Sign up to save your podcasts
Or
Share Residual Income - Wealth Strategies - Financial Freedom With Murray Miller
Share to email
Share to Facebook
Share to X
Share to email
Share to Facebook
Share to X
Or
Residual Income - Wealth Strategies - Financial Freedom With Murray Miller
Residual Income - Wealth Strategies - Financial Freedom With Murray Miller episodes
- S3E28: 6 pieces of financial advice to change your life!
- Don’t just pocket your raise. Invest half of it into your savings … every time: Some advice is so good you can take it to the bank. When you get your next raise save half, you’ll never miss it
- If you can’t pay in full for what you’re buying, don’t charge it: Credit cards should be used as a financial convenience, not a crutch. That is the underlying message I try to instill in all my clients.
- It’s never too late to learn new ways to invest: Along with my safe money investments with the power of properly structured cash value life insurance, a diversified income and dividend paying stock portfolio, a few years ago I started teaching myself about crypto and have been dabbling and now I’m convinced this can be a power part of building a residual income portfolio!
- Put your goals down and go to work, set a budget for all your needs, including fun: Trying to stick to a diet that is so rigid you can never eat what you really love is a waste of time because you’re going to blow it. The same is true of a hyper-strict budget.
- Retirement is easy to solve if you start saving in early: I love teaching the importance of saving for retirement to young people early on. I was pretty good with money in my early 20s, and I can say that I looked at other successful people and figured it out.
- Family is always more important than money: People make a lot of jokes about how annoying or difficult family can be. However if you peel back the onion it’s usually family that has our backs in the end. One of the most important pieces of financial wisdom I can impart on you is probably less to do with how to make money than how to use it well!
Start Your Free Wealth Coaching: Text me at 508-905-5561 with a couple dates and times and let’s begin building a financial wall around your family.
Join the conversation on Social: Facebook, LinkedIn, Instagram, YouTube, Twitter, TikTok
The post S3E28: 6 pieces of financial advice to change your life! first appeared on The Family Business.
The post S3E28: 6 pieces of financial advice to change your life! appeared first on The Family Business.
20 min - S3E27: Why Start a Business and Incorporate As An LLC or S-Corp?
In this episode you will learn all of the juicy benefits of starting and owning a legally incorporated business. You will learn how you can reduce or eliminate personal tax, protect your personal assets, increase your bottom line, lower your debt & build a powerful asset – developing a more robust retirement!
Running your business with a sole proprietorship might not always be a healthy option.
In today’s world there are always risks of liability like having your assets threatened in the event of bankruptcy or lawsuits which is real and frankly intimidating for many entrepreneurs. On top of that, being personally liable for debts incurred by your business means that you could lose personal assets if things go wrong!
In this episode I discuss what a legally incorporated business is, all of the upside of incorporating, the tax benefits of owning a small business when you incorporate as either an LLC or an S Corp, and how to plan ahead properly so that you can reap the awesome rewards and set yourself up for a tax-favored retirement strategy!
Points to note:
- Reducing taxes for college education – can you hire your children to work for your company? It may lower taxes on both ends – their salary becomes tax-deductible for you, and they’ve to pay the lowest bracket taxes, being full-time students.
- Pass-through taxation – avoiding the double taxation of money that comes into your business.
- How to set up your own corporation – work with a company that can file all the papers and register you with the state. Example – LegalZoom.com
Similarities:
- Business owners in an LLC or S-Corp are generally not personally responsible for their business debts or liabilities.
- Both are pass-through tax entities. However, for an S-Corp, you must file your business tax return, and for LLC, you only have to file a business tax return if there is more than one owner.
- Both are subject to state-mandated requirements like filing annual reports and paying required fees.
Differences:
- An LLC can have any number of members, while an S-Corp can only have 100 shareholders or fewer.
- S- Corp shareholders must be US citizens or residents; LLC doesn’t have such requirements.
- S-Corp has more advantageous self-employment taxes than LLC – it’s a clear winner in this regard!
If you’re only starting, it’s best to start as an LLC to ease the process. You can change to an S-Corp any time later, except for a business whose sole income is tied to the hours that you’re working – like consulting.
- Website references for salary indexes – Payscale and Glassdoor. If you want to set a personal payroll, you could use QuickBooks Online or ADP.
- A SEP (Self-Employed Plan) IRA has a much higher contribution limit than a Roth IRA.
Start Your Free Wealth Coaching: Text me at 508-905-5561 with a couple dates and times and let’s begin building a financial wall around your family.
