What would you do with $500 in savings?

[Ryuzaki]

Honestly? I'd keep saving a bit more if you have the luxury.

Co-sign. If you are in a position where you can have more of a buffer, do it. If you can't, let that fire motivate you. There have been two times when I literally had no other options with my back against the wall, and I made magic happen. You don't want to create those scenarios if you can help it because life throws too many curveballs and you may not pull out of it quickly.

Another question, how do all of you deal with sellers permits, tax reporting, book keeping and other boring accounting stuff? what do you guys use to manage all of that?

I do every bit of it myself. I bookkeep/accounting-stuff as I go. I print receipts, input every transaction into software, and at the end of the year, I have chronologically and categorically organized lists that I print out, along with pie charts and more for each category (plus overall views of the whole biz) and I hole punch it. All of my physical receipts that i've saved or printed from online (every single one) is already in chronological order and filed into the same categories. I hole punch those and it all goes into a binder for that year. DONE with minimal effort since its happening all year with discipline.

I also file my own taxes since it's all rather simple at this point. My situation isnt' that complex that I need to hire a specialist, nor will they be able to save me more time or money than they would cost.

 

[MaverickMarketing]

@builder007 - Seize the opportunity! This type of offer, from a high-caliber entrep does not come often - if ever!

Dude if you want to do a case study on here let me know. I'd bring you under my wing, we'd build a business and document everything. If you're really willing to work 12 hours a day, that is. @builder007

 

[RiverStyx]

Another question, how do all of you deal with sellers permits, tax reporting, book keeping and other boring accounting stuff? what do you guys use to manage all of that?

Sellers permits??? Literally the first time I've heard that phrase, care to enlighten? As far as bookeeping goes if you're small build an excel spreadsheet, for taxes I have an accountant to handle that.