Sometimes I feel like we’re already living in some weird, futuristic world that used to be the stuff of science fiction, you know, the world Hollywood portrays as being dark, overcast, and colorless, and where unthinkable laws and selfish practices abound. Our future is now decided by a generation of folks who barely know when, where, or how to vote, and when they do vote, their decision is based on, How will this affect me personally… in the next five minutes?
I have a theory about how this came to pass. We speak highly of the Greatest Generation, those hardy souls who struggled through the Great Depression and World War II with persistence, strength, and ingenuity. Naturally, they didn’t want their children to suffer as they had, and they worked hard to make everything easier for them. As any parent knows, it’s an understandable desire. But unfortunately, a couple of generations down the line, and we end up with a culture who believes they’re entitled to things, and if they suffer it is always someone else’s fault and they must be compensated.
The inherent brilliance of Americans has led to some amazing forward leaps in technology, while simultaneously creating a generation of young people who are well-connected in cyberspace but increasingly more disconnected on a personal level. In cyberspace you can be rude, disrespectful, anonymous, and regress to humans’ basest instincts.
This is a world now where a mother can establish detailed rules for her 13-year-old son’s cell phone use, and this event makes national news, seen to be as astonishing as the technology about which she’s establishing rules. She’s being praised (and yes, I agree, good for her); people want copies of the contract.
Some will say it is newsworthy because her contract was 18 points long. Okay, granted, neither my parents nor my friends’ parents ever wrote down the rules for us, but I bet if they had, there would have been far more than 18 points.
So on the one hand, I’m sad that such things make the news these days, but on the other hand, I applaud the contract-making mom for taking a stand for good parenting and drawing attention to the fact. Hopefully, many parents will be inspired, and it will be a step in the right direction. Parents, take note. The actions of future generations depend on your actions today. It all starts in the home.… Read More
Starting a business takes money. If you have an IRA, you may have a revenue source already on hand to fund your start up.
If your new business suffers initial losses, you can offset the tax penalty for withdrawing IRA funds with the business tax deductions you get for spending the money on your start up.
Be aware that if you have not reached the age of 59 1/2, you will be assessed a 10% penalty for early withdrawal of your IRA funds.
You can legitimately borrow from your IRA for sixty days, without penalty or interest. The Internal Revenue Service does, however, have a few caveats for this procedure. First, you must repay the money to your IRA within sixty days. Secondly, some of the funds you withdraw will be held as a tax deposit. So, if you borrow $10,000 from your IRA, you might actually receive only $8000, because the other $2000 is held as a tax deposit. You will have to repay the full $10,000 to your IRA, even if you only get $8000.
You need to be careful when borrowing against your IRA that you will be able to pay back the full amount, including the money the IRA custodian holds back as a tax deposit. You will not get this withheld money back until you file your income tax return.
You can also take sixty-day loans from your IRA repeatedly, as long as you meet the repayment terms. This means that rather than taking a $60,000 loan from your IRA and having to repay it plus the tax deposit within sixty days, you could take a $5000 loan from your IRA every month for a year.
In some cases, you can use the money in your IRA to invest directly in real estate. You will need an IRA trustee or custodian who approves of such investments, but they are not hard to find.
Please note that if you use your IRA money and a mortgage to purchase real estate, your IRA will have to file an income tax return. Also, your IRA will eventually owe income tax on its real estate investments because of “unrelated business income tax.’ When it comes to maneuvering IRA funds in this complex a plan, it is wise to consult a financial advisor.
It is not a wise idea to risk your IRA funds on any uncertain investments, however, if you can earn a considerable profit above your IRA interest and any applicable withdrawal penalty, you do have this reserve to draw from in order to take advantage of entrepreneurial opportunity.… Read More
A lot of people ask us if Peaked Pies is a franchise? Who are the owners? Is this a big Australian company? etc and when they find out we are just a young couple who dreamt big and worked hard they usually love our pies even more ❤❤❤
Last night Alex was recognised by BC Business magazine in the Top 30 Under 30 2017. We are so proud to be included amongst the amazingly talented other 29 winners. .
Alex received a card which read “There are no secrets to success. It is the result of preparation, hard work and learning from failure.” True that!
Thank you everyone who has supported our journey; our friends and family who have pulled all nighters with us to get Peaked Pies off the ground, our amazing staff who make us smile everyday, and our customers who we do this for! Only yesterday I received a hug from a customer as she was leaving the Peaked Pies Vancouver store. “Thank you for bringing delicious pies to us” she said. It was all I could think about all day. This was our dream. This is what it’s all about!
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