Join the conversation on Social: Facebook, LinkedIn, Instagram, YouTube, Twitter, TikTok
The post S3E27: Why Start a Business and Incorporate As An LLC or S-Corp? first appeared on The Family Business.
The post S3E27: Why Start a Business and Incorporate As An LLC or S-Corp? appeared first on The Family Business.
28 min - S3E26: Celebrating Independence: The Founding Fathers and Financial Freedom
Let’s celebrate the remarkable work of the Founding Fathers of the United States, their fight for independence, and how it continues to symbolize the pursuit of freedom.
Our Founding Fathers chose to create a family of liberty, equality, and justice for all.
The Founding Fathers understood that true financial freedom was a fundamental aspect of personal liberty.
Their efforts laid the foundation for a society where individuals could build businesses, accumulate wealth, and pass it down to future generations—an idea that resonates deeply with our podcast theme on the The Family Business podcast.
As we celebrate July 4th, let’s take a moment to appreciate the sacrifices made by the Founding Fathers and the values they instilled in our nation. Together, as a family, we can build a bright and prosperous future.
Start Your Free Wealth Coaching: Text me at 508-905-5561 with a couple dates and times and let’s begin building a financial wall around your family.
Join the conversation on Social: Facebook, LinkedIn, Instagram, YouTube, Twitter, TikTok
The post S3E26: Celebrating Independence: The Founding Fathers and Financial Freedom first appeared on The Family Business.
The post S3E26: Celebrating Independence: The Founding Fathers and Financial Freedom appeared first on The Family Business.
7 min - S3E25: Investing Part 2 – Diversifying Your Investment Portfolio
Welcome to Part 2 of ourJourney into Investing episode, where we will take a deeper dive and I’ll provide some examples of each investment category I mentioned in Part 1.
- Stocks: When it comes to stocks, there are thousands of companies to choose from. Let’s take a look at an example: Apple Inc. (AAPL). Over the past decade, Apple has shown remarkable growth, with its stock price increasing from around $10 per share in 2013 to over $182 per share today.
- Bonds: Government bonds are considered relatively safe investments. One example is the 10-year U.S. Treasury bond. Historically, these bonds have provided consistent interest payments and returned the principal amount at maturity. Currently, the yield on 10-year Treasury bonds is around 3.75%, but this can vary depending on market conditions. As of the recording of this episode you can actually deposit money in High Yield money market accounts paying 4-4.5% however you won’t have the tax benefits associate with government bonds which are generally exempt from Federal tax!
- ETFs (Exchange-Traded Funds): An example of an ETF is the SPDR S&P 500 ETF (SPY). This ETF tracks the performance of the S&P 500 index, which represents the 500 largest publicly traded companies in the United States. By investing in SPY, you gain exposure to a diversified portfolio of stocks across various sectors.
- Index Funds: Vanguard 500 Index Fund (VFIAX) is an index fund that mirrors the performance of the S&P 500. It aims to replicate the index’s returns by investing in the same stocks in the same proportions. Index funds like VFIAX are known for their low fees and provide a simple way to gain broad market exposure.
- REITs (Real Estate Investment Trusts): One example of a REIT is Realty Income Corporation (O). Realty Income is a publicly traded REIT that focuses on owning and operating commercial real estate properties. It generates income through long-term lease agreements with its tenants, making it an attractive option for investors seeking real estate exposure.
- Cash Value Life Insurance: Whole Life, Variable Life and Indexed Universal life insurance policies, offered by a handful of top notch Insurance Companies, are an example of cash value life insurance. These policies provide both a death benefit and a cash value component that grows over time. The cash value can be utilized for investment purposes or taken as a loan, providing flexibility for policyholders. There are tremendous tax benefits in addition to compound interest when these policies are structured properly.
- Cryptocurrency Stablecoins: Stablecoins like Bitcoin (BTC) and Ethereum (ETH) have gained significant attention in recent years. Bitcoin, the first and most well-known cryptocurrency, has experienced remarkable growth. For example, in 2013, Bitcoin’s price was around $100 per coin, and as of now, it’s trading at over $25,000 per coin. Ethereum, another prominent cryptocurrency, has also shown impressive returns over the past decade.
Remember, before investing in any asset, it’s crucial to do your research, understand the associated risks, and consider your investment goals and risk tolerance. Diversification across these investment categories can help mitigate risk and capture potential returns from different sectors of the economy.
The above information is for example purposes only and should not be used as investment advice. It always is recommended you consult a professional Financial Advisor and Tax Professional and determine your level of risk tolerance prior to making any investments.
