The document discusses ways to move ahead financially by making more money and keeping more of what you earn. It outlines four main ways to make money: as an employee, small business owner, franchise owner, or investor. It also discusses the importance of tracking income and expenses, generating tax documents, and considering taxes which can be a large expense. The document recommends assembling a team of financial, legal, insurance and tax professionals to help maximize income, deductions, and reducing taxes owed to best ensure moving ahead financially.

1. Moving Ahead Financially by Making More Money and Keeping More of It Stewart M. Holmes, Ph.D. http://www.linkedin.com/in/stewartmholmes

2. To Get Ahead Financially, What’s More Important to You? 1. Making more money? 2. Keeping more of it? 3. Paying less tax?

3. Agenda Moving ahead financially requires knowing more about How to make more money How to keep more of it Accounting considerations How to use the tax laws How to get help from others

4. Making Money – 4 Ways Employee (E) Small business owner (S) or professional (P) Franchise (F) owner Investor (I) R. Kiyosaki , Cashflow Quadrant

5. The Cashflow Quadrant

6. Accounting Considerations Profit and Loss or Income and Expense Statement Balance Sheet “ You have to know where you are to know and plan where you’re going.”

7. Income and Expense Statement of an Employee

8. Track and easily update bank and CC accounts Track and categorize income and expenses Trim expenses and create a “savings plan” Create and follow budgets Monitor investments and other cash accounts Find and maximize taxable deductions Generate Schedules A, B and D automatically Easily integrate data into tax-preparation software * Quicken Home and Business ® and TurboTax® Keeping Track and Keeping More Using Software*

9. Income and Expense Statement of a P, S, F, or I

10. Keeping Track and Keeping More Using Software In addition to what you do as an Employee … Track and categorize income and expenses by client, project, business or investment Create customized estimates and invoices Pay bills on time and get paid on time Track vehicle mileage and other expenses Generate tax Schedule C automatically

11. Balance Sheet Assets = things you own that put money in your pocket and that are potential sources of cashflow for other activities and businesses Liabilities = things you own that take money out of your pocket, are a drain on cashflow and prevent cashflow to other activities and businesses Note: A “business” loan can be a source of immediate cashflow (like an asset), but is just another liability and expense.

12. Making More With, and Keeping More of, What You Have

13. The Big Picture: The Flow of Money

14. The Cashflow Quadrant

15. Tax Considerations Taxes are significant expenses for most employees and business owners. How much you and your business pay in taxes can have a huge impact on whether you Move ahead financially Stay where you are financially Fall behind financially

16. Tax Considerations for Employees One source of income Taxes are likely your biggest expense No or few and small deductions Bottom line = limited options

17. Tax Considerations for Employees – Your Options Find a higher-paying job Look for other ways to make money Keep more, at least up front, by adjusting exemptions Look for more deductions Consider assembling a team of financial, legal, insurance and tax professionals to help you

18. Tax Considerations for P, S, F, and I Many possible sources of income Many and potentially large deductions You decide how much tax to pay and when Bottom line = many options

19. Tax Considerations for P, S, F, and I – Your Options Look for other ways to make money Minimize up-front taxes Find and maximize more deductions Assemble a team of financial, legal, insurance and tax professionals to help you

20. Taxes Do-It-Yourself Use software to maximize your results Consider professional help Use software to assemble your data minimize your face-time expense make sure you get your questions answered make sure your teammates have all the information they need to help you Note: As the stakes increase, be willing to invest more time and money in your team

21. Summary Many ways to make more money Many ways to keep more of it Taxes, likely your largest expense, are based on the bottom line you create You can do-it-yourself but… Consider assembling a team of the best financial, legal, insurance and tax professionals you can find to assure that you keep moving ahead financially

22. How-To-Do-It Business and Tax Information http://www.irs.gov/ http://www.irs.gov/businesses/index.html http://www.wisconsin.gov/state/byb/ http://www.dor.state.wi.us/ http://jobsearch.about.com/od/salary/a/taxdeduction.htm

23. Financial, Legal and Insurance Information Financial advisors http://www.napfa.org/ http://www.aaii.com/ Tax and business attorneys http://www.prepaidlegal.com/ http://www.attorneyscorpservice.com/ Insurance http://oci.wi.gov/pub_list/pi-085.pdf

24. Other Sources of Information and Help Software Quicken for Home and Business ® QuickBooks ® TurboTax ® Other brands, spreadsheets, etc. Books Games Magazines Audio and video presentations

25. ZIPing Ahead to Success Consider how important your Right Mgmt., ZIP and other teammates are to your moving ahead at work and making more money. If keeping more money is important, consider assembling a ZIP team of financial, legal, insurance and tax professionals to help you move ahead financially.