Getting a chuck of money from a dissolved business relations

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farmerx
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Getting a chuck of money from a dissolved business relations

Postby farmerx » Wed Apr 03, 2013 4:25 am

Hi,
I will soon be getting a chuck of money from the sale of land I owned with other interests. My new job leaves me short about 20k a year (6 kids one income). I would like to put the money to work earning me money and not spend the money on living. My idea is to purchase equipment and do side work nights and weekends. Is this a good idea or should i use it to pay down debt and continue on. I have spoke to several people i respect and they think that the side business is a good thing to do from a tax perspective and income. Just wondering what you folks thought.

stannius
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Re: Getting a chuck of money from a dissolved business relat

Postby stannius » Wed Apr 03, 2013 9:04 am

You need to lower your expenses. Increasing income is all well and good, but especially when the increase is a side-business (non salary) it is not guaranteed, and the one you're considering requires capital expenditures. Your best bet is to do both - find ways to decrease your expenses, right away; and find ways to increase your income, both at your day job and "side hustles".


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