Start Your Free Wealth Coaching: Text me at 508-905-5561 with a couple dates and times and let’s begin building a financial wall around your family.
Join the conversation on Social: Facebook, LinkedIn, Instagram, YouTube, Twitter, TikTok
The post S3E25: Investing Part 2 – Diversifying Your Investment Portfolio first appeared on The Family Business.
The post S3E25: Investing Part 2 – Diversifying Your Investment Portfolio appeared first on The Family Business.
19 min - S3E24: Investing Part 1 – The Power of Paying Yourself First and Dollar Cost Averaging
But where should you invest your hard-earned money? Well, there are numerous investment platforms to choose from, each with its unique benefits. Let’s explore some of the most popular options:
- Stocks:
- Bonds:
- ETFs (Exchange-Traded Funds):
- REITs (Real Estate Investment Trusts):
- Cash Value Life Insurance:
- Cryptocurrency
Remember, consistency is key. Over time, your investments can start compounding. The compounding effect means that your initial investments, along with any returns, will grow exponentially. This snowball effect can significantly accelerate your wealth-building journey.
Start Your Free Wealth Coaching: Text me at 508-905-5561 with a couple dates and times and let’s begin building a financial wall around your family.
Join the conversation on Social: Facebook, LinkedIn, Instagram, YouTube, Twitter, TikTok
The post S3E24: Investing Part 1 – The Power of Paying Yourself First and Dollar Cost Averaging first appeared on The Family Business.
The post S3E24: Investing Part 1 – The Power of Paying Yourself First and Dollar Cost Averaging appeared first on The Family Business.
19 min - S3E23: New AI Technologies for Small Businesses (Spoiler Alert: it’s not ChatGPT)
Today, we’re focusing on the AI tools that are already making waves in small businesses.
These tools are revolutionizing the way family businesses operate:
- Tango: Revolutionizing Customer Support
Tango is an incredible chatbot platform
- Crisp: Enhancing Communication Channels
Crisp is a customer messaging platform that harnesses AI to transform how family businesses communicate with their customers.
- Adcopy: Optimizing Advertising Campaigns
Adcopy assists family businesses in creating effective and compelling advertisements.
- 10Web: Simplifying Website Management
10Web is an AI-powered website management platform.
- Stockim: Streamlining Inventory Management
Stockim is an AI-based inventory management tool.
- Uzardio: Unleashing Intelligent Analytics
Uzardio, an AI-powered analytics platform, empowers businesses to extract valuable insights from their data.
The Future of AI for Family Businesses
- Hyper-Personalization
- Predictive Analytics
- Automation of Repetitive Tasks
- Voice-based Interfaces
- Enhanced Cybersecurity
Start Your Free Wealth Coaching: Text me at 508-905-5561 with a couple dates and times and let’s begin building a financial wall around your family.
Join the conversation on Social: Facebook, LinkedIn, Instagram, YouTube, Twitter, TikTok
The post S3E23: New AI Technologies for Small Businesses (Spoiler Alert: it’s not ChatGPT) first appeared on The Family Business.
The post S3E23: New AI Technologies for Small Businesses (Spoiler Alert: it’s not ChatGPT) appeared first on The Family Business.
21 min - S3E22: The Four Agreements
Today we recap and pull lesson from the great book The Four Agreements by Don Miguel Ruiz. These agreements are simple yet profound, and when applied, can truly transform the way we think, communicate, and relate to others.
Agreement 1: Be impeccable with your word.
Takeaway: Choose your words wisely, and ensure they align with your values and intentions. Use your words to build trust, inspire others, and create a positive impact.
Agreement 2: Don’t take anything personally.
Takeaway: Detach from the opinions and actions of others. Instead of internalizing criticism or negative feedback, focus on your own growth and inner strength.
Agreement 3: Don’t make assumptions.
Takeaway: By avoiding assumptions, you’ll foster better relationships, prevent misunderstandings, and create a foundation of trust and respect.
Agreement 4: Always do your best.
Takeaway: Make a commitment to consistently give your best effort in everything you do. Because how you do anything is how you do everything!
Start Your Free Wealth Coaching: Text me at 508-905-5561 with a couple dates and times and let’s begin building a financial wall around your family.
Join the conversation on Social: Facebook, LinkedIn, Instagram, YouTube, Twitter, TikTok
The post S3E22: The Four Agreements first appeared on The Family Business.
The post S3E22: The Four Agreements appeared first on The Family Business.
