales
32:20 Simplifying Bookkeeping with an Automated Checkout Cart
38:03 Registering Your Business: What You Need to Know
41:46 Common Mistakes to Avoid with Sales Tax
47:43 Managing Income Tax and Sales Tax Installments
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TAKEAWAYS
• Entrepreneurs should take their business finances seriously from day one and educate themselves on bookkeeping and tax requirements.
• Having separate bank accounts and keeping receipts for business expenses is crucial for proper financial management.
• Commonly missed write-offs include cell phone bills and home office expenses.
• Sales tax can be confusing, and it's important to understand the rules and regulations.
• Proper financial management and understanding tax requirements can save entrepreneurs time and money in the long run. Register for sales tax when you have made $30,000 or more in sales over four consecutive quarters.
• Charge your local tax rate if you are unsure of the appropriate tax rate to charge.
• Use a checkout cart that automatically collects sales tax to simplify your bookkeeping.
• Register your business if you want to use a different name than your personal name.
• Pay attention to income tax and sales tax installments to avoid penalties and interest.
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RESOURCES
📌 Check out Jami Monte's Chillbooks course https://jessicamoorhouse.com/chillbooks
📌 Show notes & transcript https://jessicamoorhouse.com/397
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ABOUT ME
I'm Jessica Moorhouse, a money expert, Accredited Financial Counsellor Canada®, speaker, content creator, and host of the More Money Podcast. I'm based out of Toronto, ON, Canada and run my own business, MoorMoney Media Inc., to educate others about financial literacy. To learn more, check out my website https://jessicamoorhouse.com
#personalfinance #financialliteracy #money
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