General Adulthood, Planning for the Future: Business, College, Budgeting, Investments, etc! $$$ - General

I'm on my second day at my new job, and I'm blown away by it so far. I thought I would be coming in as a phone monkey, doing telemarketing and stuff life. And, yeah, that's a big part of my job, but the real reason they brought me in is to help author an entirely new marketing strategy. They want to modernize their marketing systems, and they've brought me in to trial a new lead generation software and literally write the book on how to best apply it our digital marketing strategies. I'll have to learn this thing inside and out, come up with creative applications for it, test what strategies are working the best, and eventually travel around to other branch offices around the country to consult other brokers on how to apply it to their businesses too. They've given my own office, bought a brand new workstation for me, multiple monitors, recording equipment, etc. I'm really blown away by all this! They've invested a lot in me, and put an incredible amount of faith in my abilities! I really didn't understand the depth of this opportunity, and if I had I sure as hell wouldn't have hesitated to accept it. [editline]14th September 2016[/editline] [QUOTE=madnath619;51044468]When I find work again I plan on opening a savings account and dumping a small chunk of cash in there every month or week, with the long term goal of buying a home. Is there anything I should know now, early on?[/QUOTE] Consider talking to an advisor about the benefits of a Roth IRA. For long term savings, they have a lot of pretty incredible benefits. There's a cap to how much you can contribute to one each year ($5500 annually, I believe), but you're looking at compound interest on your contributions with big tax benefits. If this is a long term plan, something you want to use for the downpayment house X years from now, then it's definitely worth looking into! [editline]14th September 2016[/editline] And of course I now realize that you're posting from the UK. Does the UK have similar programs? :S

Does anyone have any tips for starting your own sole proprietorship that doesn't immediately require outside investment or financing? What I want to do is pretty cheap and startup costs are about $500 and I have a few personal friends who don't mind "investing", so to speak, so I don't really want to reach out to anyone or anything to help me and get into debt when I don't need to. But once I get my state paperwork filled out, I may need some help acquiring a client base. Are there any tips for networking or anything? I'm brand new to all this.

What kind of business, if you don't my asking? Is it anything in which you might potentially have reason to fear litigation? If so, you should speak with a lawyer about incorporating. Different corporate structures fit better for varying levels of business, but generally speaking having an LLC (limited liability corporation) for your company should help protect your assets in the event of litigation. An LLC essentially compartmentalizes your business assets from your personal assets. If you have a rental property under an LLC, for example, then somebody suing your company could potentially have that property awarded to him as part of the judgment, but your [I]personal[/I] assets, such as your home and vehicle, should be safe, as should any assets held under other corporations. Best to talk to a lawyer about it, however, as there are different benefits and drawbacks to being incorporated, different kinds of incorporation to consider, and certain practices you must follow in order for your corporate status to be viable in court. If you'd like to do a bit of research before seeing a lawyer, "Start Your Own Corporation" by Garrett Sutton is a thorough and digestable, if boring, exploration of the different kinds of corporate structure available to you. As far as networking goes, it's really just as simple as figuring out what kinds of people would be good to know for your business, and then reaching out to those kinds of people via phone, email, and office visits. Take especially important contacts out for coffee or lunch so that you can have some extra time to chat, ask questions, and figure out whatever arrangements need to be made. You can accomplish a lot more than you might think by simply calling people, arranging meetings, and asking what what you want.

Not that I can see! The business will be doing arts and crafts activities at birthday parties or corporate events like company family picnics or stuff like that. I'm not entirely sure in what situation someone might want to pursue legal action against me unless I... accidentally stab a kid with a paintbrush or something. And at the moment, the only personal asset I have is my car. Everything else is under my parent's names since I'm still under their roof. I also can't really... afford a lawyer at the moment. Lmao. Might be something I'd be interested in doing down the road though if I get busy enough to warrant an expansion? I'm not sure.

