El Dinero Report November 2020 | WEARESUMA

How To Stop Procrastinating and Organize Your Money

How To Stop Procrastinating and Organize Your Money

There’s so much job insecurity in the air 😷. But did you know in 2016, Latino-owned employer firms generated over $400 billion and employed almost 3 million people? 

📈💰 According to Latino Donor Collaborative, Latinos account for 2 out of every 5 new entrepreneurs in the U.S. in 2016.👏🏽

If you want to be your own own jefa(e) and turn your side hustle into your only hustle we’ve got your back. Our friends at Policy Genius put together some great tips for new entrepreneurs:

1️⃣ Create a special bank account for your business. This makes transactions easier to track. It also means you can write off more expenses as tax deductions. 💳

2️⃣ List all business expenses 📝 because they can be deductions. If you work from casa or si andas en la calle, you might be able to deduct gas mileage, public transit, or even a part of your rent!👀 Also office supplies 📠💻, business meals 🍽, y más! 🌈

3️⃣ Organize all your tax forms. Keep your 1099-MISC and W-9s in one place for tax time. Depending on your hustle, you may need to report income with 1040-ES and pay estimated taxes 4 times a year. If you will owe more than $1k in taxes you will have to hit those deadlines. 📑🗃

4️⃣ Treat your money like a lover. Weekly dates with your dinero may look like a candle lit dinner for 1🌮🕯, But it’s your dinner with the future.💁🏽✨

5️⃣ Your tío was onto something when he worked relentlessly on that one project you’re always hearing about. 🤔👨🏽Whatever your business idea, make sure to always stay on your toes by working efficiently and innovating it.

6️⃣ Develop those abuelita problem solving skills. Through education and good advice from mentors, you too, can make your abuelita proud by being able to tackle any problem the best way possible: con ganas! 👵🏽🙌🏽

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