Rich Habits Podcast

Q&A: I'm Stuck in an MLM, Tactically How to Start a New Biz, & Buying vs. Leasing a Car

25 snips
Jul 18, 2024
Robert Croak and Austin Hankwitz answer listener questions on starting a new business, MLM struggles, and buying vs. leasing a car. They discuss index fund investments, building a $100,000 investment base, starting a courier business, maximizing Roth contributions, generating passive income, and financial tips for working from home.
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ADVICE

Don’t Prepay Good Low-Rate Loans

  • Keep a low-interest car loan and invest excess cash instead of paying it off early.
  • Save part of income for a down payment if you plan to buy rental real estate later.
ADVICE

Set Up Legal And Financial Structure First

  • Form an LLC, craft an operating agreement, get an EIN, and open a business bank account before scaling.
  • Use payroll services (e.g., Gusto) and hire an accountant to handle taxes.
ADVICE

Tactical Steps To Launch A Small Business

  • Use a registered agent to form the LLC and include profit splits in the operating agreement.
  • Run payroll through a provider and open a business bank account (e.g., Rho) for separation and scaling.
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