Money: What Financial "Experts" Will Never Tell You
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by Alan M Williams

Paperback: 361 pages
Publisher: Time & Money, LLC (September 25, 2006)
Language: English
ISBN-10: 0978876601
ISBN-13: 978-0978876609
Product Dimensions: 8.9 x 5.8 x 0.6 inches
Shipping Weight: 1 pounds (View shipping rates

 

Book Reviewed by Shannon Simpson

Money: What Financial "Experts" Will Never Tell You (Part II)

I recently reviewed Part I of Money: What Financial "Experts" Will Never Tell You. Part I hones in on our relationships with and attitudes towards money. Bringing awareness to these topics allows the authors introduce a step by step plan to ensure financial security. After reading Part I and following the Money Mastery philosophy, Part II introduces ways to take advantage of a new and improved financial situation.

Part II of Money: What Financial "Experts" Will Never Tell You focuses on home based businesses and tax advantages. In the past, I viewed home based businesses as a huge headache. After completing this book, I was forced to reexamine the reason I believed this to be true.

When starting a home based business, the idea is not to create a random business for the sake of tax advantages. But rather to take an existing hobby, turn it into a business, and reap the tax advantages as a result. Part II. Tax Strategies addresses starting a business when you think you don't have time, if you don't view yourself as an entrepreneur, or if you're afraid of failure. Also included is a challenge designed to help determine which existing hobby can be converted into a business.

Upon deciding to start a business, it is important to know how to structure it. Chapter 12 outlines the advantages and disadvantages of setting up a business as a sole proprietorship, partnership, S corporation, C corporation, or limited liability company. Real life examples are included of people that structured their businesses inappropriately and what would have been a better choice in their situations.

After setting up a business, it's time to act as a business. Chapter 13 makes several suggestions including the following: keep accurate tax records, create a business account, and be aware of conducting suspicious activities. Since it could be easily forgotten that your hobby is no longer just a hobby, the authors identify consequences associated with failing to operate as a business once business intent has been established.

Also revealed are ways to keep wealth in the family. Gifting, hiring dependents, setting up medical reimbursement plans, and other tips are outlined in detail. I've read numerous financial management books that neglected to include several of the suggestions made here. This book is packed with valuable information all the way through the appendices.

For anyone wondering what books to read regarding finances, Money: What Financial "Experts" Will Never Tell You is most certainly on my list of recommendations.

Related Links

Money: What Financial "Experts" Will Never Tell You (Part I)
http://aalbc.com/reviews/money.html

The first 57 pages of Money Mastery
http://aalbc.it/monmas

 

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