Episode 26 Transcript – owning your own business

Hello! You are live with Jessi Johnson and today I have a secret for you. It’s not much of a secret because many people in the population practice this art of keeping your money but there are many people that do not. This wonderful secret is owning your own business. If you are a full-time salaried individual, even someone working for Canadian Tire or McDonald’s or a big financial firm or whoever you are being given a salaried or hourly wage and the government is taxing you up the ying yang for this. What I recommend to you is to start your own business. Just a small business, it doesn’t have to be much but the benefit is now you can turn bad debt into good debt. The terminology between bad debt and good debt is that good debt you can write off. Bad debt is debt that you pay that interest on whatever credit card, you can’t use it. In this situation if you are self employed you are home based so you are now able to write off a significant portion of all of your bills, a portion of your mortgage, your rent, your gas which is huge, certain liquor because it’s an expense for meeting clients, dinners, lunches, whatever. This is all stuff that you are going to be doing in a day to day operation anyways and what you will do at the end of the day is realize that you will have a lot more money in your pocket by owning your own business. Who knows? The business might take off. I am Jessi Johnson. You can reach me at www.firsthomeinfo.ca and have a good day! Bye.