Yeah, it's definitely something I would recommend pursuing as soon as possible. It only costs a few hundred dollars to get incorporated, so far as I'm aware, but can save your ass in a major way. Like, if some clumsy kid cuts himself with a pair of scissors during one of your activities, his parents could theoretically sue you. Under an LLC, it wouldn't even be worth their time. Most lawyers would advise them that all they could realistically get would be your art supplies. Not worth a protracted legal battle to get at your paints, pencils, etc. Without an LLC, it's possible you the judgment could include your vehicle, your savings, and possibly even a percentage of income. Basically, an LLC means that they can sue your company, but not YOU. It works in reverse, too. If you rear end somebody at a stoplight, or something, the complainant could still sue you. They could not, however, gain access to the assets of your LLCs. Less meaningful for an LLC holding arts and crafts supplies, perhaps, but potentially pretty damn important for one holding high value assets like real estate.

[QUOTE=Big Dumb American;51052373]LLC (limited liability [B]Company[/B])[/QUOTE] (LLC's are not Corporations since their taxation is set up differently. An LLC gives you the Liability protection of a Corporation, with the taxation of a sole proprietorship. Sorry to nitpick bda <3) But I agree, look into setting up an LLC. Sole Proprietors/Partnerships are generally crap. LLC's are good for most things. Corporation and LLC's remove the Liability from [I]you.[/I] If you're a sole proprietor you can be sued and have your personal possessions seized to cover debts. Not the case for corps and LLCs. Definitely research the advantages and disadvantages to all your options. Though generally I've heard sole proprietorship are not the best unless its basically just you mowing lawns or something. [editline]14th September 2016[/editline] Also avoid partnerships like the plague, unless you like the idea of hating your friend/family member. (Do an LLC with both of you as owners instead)

Ah, thanks for the correction!

Ah I see. I guess it just seemed like a long process to go through. Incorporating tends to take several weeks and I'm not even sure of the Texas process because our gov websites are poorly designed. I'll look into it but I definitely don't think I'd be able to afford that on top of the actual supplies I'll need, at least to begin with. Also I don't plan on partnering with anyone either right now or even having any employees besides myself lol I just wanted to try something on my own. But if you guys have some resources to start me off with, it'd be appreciated.

Sorry, yo! Honestly wish I could, but I'm still living on a survival fund. Should have pretty good money rolling in soon, but can't say how soon. I'm hoping to have myself established enough to be seriously looking for my first major investments by this time next year, however. Real estate is my wheelhouse, but I reckon I'd be open to other kinds of investments provided they're sound and well researched.

What are people's opinions on apprenticeships and trades in general?

[QUOTE=Big Dumb American;51052974]Sorry, yo! Honestly wish I could, but I'm still living on a survival fund. Should have pretty good money rolling in soon, but can't say how soon. I'm hoping to have myself established enough to be seriously looking for my first major investments by this time next year, however. Real estate is my wheelhouse, but I reckon I'd be open to other kinds of investments provided they're sound and well researched.[/QUOTE] Oh no, I meant like links for researching. :v

You don't incorporate for LLCs. Incorporating is only for corporations. (have to file articles of incorporation with the State) [del]Setting up an LLC should be similar to a sole proprietor.[/del] Here's some Texas SoS stuff: [url]http://www.sos.state.tx.us/corp/businessstructure.shtml[/url] Certificate of Formation for LLC's can be found here: (Form 205) [url]http://www.sos.state.tx.us/corp/forms_boc.shtml[/url] PDF: [url]http://www.sos.state.tx.us/corp/forms/205_boc.pdf[/url] ([B]$300 filing fee)[/B] [B]Of course, I'm not a lawyer so not legal advice, etc, etc, etc. [/B] [url]http://info.legalzoom.com/advantages-disadvantages-singlemember-llc-23453.html[/url] [url]http://smallbusiness.chron.com/advantages-single-member-llc-compared-sole-proprietor-14663.html[/url] A sole prop might be good for you starting out if it's just something you're experimenting with. Just you and some boxes of crafts and business cards. Though I'd definitely think about getting an LLC once you get more confident, and decide on whether or not its something you think you can make into a profitable business for you. I've often thought about making a dropshipping business, and it seemed like every resource suggested doing an LLC. Or I've even seen people jump straight into Corporations. Though that's usually because the project is something fairly large, with large amounts of capital being invested by VC's (like a tech startup) Good Luck! I hope you decide to give the business a shot. [editline]14th September 2016[/editline] For a Sole prop you're still going to need to register a DBA and file a name assuming you're not just using your real name (see forms 501-503 for the right one)

