Home Current News News Archive Shop/Advertise Ridecamp Classified Events Learn/AERC
Endurance.Net Home Ridecamp Archives
ridecamp@endurance.net
[Archives Index]   [Date Index]   [Thread Index]   [Author Index]   [Subject Index]

Re: [RC] Increasing Income - Ridecamp Guest

Please Reply to: Kathy Myers magnumsmom@xxxxxxx or ridecamp@xxxxxxxxxxxxx
==========================================

Bruce, 

What a great email and inspiration.  I've got a dozen bananas 
in my truck.  ;-) 

I hope this isn't too late, as I've been working solid and 
I've fallen way behind on being able to keep up with Ridecamp. 
However, I like where you are going with this thread. 

We moved to NM without a job at the height of the dot commie 
crash.  We knew that we needed to be like a farmer... more 
than one income stream... so that if the "pecans" failed one 
year, we would still have a "corn" and / or a "bean" crop. 

We still work in that direction.  No matter where we are 
at, we are always looking for the next opportunity so we 
could be ready in case we needed it.  A job is never a job 
until you start the first day... or maybe when the first 
paycheck arrives.  Having two irons in the fire has saved 
me more than once in the last 4 years. 

Another thing we do:  maximize our tax deductions and use a 
good accountant.  If you own a home, it's a lot more in your 
pocket than just the equity.  The payments are a write off. 
If you can, refinance every debt that is not tax deductable 
under a 2nd on your home.  The payments usually decrease 
(though you pay over a longer time) and free up more cash 
now.  Don't count out inflation.  $300 / month in 10 years 
is only worth $150 - $200 in today's buying power.  We call 
a 6% mortgage rate "free money" because for the most part, 
the house will appreciate at or faster than 6%.  The cost of 
a good accountant is also a tax write off.  

We moved someplace where we could keep our horses at home. 
That way all of the money I used to spend on board is now 
going into my house payment.  Note: board is not tax deductable, 
but the house payment is.  Therefore, I actually get more for 
my money (15 - 38% depending on the tax bracket) than I did 
when we had to board.  

Here's an interesting one:  Buy a LQ trailer with a potty 
and a stove on a 15 year loan.  Why?  Because it qualifies 
as a second home (vacation home) and the payments (interest 
pretty much for the first 7 years) are a tax write off.  
You wonder how people buy those things?  They get the write 
off.  I haven't done this, but we have thought about it.  

Start some kind of an endurance or horse related business, 
then you can write off part of your horse expenses.  Look at what you are 
paying in taxes every year and see if you can 
get some of that back to pay every day expenses.  Bruce could 
get qualified to work on horses and write off expenses for  
going to rides... say, if he also works on horses.  He will 
of course need to have his own horses at home to practice on. 

It's not increasing your bottom line, but it is using the 
money you make to the max.  

If you only want to work a service job, look for one with 
benefits... ie, Starbucks or Kinko's.  

Use Monster, Dice, and CareerBuilder.  See what is going on 
out there in the market place.  The job market is still iffy, 
and don't risk a good thing, but if you are luke warm about 
your job, check to see what's going on.  I've had job search 
engines running for years just to keep an eye on the market 
in my profession.  BTW, if you send resumes out, make sure to 
follow up with a phone call or email.  These companies are 
now getting tons of electronic resumes.  I hate doing this, 
but it really is necessary.  

I keep tabs on side contracts even though I now have a good 
full time job.  I will work nights / weekends and use that 
money to buy horse things and pay for rides.  There is less 
time to train when I work 2 jobs, but I don't have to ride 
fast.  We can still go and have a great day.  I do a lot of 
job related networking and keep up with those contacts.  I 
also network between job opportunities and good people who 
need work so everyone wins.  In CA, I used to do this for the 
finders fee.  In NM for the most part I do it so that when I 
need an extra side job (read vet bill) I have a network of 
people who are willing to help me too. 

One last idea for increasing income.  "Find" a ram.  The ram 
just happens to be the Zuni fetish for prosperity...   

:) - Kathy Myers 
in Santa Fe, NM 
"just working 2 jobs these days..." 


=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=

Ridecamp is a service of Endurance Net, http://www.endurance.net.
Information, Policy, Disclaimer: http://www.endurance.net/Ridecamp
Subscribe/Unsubscribe http://www.endurance.net/ridecamp/logon.asp

Ride Long and Ride Safe!!

=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=