20 min - S3E21: Entrepreneurship, Finance, and Securing a Freedom Lifestyle
Welcome to this week’s episode of The Family Business Podcast. In this episode, I share my recent interview on the podcast “Elements of Stiles,” the podcast that trades in scarce thinking for community, conversation, and ideas in abundance.
I speak with host Mark Stiles to share invaluable insights and strategies for achieving residual income and unlocking the doors to a fulfilling life. Listeners will gain a deep understanding of the entrepreneurial lifestyle and its potential to align passions with profitability.
How The Family Business Podcast was born!
- Residual Income
- Lifestyle Entrepreneurship
- 8 Sources of Residual Income
Alongside discussing residual income and lifestyle entrepreneurship, I share insights into my latest passion project, collaborating with financial advisors to assist families in planning for both college education and retirement.
My New Passion Project!
- Working with Financial Advisors
- Feeding a Grossly Underserved Market
- Higher Education Funding
- Retirement Rescue
Join us as we delve into the intersection of entrepreneurship, finance, and securing a prosperous future. Get ready for an enlightening discussion ahead!
Start Your Free Wealth Coaching: Text me at 508-905-5561 with a couple dates and times and let’s begin building a financial wall around your family.
Join the conversation on Social: Facebook, LinkedIn, Instagram, YouTube, Twitter, TikTok
The post S3E21: Entrepreneurship, Finance, and Securing a Freedom Lifestyle first appeared on The Family Business.
The post S3E21: Entrepreneurship, Finance, and Securing a Freedom Lifestyle appeared first on The Family Business.
33 min - S3E20: Branding You
A Master of the Personal Brand: Let’s learn from Taylor Swift’s Journey
- Step 1: Discover Your Unique Flavor
- Step 2: Craft Your Sizzling Story with masterful storytelling!
- Step 3: Spread the Word!
Just like Taylor, embrace what makes you special, tell your story in a compelling way, and utilize the power of social media to create a buzz around your brand.
Branding Roadmap
I. Creating Your Vision: Crafting the Blueprint for Success
- A. Defining Your Aspirations
- B. Identifying Your Goals
- C. Aligning with Authenticity
II. Crafting Your Mission Statement: Elevating Your Voice and Purpose
- A. Identify Your Offer
- B. Igniting an Emotional Connection
- C. Communicating Your Purpose
III. Unveiling Your Unique Value Proposition: Standing Out from the Crowd
- A. Reflecting on Your Expertise
- B. Understanding Your Audience
- C. Showcasing Your Differentiation
IV. The SMART Acronym
- Specific
- Measurable
- Achievable
- Relevant
- Time-bound
Start Your Free Wealth Coaching: Text me at 508-905-5561 with a couple dates and times and let’s begin building a financial wall around your family.
Join the conversation on Social: Facebook, LinkedIn, Instagram, YouTube, Twitter, TikTok
The post S3E20: Branding You first appeared on The Family Business.
The post S3E20: Branding You appeared first on The Family Business.
18 min - S3E19: Psychology of Money
So have you ever heard people say things like “money is the root of all evil” or “rich people are greedy and selfish.” Well these negative beliefs about money can hold us back from achieving not only financial success but more importantly financial freedom and believe it or not can even impact our mental health.
So where do these beliefs come from, and how can we overcome them? We explore this and you may be surprised what we uncover!
How do we break away from our preprogrammed negative thinking around money and become a money magnet?
- Believe in Yourself
- Set Realistic Goals
- Take Action
Start Your Free Wealth Coaching: Text me at 508-905-5561 with a couple dates and times and let’s begin building a financial wall around your family.
Join the conversation on Social: Facebook, LinkedIn, Instagram, YouTube, Twitter, TikTok
The post S3E19: Psychology of Money first appeared on The Family Business.
The post S3E19: Psychology of Money appeared first on The Family Business.
18 min
About Residual Income - Wealth Strategies - Financial Freedom With Murray Miller
From the publisher's feed
Pursuing your dreams should be center stage in your life! Lifestyle entrepreneur and financial strategist Murray Miller will bring you money strategies to empower you to making your passion to live a…
life of abundance and financial freedom a reality! Murray gives you permission to dream again and pursue your passion through uplifting and inspirational stories from him and his family along with amazing guests! You will learn practical strategies that you can implement to break free from trading time for money and all of the downsides of the traditional pursuit of money to creating a freedom lifestyle and a sustainable residual income! When given the knowledge and tools to break free you can build a financial wall around your family and passionately pursue what you truly love.