Thanks! That's more what I was looking for, yeah. I'll probably stick to a sole proprietorship until I can figure out if it's something that I can actually make a career out of. If it's not yielding any real client base in a few months to a year, then going through to make it an LLC probably won't be worth it. But if it does get busy, I'll need to get an EIN anyway in order to hire people to help me, so at that point I might probably go the full nine and evolve into an LLC. But yeah those links help a bunch. Thanks!

Have any of you ever tried door knocking for business leads.

[QUOTE=ytr191;51058621]Have any of you ever tried door knocking for business leads.[/QUOTE] Planning to start soon, actually. I'm still getting comfortable with the scripts, and tweaking things a bit, but once I'm a bit more settled in her, and have automated our email marketing, I will be hitting the streets. I think I'll have better returns with face to face interactions than I do with telemarketing, because it's harder to be rude in person. I'll have to track the results, though. Making phone calls is incredibly quick, so even though I might get fewer bites per attempt, I'll be able to make more attempts in the same time period. Walking down the street and knocking on doors is slow. I'll let you know what wins out in the end!

Me and a friend of mine are thinking of starting a software development business. Mainly because we both feel that there's so much more opportunity by becoming an entrepreneur, as opposed to working for a boss. We're both in university to be software engineers, so this is something we'd do to the side of our studies at first. We're planning on getting our primary income through outsourcing ourselves. Doing small projects for sole proprietors and maybe small business first. If this goes well we could of course take on multiple projects and perhaps get programmers to work for flexible hours. We'd go for a PLC or LLC as law entity, at least something similar. As here in the Netherlands our law is different than in the US. The main point, we do not want to be liable in case the whole thing collapses. Of course all of this is in our heads and its all talk now but I feel it's attainable. At least worth trying out and to have fun with. I don't know, should I write a business plan? I have never written one of these before honestly and don't really know where to start on that side.

I just got confirmation today that I will be receiving bursaries for my studies this year. So I can focus on full time studying instead of studying and working at the same time. :dance: Also there is a program available at my uni that allows me to take a year off to work in the field of my degree so I will be looking towards that so I can get some job experience down.

[QUOTE=patq911;51031804]What about just doing 2 years? My local CC has a bunch of associate's degrees and I really don't think I would be a fit for a "real" college. Is associate's enough to get past resume filters? I've already wasted 4 years after high school, sure I have some good job experience and I have learned a lot of stuff that you don't put on a resume (personal skills and how to be a team leader somewhat), but I'm not doing what I think I want to do.[/QUOTE] Hey man you're still young, if I'm correct to assume you're 22 you don't have to choose something now. If you choose a degree you don't want to pursue, then provided your academic advisement office is half decent then you can swap the credits over to another degree. Don't think that you wasted 4 years, those years were used to acquire life experience and skills. I already spent 2 years out of high school, the first finishing up trade school and the second working for a plumber. I decided the trade wasn't something I wanted to do and want to pursue my fascination with computer science/IT I had as a youth. By the time our parents generation or our grandparents went to college they were most likely in their mid/late twenties. It is still early for you and me. Use your time at a community college as a time to experiment and discover yourself. I up until recently was of the belief that you should've discovered yourself in high school but I've seen just how wrong I was on that. An associates today may not be worth much but it is still needed to get your foot in the door. An AAS career degree would be what you're looking for if you only want to do 2 years.

