Black Money Business Jobs : W2 Money or 1099 Money?

Discussion in 'Black Money Business Jobs' started by oldsoul, Aug 28, 2005.

  1. OldSoul

    OldSoul Permanent Black Man PREMIUM MEMBER

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    W2 Money or 1099 Money: Which Do You Earn?​

    Is your income W2 money or 1099 money? There is a world of difference between the two.
    If you received a W2 at the end of the year, it means you did not have the use of all the money you earned that year. In fact, you lost close to a third of your money because you got it AFTER the government took its share.
    If you received a 1099 at the end of the year, you had the use of all the money you earned because you got it BEFORE the government took anything.
    If you have a job(W2), you MUST allow the government to take what it wants first and then you try to get it back.
    If you have a business(1099), you get the money first and then you send the government its share AFTER you've finished using it.
    If you have a job AND a business(1099), you can have MORE money and LESS taxes!
    If you have a job and dont have a business, you dont have a chance to become independent (and there is a difference between being a business owner and being self-employed).
    If this is something you want to know more about, post your interest and I'll post more information.
     
  2. panafrica

    panafrica Well-Known Member MEMBER

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    Great information brother OldSoul, thanks for sharing!
     
  3. karmashines

    karmashines Banned MEMBER

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    Well, even with a 1099 you still need to set aside money but you can take out a lot more deductions.
     
  4. Wisdom7

    Wisdom7 Well-Known Member MEMBER

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    Thanks Oldsoul for the information
    I would like to know what you recommend in one trying to own a business without having a lot of money to start with. Any entreprenueriaal ideas?
     
  5. OldSoul

    OldSoul Permanent Black Man PREMIUM MEMBER

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    Business Ownership

    For someone who has only a little money to start with, I advocate a network marketing business. Having been involved in the network marketing industry for over twenty years, as well as having several traditional businesses, I have had successes and failures in both. I have also assisted a few hundred people establish their own home based businesses and the majority have been profitable. There are tremendous differences in these companies, (such as whether they market products or services; whether they're designed to reward 'big buyers' or those who build real networks; whether they pay one time commissions or true 'passive' residual income, etc).
    For a young, enterprising person, there can be some phenonmenal opportunities out here. If you'd like more info on this subject, post and I'll share some more.
    (btw: there are many people who are confused about the network marketing industry and illegal pyramid schemes. I can teach you how to tell the difference as well as how to evaluate network marketing opportunities).

    note to karmashines:
    a major point of having a business is that one can tell the government how much of the revenues received is 'income' and thus how much one owes on that income. If one's 'expenses' are more than the revenues, no taxes are owed. In the meantime, YOU have the use of the 'revenues'.
     
  6. Wisdom7

    Wisdom7 Well-Known Member MEMBER

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    Yes, I would definately like more information on this. I've tried a few online home based businesses, 1 self employment opportunity that I believe now is a scheme and my current endeavor is an online dollar store. A friend of mine just told me about it and it's just been a couple of days. I haven't done anything with it yet, but I'm wondering if it's just another wasted bit of time, like the rest. How can I tell which ones are legit and which ones aren't. and what information do I need to find out regarding this? Also do you have any website links that list the legitimate ones?

    Thanks
     
  7. OldSoul

    OldSoul Permanent Black Man PREMIUM MEMBER

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    On the Network Marketing Business

    A few points about the industry:
    Network marketing is simply a fancy phrase that means 'word of mouth' marketing. The industry is built on the idea of moving products or services directly from the wholesaler or manufacturer to the consumer, cutting out the middlemen (i.e. the retailer, some transporters and the advertising industry). Most companies do this through distribution networks of independent contracters or representatives who either buy the products at a wholesale cost and 'resell' to their personal networks of family, friends and associates or 'refer' services to the same, receiving some sort of commission, either one time or 'residually'.
    The theory is that, by by-passing the middlemen, savings will be passed on to the consumer. For example, let's say I grow tomatoes. The normal chain is that i take the tomatoes to the wholesaler, who then sells them to the retailer, who then puts them in his store and pays advertising costs to let you know where to come to get them. You pay all those costs, including the retailer's costs to have the store, the help and the advertising, as well as all the transportation costs.
    However, if you buy from me directly, and simply pay the shipping cost direct to you, do you see how much less the tomatoes will cost you? If you chose to let your friends (network) know about these great tomatoes that cost much less than at the store, you could then order more direct from me and you could add a little on to this cost, make a little profit and they would still cost less than if your friends bought them at the store.
    Its really all about DISTRIBUTION. Thats the first key to evaluating a business, does it have a 'system' to move goods or services to the marketplace efficiently. McDonalds makes crappy burgers, but it has a massive distribution system which allows them to move millions of those crappy burgers to the consumer. No matter how good your product or service is, if you cant get it (distributed) to the marketplace in volume, you cant stay in business.
    Evaluate the opportunities you've done, are doing and contemplating with the information above and then we'll deal with some more.
     
  8. Wisdom7

    Wisdom7 Well-Known Member MEMBER

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    Okay, I'm going to look at the online business more closely and see what I'm dealing with and I'll get back with u.

    Thank You!
     
  9. karmashines

    karmashines Banned MEMBER

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    Affiliate marketing is another thing you can try if you want to start a home-based business cheap.
     
  10. Wisdom7

    Wisdom7 Well-Known Member MEMBER

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    Thanks Karmashines, what exactly is affiliate marketing?
     
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