Archive for the ‘My Company’ Category
Today I made a list. It’s a list of things I’m currently working on and projects that I could potentially work on in the future to earn more money. As you know, I have my LEED exam prep website, my iPhone app company, the Smart Passive Income Blog, and 5 other things that I’ve mapped out and have actually done some research on how much I would have to invest to execute them. I have 8 things on my plate that could potentially help me get to retirement sooner.
It’s tough to think about all 8 “projects” at the same time – I think that’s the problem I’ve had ever since middle school when we were first introduced to attending more than one class per day. I knew I had homework for Math, Science, English and Band, so I had difficultly choosing which one to work on and when. Yes, I would get everything done, but not one at a time. Usually, it was by working little by little on each.
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Another page in my life is about to turn. As you probably know, I’m getting married soon. VERY soon. Two days in fact, and so the last week has been one of the craziest weeks in my life. I’m really lucky to be earning passive income as my fiancee and I get programs printed, work on our party favors, glue place cards together, etc. I can’t really imagine how we’d get everything done if we were both working 9 to 5 jobs. If you got married while both you and your life partner were working full time jobs, I commend you – I really do.
I’ll be in Hawaii next week as well (woo hoo!) on our Honeymoon. I’ll definitely show you some photos once I get back. Thusly, my traditional “monthly income reports” may be a few days late, and I apologize in advance for that. I think you understand.
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After being all excited and getting over the fact that I could actually say “I, Pat Flynn, own my own business” (I can’t wait for my 10 year reunion), I soon realized that this is really serious stuff. There’s much more to it than just filing papers with the Secretary of State and having a really cool stamp thingy that has my company name on it.
Last week, I met with a CPA to help me with the finances of my business. I learned so much in that hour, but the most important thing I learned was that in order for a business to function properly, AND in order to maintain the protection of my personal assets (which is the main point of starting my LLC), I must separate my business finances from my personal finances.
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Today I had my first meeting with a Certified Public Accountant. For those of you who aren’t too sure, a CPA is a person who has passed the Uniform Certified Public Accountant Examination whose primary function is to provide assurance services, or public accounting. In addition, they can help with business consulting, financial and estate planning, tax prep, and so on.
I had a financial planner once before who was actually very helpful in educating me about my future relating to retirement and larger purchases in my near future, such as a car and a house. However today, the CPA (let’s call him Dave) was pretty much focused on Flynndustries, LLC (my business), and my personal income with regards to taxes – something I am pretty clueless about. Remember, this is a learning process for me and if I tried to know and understand everything before diving into it, I would never have started my business in the first place.
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In my last post, I discussed exactly why I started my own company, Flynndustries, LLC – but here I’ll tell you exactly how it was accomplished in only 30 minutes.
Traditionally, if you wanted to start your own company it took quite a bit of work. First, you’d have to fill out your state’s “Articles of Organization form” after first determining if your business name is available, then mail that to the Secretary of State Office, get an employer identification number (EIN), and fax that to the IRS. Then you wait until your papers are approved, and get lawyers to do some more paper work and blah blah blah. My point is – it took a long time.
Luckily, you can do pretty much anything on the internet these days, including starting your own business. I used LegalZoom, which was relatively inexpensive, and their customer service is superb.
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So it’s official. I am now the proud owner of my very own business – and I have to say, it feels wonderful! It’s always been my life long dream to own my own business, so it’s nice to say that I was able to achieve this at the age of 26. But looking back at what I had envisioned my own business to be, this is not what I had in mind.
Before, I had imagined having my own office and leading a team of people to do a certain job – maybe an architecture firm, since I studied architecture in college. My company would be named Flynn Architecture or something of that nature, and I’d go all around the world Networking with people and examining all of the buildings my company had designed. Well, my company is not Flynn Architecture, and I don’t have an office. I don’t even have people under me. It’s just me and my company, Flynndustries, LLC.
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If you don’t master this one thing, you will fail in earning a passive income online. What am I talking about? It’s something called automation. I like to say that automation is Passive Income’s best friend. Without automation, there is no real passive income. Let me give you some examples:
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No, I'm not a millionaire, but I am living off of passive income made online. I'm here to show 
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