Episode 120 - Building a DEBT FREE Small Business & Minimizing Taxes

The POWER of Small Business

When we asked young people what they believed their first task would be should they decide to start their own company, the number one response was overwhelming; BORROW MONEY. The followup question left them speechless; "What would you do if it was illegal to go into debt to start a small business?" In Episode 120 we drill into this idea both from philosophical and practical points of view. When you understand the real impact of starting your business with a significant debt burden, it becomes clear why it is a bad idea. There is a time and a sound way to raise investment capital to grow a company, but that is a completely different conversation. What most entrepreneurial apprentices don't realize is there are two tax codes; one for employees and one for business owners. While you are in the early stages of apprenticeship, we recommend you keep your day job for multiple reasons, not the least of which are the tax benefits. Listen in to get all the scoop.