As a college education becomes more and more important for success, it also becomes more and more expensive. The cost of a college education has increased by double the inflation rate every year for the past 10 years.
How to finance a college education is becoming more and more of a challenge.
Using a direct sales or home party business is an overlooked system of financing a college degree.
Would having an extra $100, $500 or even $3000 per month make it easier to
save for your child’s college education?
How about paying 10%, 20% or even 50% less taxes during the student’s high
school years to save for the college years?
Does that sound good?
Owning a business opens up literally hundreds of income tax reduction options not
available to the employee going to work every day.
In addition to the often-discussed home office deduction, there is also the ability to “hire”
your children to do tasks that relate to your home office, thus diverting money from your
“high” tax bracket to their “low or zero” tax bracket.
Children between the ages of 8-18 (or those still in college) of business owners may be
paid up to $6000 per year for assisting in business duties. If a home business-owner
parent “pays” their child $4500 in a year, they would save $1350 in tax dollars in a year.
Taking advantage of this strategy accomplishes several things. Your teen child learns
business ethics, the benefits of saving and you are creating a college fund in his/her name
to save money for college AND you are getting a reduction in income tax liability.
Another often-overlooked opportunity to finance college is to set up your child in a home
party or direct sales business so that they can be earning income through their own direct
sales endeavors, while attending college.
This will create income in two ways. You, the recruiter, will receive over rides on his/her
sales, which could be put aside to pay college bills. The student will also earn a regular
paycheck through the direct sales or MLM business. Your student daughter or son will be learning
business skills, creating income, and setting themselves up for more than one source of income after graduation.
As we move into the 21st century, everyone will have multiple streams of income to assure financial freedom.
Owning a business offers many ways to create income legally which are not always
obvious to the non-business owner. These hidden streams of income from a home
business can be a powerful recruiting tool.
Share with your potential consultants or at your shows not only about the opportunity
to make money from commissionable sales but also from other income tax-reduction
strategies that generate spare cash.
Deb Bixler is a home party plan educator who provides tools, training and resources on
how to start a home party business that creates the financial solutions that your family