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Get a Grip on Your Finances

Get a Grip on Your Finances. And Don’t Let Go!. Todd Butzer. Todd Butzer. Edina, MN Regional Director, North Central Region Regional Operating Principal, Gulf States Region KWU International Master Faculty. Please complete an evaluation form found in the back of your program guide .

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Get a Grip on Your Finances

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  1. Get a Grip on Your Finances And Don’t Let Go! Todd Butzer

  2. Todd Butzer Edina, MN Regional Director, North Central Region Regional Operating Principal, Gulf States Region KWU International Master Faculty Get a Grip on Your Finances and Don't Let Go!

  3. Please complete an evaluation formfound in the back of your program guide. Get a Grip on Your Finances and Don't Let Go!

  4. A Financially Troubled Business Creates an environment that … • Inhibits opportunity and growth • Reduces your effectiveness • Saps time • Creates unneeded stress • Is expensive! Get a Grip on Your Finances and Don't Let Go!

  5. A Financially Sound Business Creates an environment that … • Is worry- and stress-free • Frees you up to do more • Makes your money work for you Get a Grip on Your Finances and Don't Let Go!

  6. Forms of Business Ownership Three entity choices • Sole proprietor • LLC • Corporation Get a Grip on Your Finances and Don't Let Go!

  7. Types of Business Accounts • Business checking • Business savings • Business credit card • Business credit line • Personal tax savings account Get a Grip on Your Finances and Don't Let Go!

  8. Tracking/Reports/Planning • QuickBooks or equivalent software • Cash-flow worksheet • P&L monthly • Balance sheet monthly • Reconcile checking and credit cards monthly • Use MREA* budgets for planning • Download MREA chart of accounts from www.kellerink.com * The Millionaire Real Estate Agent Get a Grip on Your Finances and Don't Let Go!

  9. QuickBooks Business Accounting Software Get a Grip on Your Finances and Don't Let Go!

  10. MREA Chart of Accounts Free download from www.kellerINK.com Get a Grip on Your Finances and Don't Let Go!

  11. Tax Planning for Self-Employed • Understand the power of business deductions. • Understand deductions/exemptions/credits. • Calculate self-employment tax. • Make quarterly filings. • Use above-the-line deductions for retirement, investing, and tax reductions. Get a Grip on Your Finances and Don't Let Go!

  12. Get a Grip on Your Finances and Don't Let Go!

  13. Get a Grip on Your Finances and Don't Let Go!

  14. Business Deductions • Auto • Wages/Salaries • Rent • Education/Coaching • Travel/Meals/Entertainment • Equipment • Advertising • … and much more! Get a Grip on Your Finances and Don't Let Go!

  15. Money Flow • Net commission check to business checking • 70 percent to personal checking account • 30 percent to remain in business account for ongoing expenses • From personal account, 40 percent cut to tax savings account • Remainder for giving, investing, and living Get a Grip on Your Finances and Don't Let Go!

  16. Troubled Flow of Money Commission Check State and Federal Tax Pay to the order of __Mary Realtor__ $10,000 $0 Self-employment Tax $10,000 $0 Mary’s Wallet Personal Bank Account Business Savings $0 $10,000 Get a Grip on Your Finances and Don't Let Go!

  17. Smart Flow of Money State and Federal Tax Commission Check Pay to the order of __Mary Realtor__ $10,000 25% $1,750 Self-employment Tax $10,000 $1,050 BusinessAccount 15% Personal Account $7,000 70% $4,200 Mary’s Wallet 60% Get a Grip on Your Finances and Don't Let Go!

  18. What to Do Now • Hire a great tax manager. • Put all business financials into QuickBooks. • Choose a business entity. • Use snowball to get rid of business and personal debt. • Review financials monthly. • Use study guides for tax laws. Get a Grip on Your Finances and Don't Let Go!

  19. Find More on This Topic • Read The Millionaire Real Estate Agent. • Watch KWConnect: “MREA Moment withGary Keller.” • Visit www.kellerINK.com for free downloads. Get a Grip on Your Finances and Don't Let Go!

  20. Thank You! Please complete an evaluation form found in the back of your program guide. To download a free copy of this presentation, GO TO: www.familyreunion.kw.com/downloads

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