How To Turn Your Family Into A Profitable Business With Natali Morris

Look at your family, just sitting there costing you money. Slackers should be making you money, pulling their weight! We found a way to do it. We will show you how to turn your family into a profitable business with Natali Morris.  Incorporate Your Family  The tax system is not set up to benefit the individual; it’s set up to benefit businesses because businesses drive the economy. That’s why eleven companies on the S&P 500 who made profits last year paid less in income tax than you. How much less? Well, they paid nothing. If you want to get in on that, incorporate. Set up an LLC, S-Corp, whatever is the most appropriate for your situation. What if you don’t have a business? Well, you might and not realize it. Do you babysit, clean houses, mow lawns? Because if you do, you set up and LLC or S-Corp. No? Well, start! And incorporate your hobby, side hustle. However, you term it, as a business. Remember what Adam Carroll told us in last week’s episode? The two most significant expenses in life are taxes and interest. Incorporating your family is one way to maximize those tax savings. Teach Kids About Money Children have established their ideas and habits about money by the age of seven! So the earlier you start teaching them about money, the better. For the most part, many of us can afford to give our kids almost anything they want, at least when their they’re little. We can afford the stuffed animals and the action figures. That’s why it’s important to put a system in place to help them understand what money is and how it works. Natali gives her children an allowance but not in the traditional sense. Each kid has responsibilities that come with being part of a family; keeping communal areas and their own rooms clean. Taking care of their possessions. If she wants them to do work for her, washing her car, for example, they are paid for those kinds of things. The kids also have real jobs, things like helping Mom scan and then shred documents, that pay them from the family’s LLC, and they pay taxes on those e