Quote:
Originally Posted by Jesus H Christ
I have made many mistakes, but it?s ALL a growing experience. I have made more then my fair share of money in this business and to be honest, far exceeded most if not all of my personal and financial expectations. Here are few rules I?ve learned to live by in the last 10.5 years.
1. NEVER trust anyone on the Net when it comes to money or ideas. I can not stress this point enough. Money and friends are not compatible and even trusting family is foolish.
2. Always PAY your taxes. I know more then a few on this board that will go buy toys over and over and then get behind the 8-ball. I know one webmaster on this board that was so in dept to the IRS he rolled on other webmasters to get the IRS ?tax cheat? reward to lower his dept. (See rule 1)
3. NEVER post or brag about your money or assets because it makes you a target. Matter of fact, do the opposite and always cry poor. (See rule 2.)
4. NEVER let anyone into or work on your main business unless they have been screened. The way I do it is ?hobby? sites. I screen outsourcing companies or whoever through these sites before I let them in my main on-line business. To date, there are only 2 people in the last 6 years that understand 100% of what I do.
5. Diversify- diversify-diversify your profits from the Net to non-Internet related businesses. How many sites, marketing strategies, or processors have to go under before you understand this?
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Very good points.
The tax stuff always amazes me.
I have ALWAYS paid my taxes. I write off as much as i can and then some, but they still get a nice chunk of money from me. And I always hear people who know how much i pay in taxes make comments like, man you are stupid for paying that much, I wouldnt claim this or that, etc... Well, I was audited a few years ago and past it with no problems . These same people saying, " your stupid" would probably owe 100K++ and be in jail if they did what they were telling me to do and they got audited. I just dont understand the logic of not claiming your income and paying taxes. I always error on my side when i do my taxes, i rather pay a little less and if i get audited again worst that happens is i come up with a small amount of money, but the people who don't file or claim like 1/2 of what they make are just waiting to get nailed. You can't beat the paper trail unless you have someone pay you cash, and that is not possible in 99% of the cases in this industry.