-snip-

[QUOTE=nulls;51062046]So I'm still in highschool, but I'm gonna be handing in my first job application for a position at a Taco Time about a mile from my house. If I end up getting an interview, what can I expect? Are they usually conducted in an office at the store/restuarant? Is it typically a manager who gives the interview? What sort of questions do fast food places ask during the process? Is requesting a starting wage slightly above minimum wage frowned upon (there's a section in the application for desired wage) when you're this new? I really want to get a job but I'm a bit of a slow learner and take some time to fully comprehend complicated instructions which makes me look shitty :([/QUOTE] If this is a fast food place, the interview will probably be out in the main area of the restaurant at a table or booth, and it might even be a group interview with several other applicants. It will most likely be conducted by the general manager. [URL="https://www.glassdoor.com/Interview/fast-food-quick-service-restaurants-interview-questions-SRCH_II200098.0,35.htm"]Here is a list of common questions asked during interviews for various vast food places.[/URL] Some of them have suggested answers. You [I]can[/I] request higher than minimum wage, but you're almost certainly not going to get it. Fast food places pay minimum wage, especially for first-time employees. There aren't many exceptions. As for being worried about not being able to learn the ropes? Don't. Some of it might seem complicated at first, but you'll get the hang of it.

My backup plan in case I don't like my current degree is Computer Science, but I hear the field is very competitive for that. What would set me ahead of other potential applicants in this field?

I really hope this 5 year long criminology education is worth it.

What is a good website for finding commercial real estate for sale or rent? I'm thinking about opening a garage. Sick of working for other people.

[QUOTE=viper shtf;51064674]What is a good website for finding commercial real estate for sale or rent? I'm thinking about opening a garage. Sick of working for other people.[/QUOTE] loopnet is one you can try.

[QUOTE=The bird Man;51062395]I really hope this 5 year long criminology education is worth it.[/QUOTE] Criminology is so interesting, but I have no idea what kind of jobs you go into after it other than police/detective work? Curious what you're looking for. [sp] If all else fails I guess you can become a master criminal [/sp]

-nevermind about the bedroom stuff they took a competing offer, gotta find a different house- If I'm gonna finance some new appliances from best buy would it be better to apply for their store credit card or use my existing PayPal line of credit? Wouldn't normally use credit for something like this, I have the cash, but I know that when purchasing a new property I need to have some excess savings to fix any potential issues, so if I could get a fridge and a washer and dryer for a couple thousand interest free over 12 months, that'd be worth doing instead of using my cash. Paypay won't report a balance so it won't hit my credit score, but maybe a store card would. Just curious because there are multiple zero interest options.

Thinking or Looking into getting into stock how should I do it and how should look out for things

[QUOTE=theevilldeadII;51075490]Thinking or Looking into getting into stock how should I do it and how should look out for things[/QUOTE] Get some savings, go to a bank and open a IRA or something like that and have them put the money into stocks. They'll do the work for you. Or maybe get bonds and hope the economy crashes again and then transfer your money from bonds to stocks and make $$$$$. Really you should be leaving your stocks to the bankers and managers who know the stock market best rather than try it yourself.

Just got a call from the college I want to attend. It was just someone just checking up on me and my application, and wanted to know if I had any questions. I just asked some basic questions about housing and what not, but I did ask her about the acceptance rate there. She said they would get about 1000 applications a year and only around half get in. I was too afraid to ask why it was so low or my chances of getting in... Now I'm like really worried I won't get in. [editline]20th September 2016[/editline] The person I talked too gave me her number, so I'll have to call back tomorrow and figure out what I can do to help get accepted, if I can do anything at all. I'm completely dumb when it comes to applying for college (trying to figure this out on my own as much as I can), and for the past few years I've been really back and forth on choosing a college.

[QUOTE=slayer20;51081247]Just got a call from the college I want to attend. It was just someone just checking up on me and my application, and wanted to know if I had any questions. I just asked some basic questions about housing and what not, but I did ask her about the acceptance rate there. She said they would get about 1000 applications a year and only around half get in. I was too afraid to ask why it was so low or my chances of getting in... Now I'm like really worried I won't get in. [editline]20th September 2016[/editline] The person I talked too gave me her number, so I'll have to call back tomorrow and figure out what I can do to help get accepted, if I can do anything at all. I'm completely dumb when it comes to applying for college (trying to figure this out on my own as much as I can), and for the past few years I've been really back and forth on choosing a college.[/QUOTE] when did you apply for